Homeowners Insurance Quotes in Tampa, FL

What You Should Know About Home Insurance in Tampa

Originally a military city built around Fort Brooke in the early 1800s, not many people lived in Tampa until the population began to explode due to imports passing through its shipping ports, which still remain integral to the city’s economy. The growth continued as the railroad came to town and the cigar industry gained prominence in the area. Tampa is the third largest city in Florida, and though national defense still provides many jobs to local residents, industries from healthcare to real estate and everything in between help make up the robust economy of modern-day Tampa.

Tourism plays a major role in the city as well, with world-famous attractions like the Florida Aquarium, Adventure Island, and Busch Gardens, as well as NHL, NFL, and MLB teams located right here in Tampa. The Gasparilla Season, named after mythical pirate Jose Gaspar, brings two months of parades, festivals, and sheer excitement to residents and outsiders. It is no wonder over 20 million people visit Tampa yearly.

If you are lucky enough to live in the city, contact the expert agents at InsureOne who are waiting to help you find the best homeowners insurance at the best price in Florida so you can get out and enjoy the action, knowing your most valuable asset is protected.

How Much Does a Homeowners Insurance Policy Typically Cost in Tampa?

It is difficult to say how much premiums would be without knowing all the details related to your home and your specific neighborhood. Each area has its own risk levels for hurricanes, vandalism, and other perils your insurance provider agrees to cover. This table shows average rates for Tampa and how they stack up to the national average.

Dwelling Insurance Total	Average Annual Cost in Tampa	Average Annual Cost Nationwide
$300K	$2,503	$2,582
$600K	$4,781	$4,140
$1 million	$7,811	$7,380

We arrived at these numbers by using the cost of dwelling coverage, a $100,000 liability and a standard $1,000 deductible.

How Do Home Insurance Deductibles Change Insurance Rates in Tampa?

A deductible is an amount of money you agree to deduct from your insurer’s payout each time you file a claim. The way this works is if you have $5,000 in damages and a $3,000 deductible, your provider would pay $2,000, and you would have to cover the balance. You can choose a higher deductible, say $5,000, which would reduce your insurer’s obligation further and entitle you to lower premiums in return. Or you can select as low as a $500 deductible, but since your carrier would have more of a payout when you file a claim, your premiums would also be higher.

Is Home Insurance Tax Deductible in Tampa?

The simple answer is that if you own your home and only use it for personal use, your tax professional will tell you that homeowners insurance is not tax deductible. But if you use all or part of your home for business purposes, you may be able to deduct some or all of your premiums on your tax return. So, say you rent the entire house to tenants. In that case, you could write off your homeowners coverage as a business expense. If you store items you sell online in your house or use a room or two exclusively as a home office, then a portion of your coverage should be tax deductible.

Does Tampa Have the 80% Homeowners Insurance Rule?

Tampa does have the 80% rule, but not because it is a local or state law; it is actually an industry standard that insurers operating in Tampa require of their clients. The 80% rule obligates you to maintain coverage for 80% of the replacement cost of your home. You may have paid $350,000 for the house, but it may cost $500,000 to replace. In that case, you would need $400,000 of replacement coverage. When you discuss your policy with your InsureOne agent, they will make sure to explain this all to you and will ensure you comply with the rule so you do not get hit with a penalty if you ever need to file a claim.

Bundling Home and Auto Insurance in Tampa

Although premiums are pretty affordable in Tampa, there is an excellent discount you may be entitled to that could reduce your coverage rates significantly. If you bundle your home and auto coverage, meaning you get both policies from the same insurer, in addition to simplifying the process by dealing with and paying your bills to one company, you can also get serious savings on both policies.

If you need home and car insurance, you can compare prices with several carriers for each individual policy and then ask them how much of a discount they would give you for bundling. One insurer might tell you that your car coverage will cost you $2,000 and your home policy will be $2,500, for a total of $4,500, and they offer a 10% discount for bundling, while the next might charge $5,000 for the two policies with a 25% bundling reduction.

But instead of doing all that work yourself, you can take advantage of the concierge services of your expert InsureOne agent who will do all that work for you and will deliver a personalized package of affordable policies with the best coverage tailored to your needs and preferences.

What Factors Do Insurance Companies Consider When Setting Rates?

Every house and every neighborhood is unique. Factors that are specific to your home and where you live play an important role in how much you will pay for coverage. Here are some of the details your insurer will review before setting your rates:

• Amount of coverage: You can increase or decrease various levels of coverage, such as replacement costs or vandalism, but your insurer will adjust your premiums according to how much they may have to pay out should an incident occur.
• Security devices: Lowering your insurer’s risk typically leads to lower rates. If you install security devices that prevent vandalism and break-ins, you will likely pay less for your policy.
• Fire protection: Insurers check if there are fire hydrants in your neighborhood and how far the house is from the closest fire station. The more fire protection you have in the area, the less your policy will cost.
• Claims history: Although your insurer will pay for damages that occur as a result of a covered peril, if you file a claim, your premiums may increase for several years. Homeowners who file multiple claims will most certainly see their policy costs increase.
• Flood zone: Although floods are common in some areas, most policies do not include flood coverage. You would have to purchase that separately. If you live in a flood-prone area, the extra coverage will cause your insurance costs to increase.

What Are the Different Types of Homeowners Coverage Offered in Tampa?

There are different types of dwelling units available, and every individual has unique preferences and appetite for risk. Therefore, when you shop for homeowners coverage, you get to choose from among several types of homeowners policies that best fit your needs. The following is a description of four of them:

• HO-5 policy: If you have an ordinary home, this is the most comprehensive policy available. It covers just about any peril, and where other policies pay for the value of damaged belongings, this policy gives you the full amount it would cost to replace them.
• HO-6 policy: Condo or co-op owners need to get this policy to protect their belongings. Known as “walls-in” coverage, the HO-6 does not pay for structural or other damages unless they occur within the walls of your unit.
• HO-7 policy: Owners of manufactured homes, trailers, mobile homes, or similar need the HO-7. It provides suitable protection for your unit and the belongings you keep in it for many common perils.
• HO-8 policy: Many older houses cost significantly more to replace than the market value of the home. The HO-8 was specifically designed for this unique situation where the focus shifts from what the house costs to how much it would cost to rebuild.

What Is the Most Common Type of Home Purchased in Tampa?

Tampa has a shade over 157,000 dwelling units, and 51.39% of them are single-family homes. There are many rentals, as well as some condos and row homes. Regardless of the type of unit you live in, you will need some sort of homeowners insurance coverage.

Policies are often hard to understand because they include trade terms that are not commonly used or have slightly different meanings when included in a policy. You can familiarize yourself with these words by reading a homeowners insurance glossary, which will help you better comprehend the exact coverage included in your policy.

Which Common Natural Disasters Are Covered by Home Insurance in Tampa?

Your policy will cover you for several types of natural disasters. If your home is damaged by these or other calamities, reach out to an expert InsureOne agent to find out if you can file a claim to recoup your losses:

• Wind events: Much like other Gulf Coast cities, Tampa is highly vulnerable to windstorms, especially hurricanes.
• Coastal flooding: Storm surges from events like hurricanes cause flooding, which may require a separate policy.
• Hail: Although freezing weather is never common in Tampa, it does get occasional hail, which is covered by a typical policy.