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Homeowners Insurance in Miami Beach, Florida

By Jarrod Heil

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As one of the hottest vacation destinations in the United States, Miami Beach is also home to a bustling population of nearly 100,000 people who call the hotspot home. For those lucky enough to live where many others vacation, homeowners insurance in Miami Beach can quickly become your best friend.

Since the city is prone to hurricane strikes, massive storm surge and countless other perils, investing in home insurance in Miami Beach is not just a necessity. It’s the only thing separating those unexpected accidents from you having to shell out the money for costly repairs.

From the average cost of homeowners insurance in Miami Beach, Florida to what it covers, where to get the most affordable policy and so much more, let’s take a deep dive into everything you need to know before securing a policy.

Average Cost of Homeowners Insurance in Miami Beach, Florida

The average annual premium for homeowners insurance in Miami Beach is $5,695 for a $150,000 house, which is among the highest home insurance costs in the nation. Florida is one of the most expensive states for homeowners insurance in the country at $2,043 per year for a similar home, and Miami Beach is more than double the state and national average.

Since the 11,554-square-mile city is surrounded by water on three sides, there’s not much protection from high winds, heavy rains and many other destructive perils. Which is one of the reasons home insurance is so expensive. But there are ways to combat the cost, and choosing the right insurer is one of them. Let’s take a look at average prices from the city’s top insurers.

Average Homeowners Insurance Cost in Miami Beach for a $150,000 House


ASI$6,690
Citizens$4,173
FedNat$5,181
Florida Penn$6,493
Liberty Mutual$4,143
People’s Trust$8,016
State Farm$4,805
UPCIC$6,058
Average$5,695

But the average price of homeowners premiums isn’t dictated solely by the insurance company you choose. There are many other important factors that go into the city’s pricing.

One of the most important factors, especially in Miami Beach which has many older art-deco style houses, is the year your home was built. Florida implemented legislation in 2001 that required builders to uphold a more strict standard of building homes. This legislation sought to combat costly hurricane damage claims by making homes that more adequately stood up to wind damage.

☘ $150,000 Value – Pre-2001 Construction w/ Wind Mitigation: This risk is for a Florida masonry home with a current replacement value of $300,000, a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years. Premium examples are shown for maximum wind mitigation features.

☘ $150,000 Value – Pre-2001 Construction w/ No Wind Mitigation: This risk is for a Florida masonry home with a current replacement value of $300,000, a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years. Premium examples are shown for no wind mitigation features.

☘ $150,000 Value – 2001-Present Construction: This risk is for a Florida masonry home with a current replacement value of $300,000, a $500 non-hurricane deductible, a 2% hurricane deductible, no claims in the past three years, and minimum premium discounts for limited wind mitigation features and no hip roof.

*Wind Mitigation: A wind mitigation is any protection on your home that helps decrease the damage caused by strong winds like a hurricane. This can include certain roof attachments and coverings, extra water-resistant seals and impact-resistant doors and windows. Wind mitigations typically result in deep discounts on your home insurance premiums, so you’ll want to get one.

Homeowners
Insurance
Company

ASI
Citizens
FedNat
Florida Penn
Liberty Mutual
People’s Trust
State Farm
Universal Property
Average

$150,000 Value Pre-2001 Construction
W/ Wind Mitigation

$5,658
$2,670
$4,238
$5,340
$3,083
$4,385
$4,220
$3,687
$4,160

$150,000 Value Pre-2001 Construction
No Wind Mitigation

$9,967
$7,101
$7,196
$9,851
$6,008
$15,411
$6,932
$11,166
$9,204

$150,000 Value 2001-Present Construction

$4,445
$2,749
$4,109
$4,287
$3,338
$4,251
$3,263
$3,321
$3,720

*Insurers are required to send in their average annual homeowners insurance premiums once per year to the Florida Office of Insurance Regulation, so the rates shown above are the average rates you can expect in Miami Beach.

It’s Time to Switch Your Homeowners Insurance

We partner with Miami Beach’s top homeowners insurance companies so you can get a custom policy at an affordable price.

As you can see from the numbers above, the average cost of homeowners insurance in Miami Beach is significantly reduced for those homeowners with 2001-present construction and pre-2001 construction with features that help mitigate wind damage.

The former category of homeowners can expect to pay an average of $3,720 per year, with Citizens coming in at $2,749 and Universal Property & Casualty Insurance Company at $3,321. Those two insurers are also among the most competitive for the latter category, tipping the scale at just $2,670 and $3,687 per year.

But if you live in Miami Beach, or you’re looking to buy property there, we probably don’t have to be the ones to tell you that $150,000 houses are nearly nonexistent on this sliver of land.

Housing prices in Miami Beach have been going up for decades and really skyrocketing recently, so $300,000 may be the minimum you’ll pay. Let’s take a look at the average premiums for homes of that value.

Average Homeowners Insurance Cost in Miami Beach for a $300,000 House


ASI$13,380
Citizens$8,347
FedNat$10,362
Florida Penn$12,985
Liberty Mutual$8,286
People’s Trust$16,031
State Farm$9,610
UPCIC$12,116
Average$11,390

Homeowners
Insurance
Company

ASI
Citizens
FedNat
Florida Penn
Liberty Mutual
People’s Trust
State Farm
Universal Property
Average

$300,000 Value Pre-2001 Construction
W/ Wind Mitigation

$11,316
$5,340
$8,476
$10,680
$6,166
$8,770
$8,440
$7,374
$8,320

$150,000 Value Pre-2001 Construction
No Wind Mitigation

$19,934
$14,202
$14,392
$19,702
$12,016
$30,822
$13,864
$22,332
$18,408

$150,000 Value 2001-Present Construction

$8,890
$5,498
$8,218
$8,574
$6,676
$8,502
$6,525
$6,641
$7,440

What Does Homeowners Insurance in Miami Beach Cover?

From all-too-common hurricanes to fires, burglaries, water damage and dog bites, homeowners insurance in Miami Beach protects your house, personal belongings and financial wellbeing from a multitude of perils. Let’s take a look at the coverages in your policy and some examples of each.

Dwelling: Covers your home’s structure and the things that help create it, including the fireplace, windows, doors and flooring.

Other Structures: Covers structures on your property not attached to your house, such as a fence, detached garage, carport or shed.

Personal Property: Covers the personal belongings you keep inside or on your property, such as a TV, electronics, lawnmower and clothes.

Loss of Use: Reimburses you for additional living expenses if you’re forced to move from your home while it’s being rebuilt or repaired.

Liability: Helps to pay for injuries or other property damages that the policyholder is found liable for, such as a broken bone and legal fees.

Medical Payments: Utilized to pay for small medical bills if someone was injured on your property, whether you’re at fault or not.

Your price is determined by the insurer and is based off many tangible and intangible things, such as your claims history, coverage amounts and your home’s location and crime in the area.

Most Affordable Home Insurance Companies in Miami Beach, Florida

Some of the most affordable insurance companies in Miami Beach are Citizens, Universal Property & Casualty Insurance Company, FedNat, Florida Penn, People’s Trust, which are all partners of ours.

As an insurance agency in Miami Beach, we partner with the city’s best and most affordable insurance companies so we can provide our customers with the best policies at the best prices. Home insurance is ever-changing, so the company your neighbor uses may not be the best one for you — and vice versa.

What You Need to Know About Flood Insurance in Miami Beach

Since Miami Beach is only a few feet above sea level, it probably comes as no surprise that the entire city is prone to flooding. But it may surprise you to find out that homeowners insurance doesn’t cover flooding. Instead, you need to purchase a separate flood insurance policy to be covered.

Luckily, you have a few options for flood insurance, including from private companies like Clovered and FEMA’s National Flood Insurance Program — which we can also sell. Plus, flood insurance is a fraction of the cost of homeowners insurance, setting you back as little as $300 to $600 for $300,000 worth of coverage.

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

How to Get the Best Homeowners Insurance in Miami Beach, Florida

At Clovered, we created a company that resides at the intersection of technology and real people, launching our own online quoting tool that’s backed by a team of in-house agents and service personnel. All you need to do is answer a few questions about your property and we’ll do the rest, pairing you the perfect policy at a fair price.

We have a team of licensed, in-house sales and service agents who can help answer any questions you may have during the process. Just call 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. or email us anytime at agent@clovered.com. We’re always happy to help!

It’s Time to Switch Your Homeowners Insurance

We partner with Miami Beach’s top homeowners insurance companies so you can get a custom policy at an affordable price.