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Home Insurance in Bay County, FL: Companies & Premiums

Home Insurance in Bay County, FL: Companies & Premiums

Panama City Beach house

Located in the middle of the Florida Panhandle’s Gulf coastline, Bay County is one of the region’s more populated counties. According to the US Census Bureau, the county has 174,705 residents as of 2019 and a median household income of $51,829 as of 2018, which is almost $15,000 higher compared to neighboring counties to the north.

Bay County is an extremely popular tourist destination for its Gulf Coast beaches, particularly during spring break, and can host hundreds of thousands of travelers each tourist season. Unfortunately, a large number of annual visitors means a higher crime rate compared to that of other counties. That combined with the county’s vulnerability during hurricane season means the county sees higher average premiums for homeowners insurance.

Population Centers in Bay County

Because the county’s major economic power comes from its tourism industry, several of its largest cities are located along the coastline. Bay County’s largest and most prosperous beach town is Panama City, which has roughly 20 percent of the county’s population.

Bay County’s other large cities include Mexico Beach, Panama City Beach (distinct from Panama City), Lynn Haven, and Springfield, which are all located close to the southern end of the county. The median home value in Bay County is $213,100, and many of the most valuable properties in the county are found in its beach communities.

Home Insurance Premiums in Bay County

Bay County’s coastline means that more than just its property values and list prices can vary. So does the average premium of a homeowners insurance policy. That’s because not all homes in hurricane-prone areas are created equal in the eyes of insurance companies.

Homes that have wind mitigation can have significantly lower premiums compared to homes that lack them. As you can see in the below table provided by Florida’s Office of Insurance Regulation, for $150,000 homes built before 2001 in Bay County, wind mitigation can result in you paying half as much for your homeowners insurance premium in FL.

Average Homeowners Premiums in Bay County

Construction TypeHome ValueAverage Premium
Overall Average$2,380.67
Pre-2001 (No Wind Mitigation)$150,000$2,947.93
Pre-2001 (With Wind Mitigation)$150,000$1,514.48
New Construction$300,000$2,679.59

Based on the data provided, in Bay County, the overall average for homeowners insurance is $2,381. Wind mitigation isn’t the only way to save on your home insurance. The figures in the above table are simply the county average, and the actual costs of policies companies offer residents in the county can vary.

If you shop around for quotes from different insurance companies in the area, you can save yourself hundreds of dollars. These companies are a good place to start your search since they’ve had the lowest average premiums for home insurance policies in recent years.

For $150,000 homes built before 2001 without wind mitigation, the average premium is $2,948.

For below-average rates check the companies below:

  • Stillwater – $1,538
  • First Protective – $1,973
  • Security First – $2,033
  • Universal – $2,183

List of Companies & Rates for Home Valued at $150,000, Pre-2001 Construction Without Wind Mitigation Rate in Bay County

CompanyAnnual Premium
Average$2,947.93
Stillwater$1,538
First Protective$1,973
Security First$2,033
Universal$2,183
FedNat$2,484
American Traditions$2,552
Tower Hill Prime$2,589
Tower Hill Signature$2,610
Family Security$2,673
Florida Family$2,795
Tower Hill Select$2,796
People's Trust$2,799
ASI$2,833
Southern Fidelity$2,857
Tower Hill Preferred$2,955
First Community$2,972
State Farm Florida$2,977
American Integrity$3,006
Florida Peninsula$3,013
Universal$3,060
Citizens$3,081
Auto Club of Florida$3,473
Castle Key$3,596
Liberty Mutual$3,751
Florida Farm Bureau$3,999
Southern Oak$4,214
St. Johns$4,782

For $150,000 homes built before 2001 with wind mitigation, the average premium is $1,514.

For below-average rates check the companies below:

List of Companies & Rates for Home Valued at $150,000, Pre-2001 Construction With Wind Mitigation Rate in Bay County

CompanyAnnual Premium
Average$1,514.48
Stillwater$937
First Protective$968
Universal$989
FedNat$1,039
Citizens$1,124
People's Trust$1,179
Tower Hill Prime$1,254
Tower Hill Select$1,322
Florida Farm Bureau$1,349
American Integrity$1,369
Security First$1,376
American Traditions$1,392
Tower Hill Signature$1,457
Family Security$1,479
Tower Hill Preferred$1,493
Universal$1,542
Castle Key$1,556
First Community$1,575
ASI$1,701
St. Johns$1,712
Florida Family$1,713
Southern Oak$1,865
Auto Club of Florida$1,885
Florida Peninsula$1,962
Southern Fidelity$1,988
State Farm Florida$2,054
Liberty Mutual$2,611

For $300,000 homes with new construction, the average premium is $2,680.

For below-average rates check the companies below:

List of Companies & Rates for Home Valued at $300,000, New Construction in Bay County

CompanyAnnual Premium
Average$2,679.59
Stillwater$1,232
First Protective$1,848
Universal$1,930
Southern Oak$1,959
Tower Hill Select$2,115
American Traditions$2,192
FedNat$2,254
People's Trust$2,344
Family Security$2,394
Tower Hill Prime$2,422
Security First$2,465
American Integrity$2,528
Florida Farm Bureau$2,571
Citizens$2,639
Tower Hill Preferred$2,649
Castle Key$2,694
Universal$2,697
Tower Hill Signature$2,742
ASI$2,779
Auto Club of Florida$2,927
First Community$2,967
St. Johns$2,977
Florida Family$3,074
Florida Peninsula$3,267
State Farm Florida$3,580
Southern Fidelity$3,959
Liberty Mutual$5,144

Flood Insurance in Bay County

In addition to the cost of your standard home insurance policy, you’ll also need to factor the cost of a flood insurance policy into your budget. Especially in Florida counties along the coastline, homeowners need to make sure they have flood insurance.

Your home insurance policy won’t cover any damage to your house from flooding, but you can easily get a National Flood Insurance Program policy through companies such as FedNat and First Protective. These policies, which residents in areas at risk for flooding like Bay County, are price-controlled by the government.

The only caveat is that these policies can only offer up to $250,000 in coverage, which isn’t very far above the median home price in Bay County. If your home is worth more than that, you’ll need to fill that coverage gap by adding on a private flood insurance policy.

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