Homeowners Insurance in Miami, Florida

Average Homeowners Insurance Cost in Miami, Florida

On average, Miami homeowners insurance rates come to about $3,237 yearly, according to our internal data. However, rates vary for many reasons and are often unique to each policyholder. 

The city’s extreme vulnerability to hurricanes and wind damage, combined with high construction costs and property values, makes Miami home insurance cost much more than in nearly every other city in Florida. 

We’ve collected real data from our customers with home insurance policies in Miami to provide an accurate estimate of what you might pay for home insurance in this Florida city. 

As you can see, rates vary considerably by company. The many factors that may affect your Miami home insurance cost aren’t necessarily reflected in these averages, though. Factors such as your location, insurance history, coverage details, and your home’s characteristics can influence your rates, making each policyholder’s premiums unique. 

The Cheapest Homeowners Insurance in Miami, Florida

With premiums being so high in Miami, residents are understandably seeking any way to save. From our list of companies, here’s some more information about the few with the cheapest Miami-Dade homeowners insurance rates.

Southern Oak Insurance Company

If savings are your top priority, the best home insurance in Miami, Florida, for your needs may come from Southern Oak. Our customers pay nearly 36% below the average home insurance cost in Miami when they bind with this insurer. 

Slide Insurance Company

While many companies are leaving the Florida insurance market, Slide is just now entering. Picking up where other companies left off, Slide is offering new policies to Floridians, and our customers in Miami pay about 90% below average when they bind with Slide. Slide also offers discounts for going paperless, binding multiple policies, and having a security system to further reduce rates. 

American Platinum

American Platinum, a subsidiary of Universal Insurance Holdings, offers home insurance at a great price in Miami. When binding with American Platinum, our customers save about 7% compared to the average home insurance cost in this South Florida city. Customers may also be eligible for discounts if they have devices for windstorm protection or a sprinkler system outfitted on their homes. 

Citizens 

Of all the home insurance companies in Miami, Florida, Citizens is certainly the most unique. It’s a non-profit insurance company that offers policies to those who may not be able to find coverage on the standard insurance market. In Miami, our customers get some of the cheapest rates from this insurer, paying rates just above the city’s average rate. However, it’s important to note that a policy from Citizens may not offer the best coverage, as its lower costs can be associated with less protection. 

Best Homeowners Insurance Companies in Miami, Florida

As one of the independent home insurance agencies in Miami, Florida, our goal here at Clovered is to understand the insurance landscape and help residents find the coverage they need at a price they can afford.

While it might not be easy to find relief from high premiums in this Florida city, we’ll try our best to help. Below, we have some information you’ll want to know about the companies offering the best homeowners insurance in Miami.

Average premiums are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.

To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.

What’s Covered By Property Insurance in Miami?

A homeowners insurance policy covers more than just your house. A policy 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.

When comparing policies from home insurance agents in Miami, you’ll likely see these six coverages on your policy. 

How to Get Home Insurance Quotes in Miami, Florida

Whether you’re looking for cheap renters insurance in Miami or a homeowners insurance policy with extensive coverage, we have your back. With competitors at a minimum and prices at a maximum, getting multiple home insurance quotes when seeking the best Miami home insurance 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 best policy for your needs. 

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 agent@clovered.com with questions on Miami home insurance quotes.

Homeowners Insurance in Miami Beach

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. Miami Beach’s land area is small, at just under eight square miles. The city is primarily home to two types of dwellings: large, expensive mansions and condos.

Homeowners insurance premiums on mansions in Miami Beach would likely be more costly than in most places in metropolitan Miami due to the extreme property value and proximity to the coastline. On the other hand, rates on the condo units in Miami Beach may be slightly lower than average due to the smaller values and insurer responsibility for condo units, which we’ll explain in detail below.

For now, look at the average home insurance rates in Miami Beach from several companies in the table below, which average about $1,949 annually.

These premiums are more representative of condos in Miami Beach, as home insurance on a large home there would likely be much more expensive and easily exceed several thousand dollars yearly. 

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 and FEMA’s National Flood Insurance Program — which we can 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.

Homeowners Insurance in North Miami Beach

North Miami Beach is another separate city near Miami. As you may imagine, it’s slightly north of Miami Beach. And while it’s still very close to the coast, NMB technically has no beaches in its city limits. 

The city has a decent number of more traditional, single-family homes compared to Miami Beach. Houses typically cost more to insure than condos. This is reflected in the area’s average home insurance rates, which remain costly due to the risk of wind and flood damage throughout the city.

According to our data, the average home insurance cost in North Miami Beach is about $4,421.

Homeowners Insurance in Miami Gardens

Miami Gardens is a suburb of Miami, located about 16 miles north of the bustling coastal city. It’s located just east of North Miami Beach and just west of Miami Lakes, with a population of over six million.

Home to the Miami Dolphins and the Miami Hurricanes, this city is the sixth-largest metropolitan area in the country. With all that space and the people to fill it, this dense suburban area is made up mostly of single-family homes owned rather than rented. Thus, home insurance rates are a bit high, as averages mostly reflect homeowners insurance premiums, not renters or condo insurance premiums.

According to data we’ve collected from our customers in Miami Gardens, the average cost of home insurance is about $6,391 annually. 

Homeowners Insurance in Miami Lakes

Miami Lakes is a smaller Miami suburb, located about 15 miles northwest of Miami proper. The small city is about 6.5 square miles and borders Miami Gardens and Hialeah. It’s home to only about 30,000 people. 

Though the city may be small, the property values are mighty. The median home value generally hovers around $650,000. Thus, the average cost of homeowners insurance is generally a bit high, as a higher home value generally indicates the need for more home insurance coverage.

Take a look at the data we collected from our real customers in this city. The average home insurance cost for our customers in Miami Lakes is about $6,357 annually.