Miami Beach Homeowners Insurance

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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 a whopping $6,597 for a $150,000 house, $11,421 for a $300,000 house and $15,280 for a $450,000 house, which are among the highest home insurance costs in the nation.

Florida is one of the most expensive states for homeowners insurance in the country for similar homes, and Miami Beach’s premiums are more than double the state average and more than three times the 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 Cost of Homeowners Insurance in Miami Beach for 2022

Company

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

$150,000 House

$7,096
$4,352
$7,117
$8,394
$4,288
$10,369
$5,080
$7,444
$6,597

$300,000 House

$12,453
$7,641
$12,494
$14,729
$7,528
$18,185
$8,916
$13,056
$11,421

$450,000 House

$17,249
$10,521
$17,235
$20,409
$10,358
$25,342
$12,315
$18,180
$15,280

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.

Florida Office of Insurance Regulation Premium Consideration Factors

The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the 2022 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.

Pre-2001 Construction w/ Wind Mitigation

This risk is for a Florida masonry home with a current replacement value of $150,000, 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.

Pre-2001 Construction w/ No Wind Mitigation

This risk is for a Florida masonry home with a current replacement value of $150,000, 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.

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.

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 House in Miami Beach for 2022

Company

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

Pre-2001 No Wind

$10,367
$6,094
$10,492
$12,501
$6,008
$19,585
$7,057
$13,465
$10,453

Pre-2001 w/ Wind

$5,795
$3,222
$5,039
$6,678
$3,083
$5,473
$4,170
$4,391
$4,834

2001-Present

$5,127
$3,740
$5,821
$6,002
$3,772
$6,048
$4,013
$4,475
$4,504

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 $4,504 per year, with Citizens coming in at $3,740 and Liberty Mutual at $3,772. Those two insurers are also among the most competitive for the latter category, tipping the scale at just $3,222 and $3,083 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 or $450,000 may be the minimum you’ll pay. Let’s take a look at the average premiums for homes of that value.

$300,000 House in Miami Beach for 2022

Company

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

Pre-2001 No Wind

$18,142
$10,665
$18,361
$21,877
$10,514
$34,274
$12,350
$23,564
$18,043

Pre-2001 w/ Wind

$10,141
$5,639
$8,818
$11,687
$5,395
$9,578
$7,298
$7,684
$8,384

2001-Present

$9,074
$6,619
$10,303
$10,623
$6,676
$10,704
$7,102
$7,921
$7,838

$450,000 House in Miami Beach for 2022

Company

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

Pre-2001 No Wind

$25,918
$15,235
$26,230
$31,253
$15,020
$48,963
$17,643
$33,663
$24,336

Pre-2001 w/ Wind

$14,488
$8,055
$12,598
$16,695
$7,708
$13,683
$10,425
$10,978
$11,943

2001-Present

$11,343
$8,274
$12,879
$13,279
$8,345
$13,380
$8,878
$9,901
$9,635

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.

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 Coverage

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

Other Structures Coverage

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

Personal Property Coverage

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

Loss of Use Coverage

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

Medical Payments Coverage

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 on 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.

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!

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.