Homeowners Insurance in Miami, Florida (2024)

Key Takeaways:

As an independent homeowners insurance agency, Clovered’s job is to understand the insurance landscape and help residents find the coverage they need at the price they want.

While it might not be easy to find relief from the high prices of home insurance in Miami, we’ll try our best to help. Below, we’ve listed some of the top remaining homeowners insurance companies in Miami that are still writing policies.

The average cost of homeowners insurance in Miami is about $15,539 annually, with rates ranging from $8,617 on typical homes to $22,398 on larger, more costly properties.

Many media outlets report the average home insurance premium in Florida is over $6,000 annually. According to our findings, the average rate in Florida is around $5,550 annually, but premiums get much steeper in South Florida and Miami specifically.

The city’s extreme vulnerability to hurricane and wind damage, combined with high construction and property values, makes insurance more expensive than almost every other place in Florida. 

According to the National Oceanic and Atmospheric Administration (NOAA), Florida is one of the states most prone to billion-dollar disasters and experienced ten in 2024 alone, including Hurricanes Milton, Helene, and Debby. While all three spared Miami that year, the risk such storms pose to the city is monumental and must be accounted for yearly.

Additionally, building costs began to inflate due to supply chain issues during the pandemic and still haven’t recovered totally. The cost of construction and many building materials is much higher now than it was pre-pandemic, in turn increasing the price to cover and insure structures in Miami.

Many factors affect Miami homeowners insurance rates, though. Your home’s value is critical. Larger homes cost more to build and more to insure, as you need more coverage for the property. The following table shows average home insurance rates in Miami for three different typical coverage amounts.

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As you can see, rates vary considerably by company, but premiums always climb as home value increases. Larger, more expensive properties have higher replacement costs, which means they cost more to rebuild. Insurers calculate replacement costs based on construction, materials, and labor expenses, and this informs how much coverage you need. For instance, an extravagant mansion typically costs more to rebuild and more to insure than a simple starter home.

However, we can break down Miami home insurance rates even further when accounting for wind mitigation. Due to the immense hurricane risk and history of brutal storms, namely Hurricane Andrew in 1992, Florida has some of the nation’s strictest building codes.

All new buildings must have some form of wind mitigation features, which help dwellings withstand wind damage. Common wind mitigation components include hurricane windows and doors. Roof shapes, straps, building materials, and other opening protections and water resistance factors also contribute to wind mitigation. New roofs particularly go a long way in protecting your house.

Homes with wind mitigation have lower insurance rates than those without. They’re less likely to suffer windstorm damage. Look below at Miami home insurance rates for $150,00 houses with and without wind mitigation measures.

According to our findings, wind mitigation makes $150,000 worth of home insurance in Miami-Dade around 56% cheaper on average. This can easily save you thousands of dollars annually. Insurance companies in Miami prefer to cover homes with wind mitigation due to the lower likelihood of a payout after a hurricane or tropical storm.

See how the trend continues for $300,000 worth of Miami house insurance coverage.

Homeowners insurance costs in Miami climb quite high on older, valuable properties that lack wind mitigation, but rates become much more reasonable with it. The final table below lists the same numbers for $450,000 worth of coverage from an insurance company in Miami, Florida.

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.

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Although close in proximity, Miami Beach is a separate city from Miami that lies on barrier islands between Biscayne Bay and the Atlantic Ocean off Miami’s coast. Home insurance in Miami Beach is likely more expensive than other parts of the Miami metropolitan area because every property in Miami Beach is so close to the ocean and vulnerable to wind and flood damage.

Also, there are many condos in Miami Beach, which technically require condo insurance. Condo insurance policies, formally called HO6 plans, differ slightly from the common homeowners insurance form, the HO3 policy. Notably, Miami condo insurance doesn’t include coverage for other structures and has different rules for dwelling coverage since condo owners have less structure to shield.

Condo insurance in Miami Beach would likely be cheaper than homeowners insurance in Miami Beach, although rates vary by property value and location. Nevertheless, policies in Miami Beach, whether for homes or condos, likely cost more than those for structures on buildings more inland and further from the ocean.

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.

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Miami home insurance costs about $15,539 annually, the highest of all cities in Florida other than those in the Keys. in addition to the lack of competition and risk of hurricane damage, several other factors affect how much you’ll pay for insurance in Miami, such as:

As we mentioned earlier, your home’s age impacts your premiums. Older dwellings tend to have higher premiums because they’re more prone to property damage from severe weather or wear and tear. Old roofs, foundations, pipes, and more are more likely to fail or break than new elements. Miami homeowners insurance companies will likely require an inspection on older homes, and many carriers won’t offer coverage on a house with a roof older than 15 years.

Many types of property features impact rates. Companies will note the construction materials of your house, as brick and concrete homes withstand wind and fire damage better than wooden houses and tend to have lower premiums. Having attractive nuisances on your property, like a pool or trampoline, increases your liability risk and can cause an insurer to raise rates.

Miami insurance companies will also ask about your claims history when quoting. Carriers believe someone who has recently filed multiple claims is a higher risk to insure because they’re more likely to file another claim than someone with a clean record.

Your policy details also influence how much you’ll pay. In addition to your coverage amounts, adding endorsements, which are additional, optional protections, will raise your premiums. Qualifying for discounts and increasing your deductible, which we’ll explain shortly, lowers insurance rates of house insurance in Miami.

With premiums being so high in Miami, residents are understandably seeking any way to save. Here are a few options that may help you get cheap home insurance in Miami, Florida.

Raising Your Deductible: Every home insurance policy has a deductible, which is an amount of money you must pay when filing a claim before your insurer picks up the rest of the tab. It acts as a sort of responsibility for filing a claim. It ensures that people don’t file claims constantly for every minor bit of damage around the property.

Deductibles often range from as low as $250 to as high as $2,000. Selecting a higher deductible will lower your premiums because it increases your financial responsibility in a claim and decreases your carrier’s possibility of claims and a payout.

Note that your standard, all other perils (AOP) deductible differs from your windstorm or hurricane deductible, which most home insurance policies in Miami will also have. 

Hurricane deductibles are what they sound like – separate deductibles just for hurricane damage. You can also lower your rates by choosing a higher hurricane deductible. However, note that this increases your out-of-pocket costs for property damage, so don’t choose a deductible too high that you can’t afford it.

Installing Wind Mitigation Elements: As we mentioned earlier, implementing wind mitigation features on your house is a significant money-saver, as insurers in Florida are legally required to discount premiums for policyholders with wind mitigation.

You can get a wind mitigation inspection by a professional, likely for a couple hundred dollars, who will advise you on steps to take to install the right features. Some math may come into play—you can calculate if installing the mitigation features on your home will pay off in the form of lower insurance rates going forward.

Shopping Around: The easiest and cheapest way to save money on Miami home insurance is to take the time to shop around and compare multiple quotes. There’s no other way to ensure you’re getting the best deal. In addition to uncovering the lowest rates, shopping around with multiple home insurance companies in Miami, Florida, will allow you to compare qualitative factors like customer service to see which carrier you prefer.

A homeowners insurance policy covers more than just your house. A plan financially protects your property and liability in several ways by reimbursing you for damage to your home and belongings from covered perils, like theft, fires, and hurricanes, and covering costs related to potential lawsuits from property damage and unintentional injuries.

Miami homeowners insurance policies typically contain six coverage areas:

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. New iterations of the maps are released every so often, and residents in unincorporated Miami-Dade will see a decrease in their flood insurance premiums under the most recent FEMA maps.

 Sections that start with the letter A or V are deemed high-risk, and Miami has zones that begin with these letters, especially properties near the ocean or Intracoastal. Flood insurance in Miami can be a huge difference maker in the wake of a hurricane when storm surges cause large amounts of damage to coastal areas.

What the best homeowners insurance in Miami-Dade looks like will vary by person based on coverage needs and budget. All plans will include the six general coverage areas above, but you can adjust the coverage limits and protections in your plan to suit your circumstances.

You have the final say on your coverage limits when quoting. While raising your limits will increase your premiums, it’s always important to ensure you have enough coverage. Your dwelling coverage limit should be close to, if not exceed, your home’s replacement cost. We recommend creating a home inventory to inform the amount of personal property coverage you need and verify that your liability limits guard your assets sufficiently. Most insurers recommend at least $300,000 in liability coverage, but you can increase liability protection to $1 million at most insurers.

With competitors at a minimum and prices at a maximum, getting multiple homeowners insurance quotes when seeking coverage in Miami is essential to save money. Making the quoting process easy is not only our job but also our passion at Clovered. We’re based just up the road in Fort Lauderdale, so our licensed agents have the local expertise to help you get the cheapest insurance in Miami.

As an independent agency, we partner with many of the top homeowners insurance companies in Miami and can provide you with your best options.

You can use our online quoting platform to see your options and possibly bind a plan completely online. Or, you can call our team at 833-255-4117 during business hours for help with a quote. You can also email us anytime at [email protected] with questions on Miami insurance quotes.