Home insurance in St. Petersburg

The average cost of homeowners insurance in Florida $9,462 annually for a standard policy on a $350,000 home. Because St. Petersburg sits on a peninsula between Tampa Bay and the Gulf of Mexico, home insurance costs here are often higher than average due to wind and flood exposure.

*Based on data from the Consumer Federation of America

Several local and personal risk factors can influence what you pay for home insurance in St. Pete:

• Cost to rebuild your home. Insurers base dwelling coverage and premiums on the cost to reconstruct your home with similar materials, which may be higher in coastal areas.

• Credit history. Many carriers consider your credit-based insurance score when setting rates.

• Proximity to water. Homes near Tampa Bay or the Intracoastal Waterway are more likely to fall within flood zones and require additional protections.

• Roof type and age. HIP roofs and wind-rated materials may help lower costs, while aging roofs could do the opposite.

• Home construction year. Older homes may lack hurricane-resistant features required by Florida’s 2002 code update.

• Claim history. Past claims on your home or by you as a policyholder can result in higher premiums.

To make sure you’re fully protected, consider the following:

• Dwelling coverage. This should reflect the cost to fully rebuild your home based on local construction costs, not its current market value.

• Other structures coverage. Typically set at least 10% of your dwelling limit, this covers things like sheds and detached garages.

• Personal property coverage. Generally equal to at least 50% of your dwelling coverage, though you may need more depending on your belongings.

• Liability protection. Limit should be high enough to shield your assets in case of a lawsuit or injury claim.

• Medical payments coverage. Pays for minor guest injuries and usually ranges from $1,000 to $5,000.

• Loss of use coverage. Helps pay for temporary housing and living expenses, such as meals, if your home becomes uninhabitable after a covered loss.
  
  

While details vary by insurer, most standard home insurance policies don’t cover everything. Common exclusions include:

• Flood damage. Coverage must be purchased separately or added as an endorsement.

• Wear and tear. Your policy won’t cover the cost to replace or repair aging systems, components, or materials.

• Mold, mildew, or rot. Policies often exclude or limit coverage for instances of mold, mildew, or rot.

• Sinkholes. You’ll need to add sinkhole or catastrophic ground collapse coverage to be protected.

• Pest damage. Damage from termites, rodents, or other infestations is typically excluded. 

• Earthquakes, sinkholes, and other earth movements. Your home insurance policy won't cover damage caused by earth movement or seismic activity.

Given the region’s susceptibility to coastal weather and water damage, these add-ons may be worth considering:

• Flood insurance

• Windstorm or hurricane coverage (if not already included)

• Water backup or sump overflow protection

• Law or ordinance coverage for building-code-related repair

Homeowners insurance isn’t required under Florida law, but most mortgage lenders will require it as part of your loan agreement. Even without a mortgage, having home insurance in St. Pete is crucial to protect against storm damage, liability, and other unexpected losses.