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How Much Is Homeowners Insurance in Miami, Florida?

By John Miceli

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Miami is known as a classic tourist destination with supreme beaches and booming nightlife. As the second-largest city in Florida, it’s a cultural hotspot in which you’d be hard-pressed to find something you didn’t like.

From the Wynwood Walls to Little Havana, Marlins Park to Miami Beach, there are as many energetic and eccentric places as there are relaxing and charming ones.

Unfortunately, the city’s countless attractions come at a cost. The average homeowners insurance cost in Miami, FL is well above the national average. Florida is one of the most costly states for homeowners insurance in the country, and Miami is one of the priciest cities in Florida.

Let’s take a look at what you need to know about Miami homeowners insurance companies, average costs and property insurance coverages.

How Much Is Homeowners Insurance in Miami, Florida?

The average cost of homeowners insurance in Miami is $5,695 per year for a $150,000 home. Keep in mind that this is just an average. You could be paying less or more than this every year due to several factors, like the amount of coverage you want, the age of your home, and much more. We’ll go over the factors more in-depth later on.

If $5,695 seems expensive, well, that’s because it is. The Florida average rate is around $2,043 for a $150,000 house. 

Miami is more than double the state average. This is partly because the city is much more prone to floods and hurricanes than other parts of the state, especially recently, which adversely influences insurance costs.

Just last year, the USA Today reported that Miami had the most homes of all metropolitan areas in the United States at risk of destruction from storm surge flooding, with almost 800,000 properties at risk.

Average Homeowners Insurance Cost in Miami 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

Here are averages for some companies that write policies in the Miami area. At first glance, Citizens, Liberty Mutual and State Farm look to have the cheapest home insurance in Miami. While these averages are useful, let’s take a closer look at the numbers by considering some important characteristics that further determine premium prices.

☘ $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.

It’s Time to Switch Your Homeowners Insurance

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

The median home price in Miami in 2020 was around $365,000. While the purchase price of your home isn’t the same as the replacement cost, it’s not unreasonable to think a property in Miami would need more than $150,000 worth of coverage. So let’s take a look at the numbers with $300,000 worth of coverage:

Average Homeowners Insurance Cost in Miami 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

Properly updating your home for an effective wind mitigation can also greatly decrease your homeowners insurance rate and possibly your hurricane deductible — especially in Florida. To start, you’d have to get a wind mitigation inspection on your home.

You can also divide the rates to get a more accurate number for cheaper homes. For instance, if your home is worth $150,000, was built in 2000 and you have wind mitigation, just divide the premium for $300,000 Value – Pre-2001 Construction with Wind Mitigation by two ($300,000 / 2 = $150,000).

If you chose Universal Property & Casualty Insurance Company, your average rate would be $3,687 per year (or $7,374 / 2 = $3,687).

It’s Time to Switch Your Homeowners Insurance

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

Factors That Affect Homeowners Insurance Premiums in Miami

It can be hard to put an exact number on a “typical” insurance rate since it varies based on so many factors. There are several components in and out of the policyholder’s control that affect your premium. These include:


Also, home insurance rates are trending upwards across the state of Florida. The costs of filed claims from recent hurricanes (since 2017, hurricanes have caused over $50 billion in damages to Florida) are driving up premiums. 

Just from these mentioned reasons, it’s clear to see why homeowners insurance rates are calculated on a case-by-case basis. It would be hard for one blanket number to reflect all of these variables.

Understanding Florida Hurricane Deductibles

A hurricane deductible is a part of homeowners insurance policies in Florida. It works like a regular deductible, meaning it’s an amount you have to pay before the insurance company will cover the rest of the damage, but it’s a set percentage instead of a dollar amount.

A hurricane deductible is separate from your homeowners deductible and can be based on a percentage of your dwelling coverage. It’s between 1-10% of your overall dwelling coverage, and 2% and 5% are common options.

Hurricane deductibles are usually higher than your standard homeowners deductible but only apply once per hurricane season. So, if your home was damaged twice in one season by a hurricane, you’d only have to pay your hurricane deductible the first time.

Flood Insurance in Miami, FL

It’s important to note that homeowners insurance doesn’t cover damage from floods. Flood insurance must be purchased as a separate policy. Some areas of Miami are located in flood zones, and your mortgage lender may require you to get flood insurance if you’re in a high-risk area.

The Federal Emergency Management Agency (FEMA) generates flood zone maps and designations for the United States. These maps determine your risk and dictate insurance costs and requirements in these areas. Sections that start with the letter A or V are deemed high-risk, and Miami has zones that begin with these letters.

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 Save on Insurance in Miami

A common way to save on home insurance is to bundle it with your auto policy. “Bundling” is purchasing your car and home insurance from the same provider, who will usually give you a discount for doing so. This can make your insurance more convenient to manage.

Clovered has an online quote engine that gives you the ability to tailor policies to completely fit your needs. Partnered with dozens of top insurance providers, Clovered can help save money by finding coverage just right for you.

It’s Time to Switch Your Homeowners Insurance

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