According to the Insurance Information Institute (Triple-I), the three most common claims filed in Tampa and the state of Florida are:
- Wind and hail damage: Increasing surges of tropical storms, tornadoes, thunderstorms and hurricanes with high winds and hail account for the most damage to homes in Tampa, Florida
- Water damage: According to the Triple-I, one in 60 homes with flood insurance filed claims for water damage in 2022.
- Fire and lightning damage: These claims are less frequent but can cause the most expensive damage, averaging nearly $80,000 in damage for a single claim.
There are a few ways to mitigate the risks of these types of damage, whether through safety features or investing in additional insurance coverage. For example, hurricane storm shutters protect doors and windows from high winds and hail. Fire detectors and lightning rods can prevent extensive fire damage.
Water damage is arguably the most difficult to prevent, given Tampa’s proximity to the coast. Flood insurance provides coverage, and you can compare quotes across multiple providers to find affordable endorsements to supplement your home insurance policy.
Recommended Home Insurance Coverage in Tampa
HO-3 insurance is the most common form of home insurance on the market. Unlike HO-1 and HO-2 policies, HO-3 covers potential perils that could damage your dwelling, such as theft, fire and severe storms.
Most HO-3 policies provide three primary coverage types: dwelling, liability and personal property. Sometimes, an HO-3 policy will provide other structures coverage, which refers to property that is not part of the home, such as a fence, detached garage or backyard shed. Some policies will also cover loss of use, which reimburses you for living expenses while your home is under construction following a covered event.
Based on the unique risks posed by living in Tampa, we recommend adding the following endorsements to your home insurance policy:
- Mold property: This increases your premium to provide more protection should you experience mold damage in Tampa’s humid climate.
- Scheduled personal property: Your standard personal property coverage may not extend to items of high value. Adding this endorsement will cover high-value assets in the event of a claim.
- Sinkhole loss coverage: Sinkholes are more common in the state of Florida than in other areas of the country. Most standard HO-3 policies online cover minor damage.
- Water backup and sump overflow coverage: Water damage is common in Tampa, but most policies do not cover water backup and sump overflow without this endorsement.
- Flood coverage: Tampa currently participates in a Community Rating System and has Class 5 status, providing a 25% discount on flood insurance in flood zones and a 10% discount on policies outside flood zones. With these available discounts, we recommend adding a flood endorsement to your coverage.
- Personal injury coverage: If someone suffers an injury on your property, personal injury liability protection will cover your financial liability if they decide to sue for damages. Coverage can extend to physical injuries and reputational damage, such as libel and slander.
