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Miami, FL Homeowners Insurance
Sunny south Florida. The cultural and economic capital of the Sunshine State, Miami, and surrounding areas offer residents and visitors year-round heat and fun. It’s also home to some of the most expensive real estate in the nation, and some of the most at-risk geographical areas too. With such a high risk of natural disasters, Miami and Ft. Lauderdale homes are expensive to insure. Regardless, there are some tricks to finding cheap homeowners insurance without cutting corners when it comes to customer service and coverage quality. Find the best home insurance policy for south Florida homeowners.
To compare homeowners policies from the top insurance companies simultaneously, use Insurify for your one-stop insurance shop.
Cheapest Home Insurance Companies in Miami
For homeowners in Miami, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Miami. The following are the best insurance rates from carriers that offer homeowners insurance in Miami.
|Cheapest Companies||Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
How to Find Cheap Home Insurance in Miami
Buying a home may be one of the largest financial investments of your lifetime. With investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment.
The first step to protecting your property is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters or theft. Different coverage levels are available for different property types, locations, and other factors. In a high-risk area like South Florida, it can be difficult to find cheap insurance quotes.
One tip that Miami homeowners should use to cut their home insurance premiums is to bundle their insurance products. Bundling more than one insurance policy with the same insurance company can help cut back your living expenses without skimping on your insurance needs. If you combine your home and car insurance options, you can save big on insurance costs. Talk to your insurance provider about what other products you can combine with your home insurance policy to save money.
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Cheapest Home Insurance in Miami by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the Miami area costs $6,956 annually, and the median home value is $370,738.
That’s a lot of money. How can you be expected to pay all of these costs (vital as they are) and still provide for you and your family?
|Average Home Cost in Miami The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.||Average Annual Insurance Premium in Miami The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.|
Average Annual Home Insurance Premium in Miami by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest Towns in South Florida for Home Insurance
Like property costs, home insurance varies in price from city to city. Pricing is determined on ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on our annual premiums.
Rates in South Florida can be relatively high or low compared to the national average; it all depends on which town you live in.
Home Insurance Coverage Types in Miami
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems including
- natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems or from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage
HO-2 policies typically cover both dwelling protection and personal property
In some cases, Broad Form coverage may also include liability coverage. However, they still only cover the specific damages listed in the policy
The most common form of homeowners insurance is known as “special form” policies.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from updating HVAC, electrical and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Florida city level guides, check out these below.
Hurricane Coverage and Miami Home Insurance
As Miami residents know all too well, hurricanes are getting more frequent and much stronger with each passing season. Florida home insurance generally covers named perils on standard policies. It’s important to check with your insurance agent to see if you need flood insurance as a supplemental add-on to their general policy. Flood damage can be incredibly costly, so it’s important to know whether your home insurance policy will cover property damage caused by flooding, wind, and other problems caused by hurricanes. Water damage, wind damage, sinkholes, and other detrimental effects of hurricanes can destroy your home—being sufficiently insured with supplemental flood insurance policies, wind mitigation techniques, and property insurance will help cover your personal belongings.
Best Home Insurance Companies for Miami Homeowners
You shouldn’t base your choice of policy solely on the first home insurance rates you see when shopping. The best home insurance will change for every homeowner. Be realistic when it comes to coverage options, policy limits, and dwelling coverage—you don’t want to be left with insufficient coverage if disaster strikes. The best homeowners insurance for you will be different from your neighbor’s.
How to Find the Cheapest Home Insurance in Miami
Home insurance companies may charge more for policies protecting houses in the South Florida area. With increased natural disasters and related floods and strong winds, Florida homeowners are no strangers to serious weather. Protect your property investment with sufficient homeowners insurance. Don’t just settle for the first quote you see though, compare quotes from top insurance companies simultaneously.
Use Insurify to find the best home insurance providers for your property in Miami/Ft. Lauderdale.
Frequently Asked Questions
Many factors affect the insurance rate you’re quoted from different home insurance companies. In general, home insurance policies are more expensive in the South Florida region due to the rates of vandalism and theft in cities and the frequency of natural disasters in the region. Home insurance costs vary from town to town, but there will always be a cheaper option. See how much you can save by comparing quotes on Insurify.
Many homeowners insurance companies will allow you to bundle policies with other forms of insurance. In fact, most will grant you discounts if you become a multi-policyholder. Most insurance agencies will allow and reward bundling more than one insurance product.
There is no true average home insurance rate. Home insurance companies take many factors into account before giving you a quote. These factors may include the age of your home, where it’s located, it’s proximity to the coastline or local fire department, and even if you have a trampoline or swimming pool. The average rate of home insurance in Miami will depend on what kind of home you’re insuring.
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