Florida’s homeowners insurance market has faced some turbulence in recent years. Many homeowners find it increasingly difficult to get coverage for their homes, much less at an affordable rate. Fortunately, Tampa residents still have options.

Travelers, Security First Insurance, and American Integrity Insurance of Florida are the cheapest home insurance companies in the city. These companies offer home insurance at a significantly lower rate than the average cost of home insurance in Tampa, which is $6,066 per year for a $300,000 policy with a $1,000 deductible.

It’s important to compare all your options, so keep reading to learn more about the best companies for homeowners insurance in Tampa, Florida.

Best home insurance companies in Tampa

Although some home insurance companies no longer provide new policies in Florida, many quality insurers still serve homeowners in Tampa. The right policy for you won’t be the same as your neighbor’s, so it’s important to evaluate your individual situation to find the best home insurance company for you.

The table below shows the best companies for home insurance in Tampa and their premiums with a $300,000 policy.

Cheapest rates: Travelers

Best insurer for flood insurance: Nationwide

Best insurer for senior homeowners: Security First Insurance

Security First Insurance, based in Florida, offers unique policy discounts. People 65 years and older account for 13.4% of Tampa residents, according to the U.S. Census Bureau.5 If you’re 55 or older, you can snag a senior discount on your Security First Insurance policy.

Best insurer for military personnel: Armed Forces Insurance Exchange

MacDill Air Force Base in Tampa Bay employs more than 15,000 military and civilian personnel.6 If you’re an active-duty military member, veteran, or family member of one, look into home insurance by Armed Forces Insurance Exchange for coverage that aligns with your unique needs.

Cheapest home insurance in Tampa

The cheapest homeowners insurance company in Tampa is Travelers, offering coverage at $1,402 per year, or $117 per month. The table below illustrates the average annual premium for several popular insurance companies in Tampa.

Cost of homeowners insurance in Tampa

The average cost of homeowners insurance in Tampa is $6,085 per year. But the cost of your policy depends on your home’s age, value, and location. For example, an older home with a higher replacement cost in a high-risk area will likely have increased home insurance premiums.

Cost of homeowners insurance by dwelling coverage amount

Many different types of homeowners insurance coverage are available. Homeowners typically focus on basic (HO-1), broad (HO-2), and special (HO-3) form coverage; these policies cover common perils that can damage your dwelling (such as your home’s foundation and structure). The more it costs to replace your dwelling, the more coverage you require, leading to higher premiums. 

Here’s the average annual cost of home insurance for varying coverage limits in Florida.

Cost of homeowners insurance by deductible

A deductible is the amount you must pay before your insurance company pays out your home insurance claim. Choosing a lower deductible leads to higher premiums, and a higher deductible means lower premiums. While a higher deductible may save you money month to month, you should be financially able to pay out the deductible in case of a claim.

Take a look at the annual cost of a policy for different deductible amounts on a $300,000 policy in Tampa.

How to get cheap homeowners insurance in Tampa

With rising prices in Tampa, finding affordable home insurance can be challenging. Fortunately, you have ways to score cheaper rates on your coverage:

Florida homeowners insurance rates by city

Different cities and ZIP codes within a city yield different home insurance quotes. Natural disasters, a high population density, and increased insurance fraud activity make homes in Tampa particularly risky to insure.8 As a result, homeowners in this area will likely pay higher insurance costs. 

Take a look at the table below for the average annual premium of a $300,000 policy in various cities in Florida.

How much homeowners insurance do you need in Tampa?

The state of Florida doesn’t require you to carry homeowners insurance. But if you have a mortgage on your house, your lender will likely require you to purchase an insurance policy. Carrying homeowners insurance is still a good idea even if you’ve paid off your loan.

The amount you need in homeowners insurance depends on your home’s replacement value, the value of your personal belongings, assets, and additional living needs, according to the Insurance Information Institute.

What are some of the biggest risks when owning a home in Tampa?

Owning a home in Tampa poses several risks.