Homeowners Insurance in Tarpon Springs, Florida

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  • Homeowners Insurance in Tarpon Springs, Florida

Tarpon Springs on Florida’s Gulf Coast is a unique getaway known for its beaches and Greek influence. As lovely as the city is, attitudes can shift quickly if a hurricane comes. 

Hurricanes are a seasonal part of life on the Gulf of Mexico, and homeowners should always be prepared for the worst-case scenario. Protecting your house with the right homeowners insurance is essential.

We created this guide to help residents find the best homeowners insurance in Tarpon Springs without breaking the bank. Read on below.

How Much Is Homeowners Insurance in Tarpon Springs, Florida?

Homeowners insurance in Tarpon Springs costs about $3,598 annually on a $150,000 home, $6,431 on a $300,000 home, and $9,267 on a $450,000 home.

Florida has some of the highest home insurance rates in the nation, and cities on the coast in the state receive even more costly rates. The consistent threat of hurricanes and soaring property values lead to these lofty premiums.

Home insurance rates in Tarpon Springs are about 18% higher than the state average. We analyzed average premiums from nine common carriers in the city for a more detailed breakdown in the table below.

Average Cost of Homeowners Insurance in Tarpon Springs 
Company $150,000 House $300,000 House $450,000 House
Allstate $2,125 $3,798 $5,474
Citizens $1,911 $3,410 $4,910
Florida Penn $4,046 $7,225 $10,408
Liberty Mutual $2,729 $4,868 $7,011
People’s Trust $3,137 $5,603 $8,072
Southern Oak $4,851 $8,692 $12,536
State Farm $2,993 $5,350 $7,709
Stillwater $1,627 $2,910 $4,195
Universal Property $4,372 $7,816 $11,264
Average $3,598 $6,431 $9,267
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.

As you can see, average rates vary by carrier. Insurance companies have different methods of calculating their premiums, as they depend on a mix of rating factors and company business needs at a given time.

You’ll also notice that premiums rise as home value increases. Generally, this occurs because larger, nicer homes need more insurance coverage due to their higher replacement costs.

The replacement cost of your home is the cost to rebuild or repair the structure from the ground up based on materials and labor expenses. Replacement cost is the basis for many coverage areas in your policy. Larger homes cost more to rebuild and, thus, more to insure.

For a more in-depth breakdown of home insurance in Tarpon Springs, we’ve separated average premiums accounting for two more essential factors, home age and wind mitigation, at every home value level, starting with $150,000 houses below.

Cost of Homeowners Insurance on $150,000 House in Tarpon Springs 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,270 $1,598 $1,506
Citizens $2,788 $1,219 $1,725
Florida Penn $5,146 $3,606 $3,387
Liberty Mutual $3,265 $2,058 $2,503
People’s Trust $4,683 $2,219 $2,509
Southern Oak $8,254 $4,007 $2,292
State Farm $4,364 $2,452 $2,162
Stillwater $2,516 $1,323 $1,042
Universal Property $7,485 $2,541 $3,090
Average $5,437 $2,699 $2,659

The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the most recent 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. The example premiums are based on a policy for a Florida masonry home with a $500 non-hurricane deductible, a 2% hurricane deductible and no claims in the past three years.

Florida Office of Insurance Regulation Premium Consideration Factors
Home Construction Coverage Definition
*Wind Mitigation 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.
Pre-2001 Construction w/ No Wind Mitigation These premiums represent homes built before 2001 with no wind mitigation features.
Pre-2001 Construction w/ Wind Mitigation These premiums represent homes built before 2001 with maximum wind mitigation features.
2001-Present Construction These premiums represent homes with limited wind mitigation features and no hip roof built from 2001, when Florida redesigned its building codes and mandated that new construction withstand hurricane-force winds better. 

The biggest difference in rates occurs between older homes with and without wind mitigation. Wind mitigation is so critical in Florida because of the annual threat of hurricanes and tropical storms. These destructive storms can cause countless property damage claims. Wind mitigation reduces your chances of damage, thus making you less of a financial risk and reducing your premiums with your insurance company.

In Tarpon Springs, wind mitigation reduced average rates on older $150,000 homes by over 50%, possibly saving you over $2,700 every year. If you don’t have any wind mitigation features on your home, getting a wind mitigation inspection to see how you can improve your home could be well worth it.

We again broke down rates from the same companies, this time on $300,000 homes.

Cost of Homeowners Insurance on $300,000 House in Tarpon Springs 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,886 $2,876 $2,633
Citizens $5,018 $2,194 $3,016
Florida Penn $9,263 $6,491 $5,922
Liberty Mutual $6,525 $3,704 $4,376
People’s Trust $8,429 $3,994 $4,386
Southern Oak $14,857 $7,213 $4,007
State Farm $7,855 $4,414 $3,780
Stillwater $4,529 $2,381 $1,821
Universal Property $13,473 $4,574 $5,402
Average $9,876 $4,859 $4,648

Wind mitigation can still save you thousands. Newly constructed homes had the lowest premiums in Tarpon Springs, on average. Newer homes have no wear and tear that compromises building integrity. Also, new houses always have at least some wind mitigation features built in due to modern Florida building requirements. 

Overall, newer homes are less likely to suffer damage than older houses and have lower premiums. The final table lists Tarpon Springs home insurance rates on $450,000 houses.

Cost of Homeowners Insurance on $450,000 House in Tarpon Springs 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $8,502 $4,155 $3,765
Citizens $7,249 $3,169 $4,313
Florida Penn $13,380 $9,376 $8,468
Liberty Mutual $9,425 $5,351 $6,258
People’s Trust $12,176 $5,769 $6,272
Southern Oak $21,460 $10,418 $5,730
State Farm $11,346 $6,375 $5,405
Stillwater $6,542 $3,440 $2,604
Universal Property $19,461 $6,607 $7,725
Average $14,135 $7,018 $6,646
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.

Companies With the Cheapest Homeowners Insurance in Tarpon Springs

Generally, Stillwater and <Citizens had the cheapest homeowners insurance in Tarpon Springs of the carriers we listed. While this may apply on average, the most affordable companies will vary by person, as many factors affect rates, and every policyholder has different needs that affect insurance costs.

Stillwater Insurance Group was founded in 2000 in Jacksonville and offers insurance options in all 50 states today. Having a national pool of policyholders likely helps the company spread out its risk financially and leads to lower premiums in Florida.

The second cheapest home insurance provider on our list in Tarpon Springs was Citizens, but Citizens isn’t a traditional carrier. Citizens is a state-run insurer of last resort, meaning it was founded as a public option for people who couldn’t find insurance from standard providers.

Unfortunately, Florida’s insurance landscape has become much trickier than ever anticipated, and the program has grown too large. Citizens has become the biggest carrier in Florida and is trying to offload policyholders onto private companies that can take them, so keep this in mind when getting quotes.

Home insurance rates vary due to many factors. As a result, the marketplace is competitive, and consumers should take advantage of pricing differences by shopping around for the best rates when they need insurance. Don’t settle for the first quote you get, as it may not be the cheapest.

Tarpon Springs Homeowners Insurance Coverages

While rates vary by provider, the coverages you get in your homeowners insurance policy generally stay the same. The most common type of home insurance is officially called the HO3 policy form. Every HO3 plan has the following coverage areas: 

Tarpon Springs Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage protects your home’s physical structure, including the roof, walls, flooring, wiring, piping, and more.
Other Structures Coverage Other structures coverage guards features on your property that aren’t attached to your main house, such as pools, fences, sheds, and detached garages.
Personal Property Coverage Personal property coverage safeguards your possessions, including furniture, clothing, electronics, bikes, art, jewelry, and more.
Loss of Use Coverage Loss of use coverage covers living expenses if your home suffers significant property damage and you must temporarily move out. Your insurer can pick up the tab on lodging, groceries, and more.
Liability Coverage Liability coverage helps pay for medical bills and legal fees if you’re found legally responsible after someone injures themselves on or around your property and pursues you for the damages.
Medical Payments Coverage Medical payments coverage helps cover minor medical expenses for an injured party, regardless of legal fault.

Policies cover you from possible damage sources, officially called perils. HO3 policies cover over a dozen perils, the most common being hurricanes, fires, theft, and vandalism. Water damage is also covered, but the circumstances vary.

How to Get the Best Homeowners Insurance in Tarpon Springs

The best homeowners insurance in Tarpon Springs covers you and your property sufficiently without breaking the bank. Everyone’s coverage needs will vary, so it’s hard to recommend any one plan as the outright “best.” 

To get the optimal coverage for your circumstances, you should understand your coverage needs, shop around, and adjust your policy to save money.

Understand Coverage Needs

Adjust your policy limits to meet your needs. While your carrier will have its suggestions, you have the final say on how much coverage you need in most cases.

Ensure your personal property limits cover the total value of your belongings. You can create a home inventory to determine the precise amount you need. Increase your liability limits beyond the minimum required amount. We usually recommend between $300,000 and $500,000 for most people, but ensure you have enough to cover your assets.

You should also recognize how your plan pays out. Policies cover your items at either actual cash value or replacement cost. Actual cash value factors depreciation into your reimbursements and offers lower payouts. Replacement cost coverage is preferable in all scenarios, but it’s the more expensive option. 

You can purchase endorsements or riders that add to your standard insurance coverage. Policies have limitations and exclusions, and you can enhance your coverage for certain risks at an added cost. 

Seek Savings

Once you have your coverage priorities straight, you can take some steps to save money on your Tarpon Springs home insurance. Shopping around is the most proven way to achieve savings. You’ll see which company has the best rates or better discounts.

While you’re at it, check the prices of possible endorsements. And, compare customer service experiences to see which companies are the most helpful or straightforward. You can also get the help of a home insurance agency in Tarpon Springs, Florida.

Another easy way to lower your premiums is to raise your deductible. Your home insurance deductible is the amount of money that damage must exceed before you can file a claim. Raising your deductible lowers the chances you file a claim, resulting in lower premium payments.

Common deductibles range from $500 to $2,000. The higher you go, the lower your rates. But, don’t make it a number you can’t afford in an emergency.

What to Know About Tarpon Springs Flood Insurance

While discussing the best ways to protect your home in Tarpon Springs, we want to mention flooding. Flood damage is a separate risk not covered by home insurance in any circumstances.

The only water damage that homeowners insurance includes are issues from inside of your home, such as leaky pipes or broken water heaters. Any flooding from outside of your house, such as storm surges, coastal erosion, or flash flooding, isn’t covered unless you have a separate flood insurance policy.

Floods are the most common and costly natural disaster in the nation. Some Tarpon Springs residents experienced effects as recently as Hurricane Idalia in 2023. We encourage residents to consider flood insurance sooner rather than later.

Due to Tarpon Springs’ efforts as a city, it has qualified residents who live in high-risk flood zones for a 25% reduced rate on flood insurance policies from the National Flood Insurance Program, the country’s largest flood insurer.

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?

What Affects the Cost of Home Insurance in Tarpon Springs, Florida?

Home insurance in Tarpon Springs generally costs between $3,598 and $9,267 annually, but many factors can cause your rates to vary. Insurers examine several factors about yourself and your property to determine rates.

The most significant factors include:

  • Home age
  • Home size
  • Home features
  • Policy details
  • Claims history

Older houses often have higher premiums due to their worn components, such as roofs, siding, and pipes, that are more likely to suffer damage or fail. Larger homes need more insurance coverage due to their higher replacement costs. Insurers will always ask you for the square footage of your home. Having many high-end fixtures or installations will also increase your replacement cost.

The details of your policy also directly impact your rates. Choosing high coverage limits and opting for endorsements can increase premiums, while qualifying for discounts and raising your deductible can lower them.

Is Home Insurance Required in Tarpon Springs?

No law stipulates homeowners insurance in Tarpon Springs, but mortgage lenders will require you to have a policy as a condition of your home loan.

Mortgage lenders put significant money down when they help you buy your home. To protect their investment, they require you to maintain home insurance for the life of the loan. This way, you and your lender aren’t out the money you put into your property. Both parties can be reimbursed through the insurance policy if your home gets damaged or destroyed.

If you don’t maintain your own coverage during your mortgage, your lender will place insurance on you. This coverage, called force-placed insurance, is more expensive and less protective than a standard policy you can find on your own. Be sure to maintain your own plan and make your insurance payments on time to avoid force-placed coverage.

How to Get Homeowners Insurance Quotes in Tarpon Springs, Florida

While you can find quality insurance on your own, we want to be there for you if you need help during the search process. We’re Clovered, a Florida-based independent insurance agency, and we’d be happy to help you with getting Tarpon Springs homeowners insurance quotes.

You can quote online on your own time with our comparison tool. You just need some information about yourself and your home, and you can compare policies in minutes.

Or, if you’d rather speak with a licensed agent, call us at 833-255-4117 during business hours. You can also reach us by email at agent@clovered.com.

Homeowners
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.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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