Average Rates for Panama City Home Insurance by Company No, homeowners insurance isn’t required by law in Panama City or anywhere. However, a policy will be required by lenders if you have or are seeking a mortgage. Lenders require borrowers to maintain insurance to protect their investment.
Key Takeaways
- The average cost of homeowners insurance in Panama City, Florida, is about $2,884, while the average in Panama City Beach is $2,609 annually, which are both affordable by Florida standards.
- Florida Peninsula, Olympus, and Edison had the cheapest home insurance in Panama City and Panama City Beach, according to our agency data.
- The best way to save money on home insurance is to shop around with the help of insurance agents in Panama City, Florida.
Average Cost of Home Insurance in Panama City, Florida
The average cost of home insurance in Panama City, Florida, is about $2,884 per year, which is just over our calculated Florida state average of $2,857 annually. However, many factors affect rates, and you may find coverage to be more costly the larger and older your home is.
Florida’s property insurance rates are among the highest in the country, largely due to the risk of hurricane damage throughout the state and generally high property values. Residents often feel these high rates most in coastal areas of the state, but Panama City and PCB seem to be an exception for our policyholders.
As an independent insurance agency, we can list real, average premiums from our policyholders to help you understand what to expect when you seek coverage in Panama City. We separated premiums for Panama City and PCB since we have policyholders in both places.
|
Company |
Average Premium |
|---|---|
|
Edison |
$1,505 |
|
Florida Peninsula |
$1,737 |
|
American Platinum |
$2,705 |
|
Swyfft |
$3,294 |
|
Security First |
$3,990 |
|
Mangrove |
$4,073 |
|
Average |
$2,884 |
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Cheapest Homeowners Insurance in Panama City, Florida
According to our data, Edison and Florida Peninsula had the cheapest home insurance in Panama City. You won’t know which carrier is the cheapest for you, though, until you shop around and compare rates.
Premiums vary by company due to policyholder differences, like coverage needs and claims histories, and company pricing strategies. Our above list of partner companies in PCB represents a good range of larger, smaller, and specialty insurers and emphasizes the importance of comparing quotes before you buy. Our team of agents at Clovered can help you shop around and find the best rates.
Swyfft is a notable entry on the Panama City list; it actually isn’t an insurance company but rather a managing general agency or insurance broker in Panama City, Florida. They can still find you coverage, but they may be more useful for unique scenarios rather than a default option.
Average Cost of Home Insurance in Panama City Beach, Florida
The average homeowners insurance cost in Panama City Beach is $2,609, based on our agency data. Surprisingly, the cost of home insurance in PCB was lower than in Panama City. Being closer to the beach usually translates to higher premiums. However, this could be a result of more condos in Panama City Beach (which tend to have cheaper policies than houses), or our partners just happening to insure smaller, less expensive homes.
Nevertheless, you can compare rates from any of our providers, including the ones below.
|
Company |
Average Premium |
|---|---|
|
Olympus |
$1,808 |
|
Johnson & Johnson |
$2,128 |
|
Safepoint |
$2,512 |
|
Edison |
$2,587 |
|
American Platinum |
$2,661 |
|
Swyfft |
$3,961 |
|
Average |
$2,609 |
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Best Homeowners Insurance Companies in Panama City, Florida
The choice of the best Panama City insurance company will vary by person depending on budget, coverage needs, and personal preferences, like customer service and claims procedures desires. We can offer context on some of our partner carriers to help you make an informed decision.
Average premiums are determined from our policyholder data in Panama City and Panama City Beach. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$1,737
Florida Peninsula Insurance Company was founded in 2005 and focuses on offering coverage in its namesake state. With over 150,000 policies in force in Florida, it just cracks the top ten list of Florida’s largest home insurers.
Olympus
Demotech Rating
NR
NAIC Complaint Index
0.90
Average Premium
$1,808
Olympus Insurance Company has offered home insurance solely in Florida since its founding in 2007, with a general focus on higher-value homes and a count of over 70,000 policyholders.
Edison
Demotech Rating
A
NAIC Complaint Index
0.40
Average Premium
$2,046
Established in 2006, Edison Insurance Company offers home insurance primarily in Florida through independent agents, like our team at Clovered. It was acquired by Florida Peninsula Insurance Company in 2010, although it still has its own book of business.
Johnson & Johnson
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$2,128
Johnson & Johnson is an independent insurance brokerage founded in 1930, offering insurance services in all 48 contiguous states. While not an insurance carrier, it can provide the insurance services needed for many types of personal and surplus lines.
Safepoint
Demotech Rating
A
NAIC Complaint Index
3.91
Average Premium
$2,512
Safepoint Insurance has specialized in insuring property in coastal regions since 2013. They sell their policies through independent agents and offer homeowners insurance coverage in seven states.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$2,685
American Platinum Insurance Company, founded in 2011, is a subsidiary of Universal Insurance Holdings, offering home insurance coverage in Florida and Georgia. Policies are available exclusively through independent agents at Clovered.
Swyfft
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$3,628
Swyfft is an insurance managing general agency founded in 2014, offering insurance products in several coastal states around the country.
Security First
Demotech Rating
A
NAIC Complaint Index
1.02
Average Premium
$3,990
Security First Insurance Company was created in 2005 and primarily serves the Florida market with several types of home insurance. It’s one of Florida’s more prominent carriers with over 140,000 policyholders, sitting just outside the state’s top ten largest insurers.
Mangrove Property Insurance
Demotech Rating
A
NAIC Complaint Index
0.00
Average Premium
$4,073
Mangrove Property Insurance Company was founded in 2025 in Florida and offers home insurance coverage only in the Sunshine State. It is distributed through independent agents.
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Panama City Beach Homeowners Insurance Coverages
From hurricanes and tornadoes to torrential rains and other water damage, homeowners insurance in Panama City Beach covers your house, personal belongings, and financial future from a variety of unexpected events. Take a look at what coverages are included and some examples of each.
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage, provides coverage for things like your foundation, floors, roof, and sometimes even your HVAC system. Generally, it protects the elements that make up your main home. |
|
Other Structures Coverage |
Other structures coverage helps protect things on your property like your shed, fence, garage, carport, or other structures that aren’t attached to your main home. |
|
Personal Property Coverage |
Personal property coverage helps secure many of the items you own and store on your property, like your lawnmower, stove, patio furniture, and much more. |
|
Loss of Use Coverage |
Loss of use coverage can help if a covered peril damages your home to the point of being uninhabitable. You may use it to cover things like temporary housing or food. |
|
Personal Liability Coverage |
Personal liability coverage protects your finances if you’re considered liable for someone’s injuries or property damage. It can be used if your dog bites someone, if a tree from your property damages your neighbor’s deck and in many other cases. |
|
Medical Payments Coverage |
Medical payments coverage, may cover a guest’s medical expenses for a minor injury they incur on your property, like a broken arm. |
How to Get Homeowners Insurance Quotes in Panama City Beach, Florida
Since we partner with the state’s top insurance companies and have developed an intuitive online quoting tool, getting Panama City Beach homeowners insurance is as simple and fast as ever. Simply answer a few questions about your house, and we’ll crunch the data and promptly return a quote within minutes.
If you have any questions or would like to quote with a person, you can reach our 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 agent@clovered.com.
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Panama City Home Insurance FAQs
Is homeowners insurance required in Panama City Beach, Florida?
What is wind mitigation in Panama City?
Wind mitigation involves fitting your house with features, such as a hip roof or impact-resistant windows and doors, to help it withstand catastrophic hurricane winds. Wind mitigation earns you insurance discounts. You can find out how much you can save with a wind mitigation inspection.
What is renters insurance in Panama City, Florida?
As you may imagine, you don’t need homeowners insurance if you don’t own the house you live in. instead, renters need renters insurance, which focuses on protecting the personal property and liability of renters rather than home structural components. Renters insurance is much cheaper than homeowners coverage.
What factors affect Panama City home insurance rates?
Insurance companies weigh several factors about your property to determine rates, such as your home’s age, size, and condition (like the age of the roof, HVAC, wiring, and other home systems). Certain property features, like pools and trampolines, can also raise your rates if not excluded from your plan. Policy details, like coverage amounts, deductibles, and endorsements, also affect your insurance costs.
Do you need flood insurance in Panama City Beach, Florida?
You only need flood insurance in Panama City Beach if your mortgaged house lies in a high-risk flood zone as determined by the Federal Emergency Management Agency (FEMA). Home insurance doesn’t cover flood damage, so your lender would require you to also purchase flood insurance.
Stay Above Water With Flood Insurance
Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
