Homeowners Insurance in Tampa FL Rates

July 17, 2020

The premiums you have to pay for homeowners insurance in Tampa FL are not just dependent on what your home’s present market value is. Several other factors have significant impacts on insurance costs as well. Let’s take a closer look at what they are.

Coverage for Personal Belongings

The most basic homeowners insurance in Tampa FL policies generally provide coverage only for the property, but in many cases, homeowners want some of their personal belongings to be covered as well. In such situations, they may have to opt for riders that would require them to pay higher premiums.

Credit Score

Maintaining a good credit score can go great lengths in ensuring low premium rates. Insurance companies typically view people with low credit scores as risks, and if you don’t have an above-average credit score, you would most likely have to pay higher premium rates.

Neighborhood Crime Rate

If your neighborhood is relatively crime-free, you won’t have to worry about paying high premiums. However, if crime is a regular occurrence around your home, the premium rates go up considerably. Crime-affected areas are identified by Tampa homeowners insurance companies as ones where homes would be at increased risk of being damaged, hence the higher rates.

Installed Security Measures

As homeowners insurance in neighborhoods with high criminal activity involves paying more premiums, many homeowners choose to install security systems in their properties to bring down the premium rates. Installing alarm systems, CCTV surveillance systems, and fire extinguishers can significantly lower the premium amount.

Environmental Risks

Tampa is a coastal city located on the Tampa Bay’s west coast. In the past, numerous hurricanes have come Tampa’s way and the city has seen a lot of property damage and destruction. If your home is close to the coastline, your insurance premiums will be higher, as it would be more exposed to the potential damage brought about by hurricanes and floods.

Age of the Property

If your home is old and has not been remodeled or renovated in a long time, the premiums you have to pay for homeowners insurance in Tampa Florida will be more than that of homeowners of newer properties.

Even though the aforementioned factors have a considerable say in how much you have to pay as an insurance premium, you may be eligible for certain discounts as well. Go through all our homeowners insurance policies and see what works best for you.