Miami Homeowners Insurance

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Everyone knows Miami – the tourist destination with supreme beaches and booming nightlife. As the second-largest city in Florida, it’s a cultural hotspot where 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 is well above the national average. Florida is one of the most costly states for homeowners insurance in the country, and Miami has some of the highest rates 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 $6,597 per year for a $150,000 home, $11,421 for a $350,000 house, and $15,280 for a $450,000 house. Keep in mind, though, 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 these factors more in-depth later.

If $5,695 seems expensive, well, that’s because it is. The Florida average rate is around $2,553 for a $150,000 house and $4,386 for a $300,000 home. 

Miami’s high rates are partly because the city is much more prone to floods and hurricanes than other parts of the state, which adversely influences insurance costs.

For instance, in 2019, 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.

Examine some common Miami home insurance companies and their average rates below:

Average Cost of Homeowners Insurance in Miami 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.

At first glance, Citizens and Liberty Mutual look to have the cheapest home insurance in Miami. While these averages are useful, take a closer look at the numbers after considering some important characteristics that further determine rates. 

$150,000 House in Miami 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, major discounts are available if your home has effective wind mitigation. Also, newer homes tend to have notably lower premiums than older homes.

The median house 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 and $450,00 worth of coverage:

$300,000 House in Miami 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 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

Based on our list of select providers, wind mitigation on a $300,000 home in Miami built before 2001 can save you nearly $10,000 per year on home insurance on average, which amounts to savings of about 53%. 

On $450,000 houses, wind mitigation can cut your premiums in half, too. You can save substantially on new construction, too, because new homes would be built up to the latest safety and building codes, which reduces the chances of claim-causing issues like old roofs, leaky pipes, and more.

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.

Factors That Affect Homeowners Insurance Rates 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:

  • Age of your home
  • Condition of your roof
  • Your credit and claims history
  • Likelihood of natural disaster in your area (for Miami, this means floods and hurricanes)
  • The extent of coverage and deductible you choose
  • If your provider has seen an unexpected increase in claims as a company

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, Florida

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. You can also call us during business hours at 833-255-4117 to chat with one of our licensed agents.

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.