Panama City Beach Homeowners Insurance
- Panama City Beach Homeowners Insurance
Given its location on the Gulf of Mexico and picturesque white sand beaches, it’s no surprise why Panama City Beach is known for being America’s most visited spring-break destination. But nearly 15,000 people call this beautiful city on the beach home year-round.
For those full-time dwellers in PCB, owning a house is a sound investment, and investing in homeowners insurance in Panama City Beach, Florida is a sound way to protect that investment. Let’s take a look at what it covers, how much it is and much more.
Average Cost of Homeowners Insurance in Panama City Beach, Florida
Annual homeowners insurance in Panama City Beach, Florida will set you back an average of $2,553 for a $150,000 house, $4,425 for a $300,000 house and $5,930 for a $450,000 house. That’s right on par with Florida’s average cost of homeowners insurance for each of the same valued homes.
When you consider that Panama City Beach is located in the most hurricane-prone place in the United States and has been struck directly or indirectly with more than 65 hurricanes since stats began being counted in 1851, that’s really a fair bargain.
Let’s take a look at the average cost you can expect to pay for Panama City Beach homeowners insurance from the state’s top insurance companies for each of the aforementioned home prices.
Average Cost of Homeowners Insurance in Panama City Beach for 2022
Florida Office of Insurance Regulation Premium Consideration Factors
The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the 2022 rate filings from the state’s largest insurers and can be utilized as an average of what Floridians can expect to pay for homeowners insurance each year.
Pre-2001 Construction w/ Wind Mitigation
This risk is for a Florida masonry home with a current replacement value of $150,000, a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years. Premium examples are shown for maximum wind mitigation features.
Pre-2001 Construction w/ No Wind Mitigation
This risk is for a Florida masonry home with a current replacement value of $150,000, a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years. Premium examples are shown for no wind mitigation features.
This risk is for a Florida masonry home with a current replacement value of $300,000, a $500 non-hurricane deductible, a 2% hurricane deductible, no claims in the past three years, and minimum premium discounts for limited wind mitigation features and no hip roof.
A wind mitigation is any protection on your home that helps decrease the damage caused by strong winds like a hurricane. This can include certain roof attachments and coverings, extra water-resistant seals and impact-resistant doors and windows. Wind mitigations typically result in deep discounts on your home insurance premiums, so you’ll want to get one.
While those numbers reflect the average cost of homeowners insurance in Panama City Beach for a $150,000 house, they don’t take into account a few important factors of your policy. One of those factors is the year your home was built, due to new building codes implemented in 2001 that strengthened the foundation of homes and decreased the risk of substantial hurricane-related damage.
The other is a wind mitigation, which proves your home was built to withstand catastrophic hurricane winds by implementing a hip roof and impact-resistant windows and doors. Homeowners who own houses built prior to 2001 can save a substantial amount of money on homeowners insurance premiums if they get a wind mitigation inspection.
$150,000 House in Panama City Beach for 2022
Pre-2001 No Wind
Pre-2001 w/ Wind
Although the cost of homeowners insurance in Panama City Beach is reasonable for a $150,000 house, you may have quite a bit of trouble finding a house for that price — especially if you want to be close to the beach.
Like most Florida cities, real estate prices in Panama City Beach have been steadily increasing in recent years. The city has been built up significantly since the early 2000s, so many homes in PCB already meet the standards for a 2001 to present new construction home.
Luckily, those homes meet the state’s new building codes so homeowners insurance is much more affordable in PCB than many other beachside cities in the state. Let’s take a deeper dive into what you can expect to pay for a $300,000 house in Panama City Beach.
$300,000 House in Panama City Beach for 2022
Pre-2001 No Wind
Pre-2001 w/ Wind
$450,000 House in Panama City Beach for 2022
Pre-2001 No Wind
Pre-2001 w/ Wind
Panama City Beach Homeowners Insurance Coverages
From hurricanes and tornadoes to torrential rains and other water damage, homeowners insurance in Panama City Beach, Florida covers your house, personal belongings and financial future from a variety of unexpected events. It protects your property against burglaries, which aren’t too common in the city, and dog bites on and off your property in certain cases.
Covers your home’s structure and the things that help create it, including the fireplace, windows, doors and flooring.
Other Structures Coverage
Covers structures on your property not attached to your house, such as a fence, detached garage, carport or shed.
Personal Property Coverage
Covers the personal belongings you keep inside or on your property, such as a TV, electronics, lawnmower and clothes.
Loss of Use Coverage
Reimburses you for additional living expenses if you’re forced to move from your home while it’s being rebuilt or repaired.
Helps to pay for injuries or other property damages that the policyholder is found liable for, such as a broken bone and legal fees.
Medical Payments Coverage
Utilized to pay for small medical bills if someone was injured on your property, whether you’re at fault or not.
Insurance Companies in Panama City Beach, Florida
In terms of the most affordable coverage you can find in PCB, Universal Property & Casualty Insurance Company is probably your best bet. You can expect to pay less than $1,000 per year for $150,000 worth of dwelling coverage — which is half what the rest of the state pays for the same policy.
Next in line are FedNat, Citizens and People’s Trust offering policies for less than $2,000 per year on a $150,000 house. Since Clovered is a trusted insurance agency in the state, we’ve partnered with all four of those companies — and many more — so we can provide the great residents of the Sunshine State with affordable policies that provide all the coverage they need and none of it they don’t.
Simply answer a few questions in our quoting platform and we’ll do the rest so you can get a homeowners policy online in just a few minutes.
Flood Insurance in Panama City, Florida
Given its location on the Gulf Coast and the many nearby bodies of water like ponds, Panama City experiences its fair share of flooding due to torrential rains and storm surge caused by hurricanes and tropical storms. Unfortunately, these isolated incidents aren’t covered by homeowners insurance.
Flood coverage stems from its own flood insurance policy, which is sold separately by companies like Clovered and protects your home and belongings against a number of flood-related incidents.
Since many parts of the city are in FEMA-designated moderate-risk flood zones and a few are in high-risk zones in the area, investing in flood insurance in Panama City, Florida should be a no-brainer. For a $300,000 house, residents of the area can expect to pay as little as $400 per month for a flood policy.
When you consider that your home could sustain $25,000 worth of damage if it receives just 1 inch of floodwater, getting a policy is all the more worth it. Flood insurance protects the structure of your home, any other structures on the property, your personal belongings and even additional living expenses if a flood damages your home and you’re temporarily forced to move out.
Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?
How to Get the Best Panama City Beach Home Insurance
Since we partner with the state’s top insurance companies and have developed an intuitive online quoting tool, getting the Panama City Beach home insurance is as simple and fast as ever. Simply answer a few questions about your house, we’ll crunch the data and promptly return a quote within seconds.
If you have any questions or would like to talk to an agent, you can reach our friendly licensed in-house agents at 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. or send us an email anytime at firstname.lastname@example.org.
We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.