Homeowners Insurance in Aventura, Florida

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  • Homeowners Insurance in Aventura, Florida

Located between Miami and Fort Lauderdale, Aventura is in the heart of South Florida, where sunshine and beaches beckon year-round.

Aventura property owners need the right homeowners insurance to protect their slice of paradise. South Florida is prone to hurricanes, and Aventura experienced notable damage at the hands of Hurricane Wilma in 2005.

Don’t put your property at risk of damage with inadequate coverage. Use this guide to learn how to get the best homeowners insurance in Aventura.

How Much Is Homeowners Insurance in Aventura, Florida?

The average cost of homeowners insurance in Aventura is about $8,173 annually on a $150,000 home, $14,617 on a $300,000 home, and $21,066 on a $450,000 home.

South Florida’s risk of weather-related damage and high property values cause costly insurance premiums. Florida has the most expensive home insurance rates in the nation overall, and, unfortunately, Miami-Dade County has the highest average rates of all counties in the state. 

In many cases, premiums in Aventura may be more than double the state average. For some specific numbers, we listed rates from some common carriers in the following table, segmented by home value.

Average Cost of Homeowners Insurance in Aventura 
Company $150,000 House $300,000 House $450,000 House
Allstate $3,918 $7,008 $10,100
Citizens $4,513 $8,054 $11,600
Florida Penn $8,418 $15,048 $21,685
Liberty Mutual $4,303 $7,680 $11,061
People’s Trust $15,132 $27,087 $39,052
Southern Oak $13,046 $23,349 $33,661
State Farm $5,669 $10,147 $14,629
Stillwater $4,366 $7,810 $11,257
Universal Property $10,524 $18,840 $27,163
Average $8,173 $14,617 $21,066
It’s Time to Switch Your Homeowners Insurance

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

While insurance rates vary by company, often by thousands of dollars, average rates always rise as home value increases. This occurs because insurance companies use your home’s replacement cost as a basis for how much insurance coverage your home’s structure needs.

Replacement cost is the cost to rebuild your home entirely based on construction and labor expenses. It’s tied to aspects like square footage, building materials, and fixtures. Larger, more expensive homes always have higher replacement costs, leading to higher insurance rates.

These Aventura insurance rates seem costly, but many variables affect these costs, and you may pay less depending on your property. Two major factors influencing premiums in Aventura are home age and wind mitigation. We’ll break down how these influence rates at every home price level, starting with $150,000 houses below.

Cost of Homeowners Insurance on $150,000 House in Aventura 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $6,309 $2,829 $2,617
Citizens $6,177 $3,346 $4,016
Florida Penn $12,501 $6,678 $6,076
Liberty Mutual $6,008 $3,083 $3,819
People’s Trust $29,600 $7,084 $8,711
Southern Oak $20,409 $11,007 $7,721
State Farm $9,220 $4,480 $3,307
Stillwater $6,267 $4,000 $2,830
Universal Property $19,800 $5,764 $6,009
Average $13,207 $5,808 $5,504

The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the most recent rate filings from the state’s largest insurers and can be utilized as an average of what Floridians can expect to pay for homeowners insurance each year. The example premiums are based on a policy for a Florida masonry home with a $500 non-hurricane deductible, a 2% hurricane deductible and no claims in the past three years.

Florida Office of Insurance Regulation Premium Consideration Factors
Home Construction Coverage Definition
*Wind Mitigation 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.
Pre-2001 Construction w/ No Wind Mitigation These premiums represent homes built before 2001 with no wind mitigation features.
Pre-2001 Construction w/ Wind Mitigation These premiums represent homes built before 2001 with maximum wind mitigation features.
2001-Present Construction These premiums represent homes with limited wind mitigation features and no hip roof built from 2001, when Florida redesigned its building codes and mandated that new construction withstand hurricane-force winds better. 

Wind mitigation reduced premiums in Aventura on older homes worth $150,000 by more than 50%, cutting rates in half or greater in many cases.

For example, rates at People’s Trust, an insurer based in Deerfield Beach, got reduced by over $22,000 on average with wind mitigation on older homes in Aventura.

Observe how the trend continues on $300,000 houses.

Cost of Homeowners Insurance on $300,000 House in Aventura 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $11,356 $5,092 $4,575
Citizens $11,119 $6,023 $7,021
Florida Penn $22,502 $12,020 $10,623
Liberty Mutual $10,814 $5,549 $6,676
People’s Trust $53,280 $12,751 $15,229
Southern Oak $36,736 $19,813 $13,498
State Farm $16,596 $8,064 $5,781
Stillwater $11,281 $7,200 $4,948
Universal Property $36,640 $10,375 $10,506
Average $23,772 $10,455 $9,623

Wind mitigation on $300,000 houses built before 2001 can save you over $10,000 annually at some companies.  

You may notice that newer homes have the lowest average rates. This occurs because the older a home is, the more likely its outdated construction and wear and tear compromise its integrity. Older houses have an increased likelihood of experiencing an insurance claim, either due to a failing component or dated construction, making the structure less impervious to storm damage.

Insurance companies don’t have to worry about wear and tear or old components when insuring newer homes, resulting in lower premiums. Also, all new construction in Florida is built with at least some wind mitigation by default.

The final table shows average rates for $450,000 homes in Aventura, where rates get out of hand with no wind mitigation on old properties, depending on the company.

Cost of Homeowners Insurance on $450,000 House in Aventura 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $16,403 $7,355 $6,542
Citizens $16,060 $8,700 $10,040
Florida Penn $32,503 $17,363 $15,191
Liberty Mutual $15,621 $8,016 $9,547
People’s Trust $76,960 $18,418 $21,777
Southern Oak $53,063 $28,618 $19,302
State Farm $23,972 $11,648 $8,267
Stillwater $16,294 $10,400 $7,076
Universal Property $51,480 $14,986 $15,024
Average $34,337 $15,101 $13,761
It’s Time to Switch Your Homeowners Insurance

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

Companies With the Cheapest Homeowners Insurance in Aventura

Allstate often had the cheapest homeowners insurance in Aventura of the companies we listed. However, you may not find this to be the case when shopping. Many factors affect home insurance rates, and you won’t know which provider is the most affordable for you until you get an exact quote.

Over a dozen private insurance companies have minimized operations or failed in Florida since 2020. Allstate, a nationwide carrier, has the ability to spread its financial risk among its policyholders throughout the country, limiting its exposure to Florida risks, which may help keep its rates down.

However, you won’t know which company is the cheapest for you without providing property and personal details to a carrier. Insurance costs vary due to many factors, and your situation may appeal more to one company than another. We suggest getting quotes from large and small companies based in and outside Florida to find the best deal.

Aventura Homeowners Insurance Coverages

Despite possible price differences, every standard homeowners insurance policy contains the same coverages. Plans cover six general areas regarding your property and liability, briefly outlined below:

Aventura Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage covers your home’s physical structure and components, including the roof, flooring, walls, porches, pipes, and more.
Other Structures Coverage Other structures coverage covers fixtures that aren’t attached to your main home, such as fences, pools, sheds, and detached garages.
Personal Property Coverage Personal property coverage covers belongings in and around your home, including furniture, electronics, clothing, jewelry, art, and more.
Loss of Use Coverage Loss of use coverage covers living expenses if property damage makes your home uninhabitable. Your insurer can cover temporary lodging, food, and gasoline.
Liability Coverage Liability coverage covers your finances if someone pursues you in court for injuries or damages you cause. Your provider can help pay medical bills and legal fees.
Medical Payments Coverage Medical payments coverage covers minor medical expenses if someone gets hurt around your property, regardless of fault.

How to Get the Best Homeowners Insurance in Aventura

The best homeowners insurance in Aventura will look different for every person, so you need to understand your coverage and budgetary needs to adjust your policy to your circumstances. For example, you may need to change coverage limits or add endorsements. You should also shop around to find the best deal.

Customize Your Policy

You’re responsible for setting your policy limits when you’re getting a home insurance plan. Providers will give you estimates on what they think is sufficient for every coverage area, but you can fine-tune these recommendations, giving yourself appropriate coverage amounts without overpaying.

We recommend creating a home inventory to determine the precise amount of personal property coverage you need. An accurate inventory will list the items you own and their prices, giving you an exact amount of personal property coverage to get.

You must insure your home to at least 80% of its replacement cost in your dwelling coverage, but you can increase this limit to 100% of your home’s value or more, depending on your budget. 

You can also change your liability limits. Most insurers require at least $100,000 in liability coverage, but we recommend raising your limits to $300.000 or $500,000 to be safe. You can raise your limits up to $1 million at most companies if needed. Your liability coverage should account for all your assets.

Consider Endorsements

Depending on your coverage needs, you can add protections to your home insurance plan through endorsements. Endorsements or riders are optional coverage add-ons for items or risks not covered by default in your policy.

Some common endorsements include:

Scheduled Personal Property Coverage. Policies include sub-limits for certain high-value possessions, such as jewelry, art, and memorabilia. These items are usually covered up to $2,500 or $5,000. If you have more costly belongings than these sub-limits, consider a scheduled personal property endorsement to fully cover the item.

Ordinance or Law Coverage. Suppose your home isn’t up to the latest building codes and suffers damage. Your policy won’t automatically cover costs associated with bringing your home to compliance if the costs aren’t part of the damage. An insurer can’t rebuild a home to its previous state if it’s illegal. Sometimes, your home will need additional renovations as part of the rebuild just to bring it up to code, and an ordinance or law coverage endorsement will cover this.

Permitted Incidental Occupancy. If you run a business out of your home, your homeowners insurance policy won’t cover items you use commercially – it only covers personal belongings by default. If you leave business inventory or equipment at your house, consider a permitted incidental occupancies endorsement to cover these items in your home insurance plan.

Seek Savings

Price is a crucial consideration when seeking the best home insurance in Aventura. You must find a policy that suits your needs without breaking the bank. You should always shop around for coverage to find the cheapest price, and you can raise your deductible to lower premiums.

Comparing quotes from several providers lets you see which company has the cheapest overall rates. You should also note potential discounts for which you can qualify. Note the cost of endorsements, also.

The typical home insurance policy is effective for one year. Then, your provider will revisit your plan and potentially change rates based on new risks, market factors, and business needs. Policy renewal time is a good opportunity to shop around again and see if other providers have become cheaper than your current one if your rates have increased.

What to Know About Flood Insurance in Aventura

According to the city website, flooding in Aventura is typically caused by heavy rainfall in short periods and storm runoff. Also, hurricanes and tropical storms can create storm surges in coastal areas.

Most of the city is located in federally designated flood zones. The Federal Emergency Management Agency (FEMA) creates flood maps for the country, and homeowners in high-risk zones are often required to get flood insurance by their mortgage lenders.

We emphasize this because homeowners insurance doesn’t cover flood damage. Anywhere it can rain, it can flood, and Aventura is at a heightened risk due to its low elevation and proximity to the Atlantic.

You can get flood insurance in Aventura through FEMA as part of the National Flood Insurance Program, or you can explore your options from a growing number of private flood insurers.

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?

Cost Factors of Aventura Home Insurance

The average cost of homeowners insurance in Aventura ranges from $8,173 to  $21,066 annually, but the exact price you pay depends on many factors.

Important factors affecting the cost of home insurance include:

  • Home age
  • Home construction
  • Home features
  • Policy details

As we mentioned earlier, home age and wind mitigation are crucial to rates. Older houses typically have higher premiums, while wind mitigation can lower your Aventura home insurance rates substantially.

Insurers will analyze many aspects of your home’s construction, from building materials to components. Companies may ask about the age of your roof, HVAC, and water heater. Older components are more likely to fail, contributing to higher rates. Carriers will also note whether your home is masonry or frame. Masonry houses, made from brick or concrete, withstand wind and fire damage better than frame homes and can have lower insurance premiums.

Certain features at your home can affect rates. Attractive nuisances, such as pools and trampolines, increase your liability risk, which often causes your insurance premiums to go up. Conversely, having a burglar alarm, deadbolt locks, or other security features will lower rates.

Is Home Insurance Required in Aventura?

Homeowners insurance isn’t required by law in Aventura, but that doesn’t mean you don’t need to have it. If you have a mortgage on your home, your lender will mandate that you have a home insurance policy for the life of the loan.

Lenders often put hundreds of thousands of dollars or more down when giving mortgage loans. To protect their investments, lenders require their borrowers to maintain home insurance policies as a condition of the loan.

How to Get Homeowners Insurance Quotes in Aventura

For most people, their home is their most valuable asset. Take the time to protect it by shopping around for homeowners insurance quotes in Aventura. 

At Clovered, we were founded to simplify the insurance buying process. We partner with some of the top insurers in the state to bring you the coverage you need at the price you want.

Compare your options and potentially bind a policy online with our quoting platform. Or, if you’d rather speak to a licensed agent for your home insurance quote in Aventura, call us at 833-255-4117. Our team is headquartered just down the road in Fort Lauderdale, so you’ll be speaking with fellow state residents familiar with property insurance needs in the area. You can also email us with any questions at agent@clovered.com.

Homeowners
It's Time to Switch Your Homeowners Insurance

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

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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