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 Type | Home Value | Average Premium |
---|---|---|
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 |
Overall Average | $2,380.67 |
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
Company | Annual Premium |
---|---|
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 |
Average | $2,947.93 |
For $150,000 homes built before 2001 with wind mitigation, the average premium is $1,514.
For below-average rates check the companies below:
- Stillwater – $937
- FedNat – $1,039
- Citizens – $1,124
- People’s Trust – $ 1,179
List of Companies & Rates for Home Valued at $150,000, Pre-2001 Construction With Wind Mitigation Rate in Bay County
Company | Annual Premium |
---|---|
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 |
Average | $1,514.48 |
For $300,000 homes with new construction, the average premium is $2,680.
For below-average rates check the companies below:
- Southern Oak – $1959
- Tower Hill Select – $2,115
- Family Security – $2,394
- Security First – $2,465
List of Companies & Rates for Home Valued at $300,000, New Construction in Bay County
Company | Annual Premium |
---|---|
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 |
Average | $2,679.59 |
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.