Affordable Condo Insurance in Tampa
Tampa condo owners know this city is the place to be. Whether you bought your condo as a vacation home or it’s the only place you hang your hat, Tampa’s amazing weather and proximity to the beach is enough to tempt anyone to stay.
Tampa has a lower cost of living than other parts of the state, and it shows. The city has some of the lowest Florida condo insurance rates.
Let’s take a look at some key considerations when shopping for condo insurance in Tampa.
Tampa Condo Insurance Costs
Condo insurance in Tampa costs less than the state average. Florida’s average annual premium is $942 a year. For a Tampa high rise condo, Kin’s average premium is $934 a year.
|Average Tampa Condo Insurance Premiums|
As you can see in the chart above, the type of building your condo is in makes a sizable difference in what you’ll pay for coverage. Your condo’s exact location, safety features, and claims history can also impact your rates.
The best way to know what you’ll pay for insurance? Get a quote! It’s free, quick, and easy.
What Does Tampa Condo Insurance Cover?
A condo insurance policy (also called an HO6 policy) picks up where your condo association’s master policy leaves off. Your HOA often has an insurance policy that covers common areas (like shared hallways, courtyards, etc.) and shared exteriors (if you’re in a high rise building, for example).
It’s up to your condo coverage to protect the inside of your home and everything in it.
Our condo policies offer:
- Interior dwelling coverage: Covers structural damage to the inside of your home, like your walls, floors, and ceilings.
- Personal property coverage: Covers your belongings, like appliances, furniture, clothing, decor, and more.
- Loss of use coverage: If a claim keeps you from living at home while repairs are underway, this can help cover your additional living expenses, like temporary lodging, transportation costs, etc.
- Loss assessment coverage: If you’re responsible for chipping in for a shared loss with other members of your HOA, this can help cover your portion.
- Personal liability coverage: Covers your legal expenses if you’re sued over someone’s bodily injuries or property damage.
- Medical payments coverage: If a guest is injured at your home, this can help pay for their immediate medical expenses.
Condo Coverage for Tampa’s Natural Disasters
Your condo coverage protects your home from all events except those listed in the policy as exclusions. That covers a lot of incidents. Theft, for example, is covered, in case Tampa’s 18 property crimes per 1,000 residents has you concerned.
But what about big disasters?
Let’s review how condo insurance addresses catastrophes.
Tampa Hurricane Coverage
While recent Gulf of Mexico hurricanes have missed Tampa, residents remember Hurricane Irma in 2017 all too well. Hurricanes leave serious damage in their wake. Luckily, our condo insurance includes hurricane insurance to help you quickly make repairs and get back to normal.
Tampa Flood Insurance
Even passing hurricanes bring rain and flooding to Tampa. Condo insurance doesn’t include flood coverage, but you can easily add it on.
We offer flood insurance as an endorsement so you only have one premium and one deductible for home and flood claims. There’s also no waiting period and you can add it on at any point in your policy period.
Tampa Sinkhole Coverage
Tampa, like all of Florida, must contend with sinkholes, thanks to its rich limestone deposits. Once saturated, the ground can erode. Catastrophic ground cover collapse coverage is automatically included in our condo policies, and it helps you get back on your feet after worst-case sinkhole scenarios.
Tips for Keeping Tampa Condo Insurance Affordable
Looking for more ways to save? We offer discounts for condo owners who make their homes safer. For example, you may qualify for discounts for:
- Wind mitigation features
- Smart home security systems
- Being 55 years or older
- Signing up for our Responsible Repair discount
- Opting for an electronic policy
Increasing your deductible also lowers your premium, as does staying claims free.
Get a better policy at a better price. Get a quote today and see how much you’ll save!
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