Home Insurance in Panama City, Florida
The median home value in Panama City is $268,900, 13% lower than the Bay County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Panama City was built around 1976. About 32% of homes were built before 1960, about 23 points above Bay County's 9%.
Housing in Panama City breaks down to 69% single-family homes, 21% apartments in buildings with 5+ units and 2% mobile or manufactured homes.
In Panama City, about 59% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
The vacancy rate is 11%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 56% of occupied homes in Panama City are owner-occupied.
Most homes in Panama City - 85% - are primarily heated with electricity.
FEMA rates Bay County's overall risk as Relatively Moderate, led by hurricane (Very High). Bay County had 31,103 active NFIP flood policies as of September 2026. See the full Bay County home insurance overview for all FEMA hazard ratings and flood coverage details.
In Florida, the statewide average premium for a standard HO-3 homeowners policy is $2,779 per year (NAIC, 2023 data).
Key figures
| Median home value | $268,900 |
|---|---|
| Median year built | 1976 |
| Owner-occupied share | 56% |
| Share of owner-occupied homes with a mortgage | 59% |
| Top county hazard | Hurricane (Very High) |
| Active NFIP policies in Bay County | 31,103 |
| Home insurance premium | $2,779 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)