On average, homeowners insurance in Miami, FL, costs around $3,386 annually. It is very higher than the state average rate of $2,200 and the national average.
The city is the economic and cultural capital of Florida. The white sand beaches are enough to attract any to this Magic City. However, buying home insurance in Miami is essential due to the city’s proximity to the coast and the hurricane season’s destruction.
The city boasts some of the country’s most expensive real estate and some of the most susceptible areas to natural disasters. So, it will be challenging to find affordable Miami homeowners insurance. But don’t worry! We’ve got you covered in finding cheap homeowners insurance in Miami.
Key Takeaways
When buying homeowners insurance in Miami, FL, you will get standard coverage. But these are some coverages we recommend you buy additionally.
If you’re a homeowner, you always focus on buying the cheapest Miami home insurance. For that, you must get the quotes from all the insurers, compare, and buy the one with the lowest quote. With an average annual rate of $1,464, Travelers offers the most affordable home insurance in Miami, FL. The following are the cheapest home insurance companies in Miami.
| Insurer | Average annual rate |
|---|---|
| Travelers | $1,464 |
| Nationwide | $1,663 |
| Chubb | $1,984 |
| Allstate | $2,449 |
| Universal Property | $3,487 |
| ASI | $3,487 |
| Universal North America | $3,698 |
| State Farm | $4,108 |
| Heritage | $6,918 |
| Citizens | $10,228 |
The coverage level you select impacts the premiums you pay. Carrying $100,000 in dwelling coverage in Miami costs an average of $643 annually. While carrying extra coverage up to $400,000 costs $2,070 yearly.
| Dwelling coverage level | Average annual rate |
|---|---|
| $100,000 | $643 |
| $200,000 | $1,057 |
| $250,000 | $1,329 |
| $400,000 | $2,070 |
The area where you live in Miami also impacts your insurance premiums. Factors like the volume of claims in your neighborhood or the crime rate in your area can influence the premiums. We found that, In Miami, Chubb has the best home insurance rates in the 33195 ZIP code (Doral).
| ZIP Code | Insurer | Average annual rate |
|---|---|---|
| 33122 | Chubb | $1,202 |
| 33125 | Chubb | $1,202 |
| 33126 | Chubb | $1,202 |
| 33127 | Chubb | $1,202 |
| 33128 | Chubb | $1,202 |
| 33129 | Chubb | $1,202 |
| 33130 | Chubb | $1,202 |
| 33131 | Chubb | $1,202 |
| 33132 | Chubb | $1,202 |
| 33133 | Chubb | $1,202 |
| 33135 | Chubb | $1,202 |
| 33136 | Chubb | $1,202 |
| 33137 | Chubb | $1,202 |
| 33138 | Chubb | $1,202 |
| 33142 | Chubb | $1,202 |
| 33144 | Chubb | $1,202 |
| 33145 | Chubb | $1,202 |
| 33150 | Chubb | $1,202 |
| 33185 | Chubb | $1,202 |
| 33194 | Chubb | $1,202 |
| 33195 | Chubb | $1,103 |
| 33198 | Chubb | $1,202 |
| 33199 | Chubb | $1,202 |
The 33198 ZIP Code (Medley) has Miami’s lowest home insurance rates, with an average annual premium of $4,745.
| ZIP Code | Average annual rate |
|---|---|
| 33198 | $4,745 |
| 33129 | $4,942 |
| 33133 | $4,943 |
| 33145 | $4,943 |
| 33130 | $4,953 |
With a yearly average rate of $5,294, the 33194 ZIP Code (Sweetwater) has Miami’s highest average home insurance rate.
| ZIP Code | Average annual rate |
|---|---|
| 33194 | $5,294 |
| 33185 | $5,261 |
| 33122 | $5,209 |
| 33199 | $5,084 |
| 33144 | $5,037 |
Newer homes in the city are less expensive to insure than older ones. New homes use modern and damage-resistant materials, which indicates fewer claims from homeowners. With a yearly average rate of $1,017, Nationwide offers the cheapest homeowners insurance in Miami, FL, for new homes.
| Insurer | Average annual rate |
|---|---|
| Nationwide | $1,017 |
| Travelers | $1,258 |
| ASI | $1,560 |
| Chubb | $1,619 |
| Allstate | $2,055 |
| Universal Property | $2,328 |
| Universal North America | $2,468 |
| State Farm | $2,633 |
| Heritage | $4,615 |
| Citizens | $6,761 |
A home insurance policy will cover both the structure of your home and your personal properties. The cost of insurance increases as you insure more belongings. With a yearly average rate of $1,583, Travelers offers the cheapest homeowners insurance in Miami, FL, with more personal property.
| Insurer | Average annual rate |
|---|---|
| Travelers | $1,583 |
| Nationwide | $1,924 |
| Chubb | $2,546 |
| Allstate | $2,699 |
| ASI | $3,817 |
| Universal Property | $3,880 |
| Universal North America | $4,115 |
| State Farm | $4,235 |
| Heritage | $7,699 |
| Citizens | $11,284 |
Your home insurance policy’s deductible is the sum you must pay from your wallet before your insurer will cover your claim. A bigger deductible will result in a lower insurance premium. With a yearly average rate of $1,299, Travelers offers the cheapest homeowners insurance in Miami, FL, for high deductibles.
| Insurer | Average annual rate |
|---|---|
| Travelers | $1,299 |
| Nationwide | $1,403 |
| Chubb | $1,660 |
| Allstate | $2,449 |
| ASI | $2,857 |
| Universal Property | $3,017 |
| Universal North America | $3,199 |
| State Farm | $3,441 |
| Heritage | $5,983 |
| Citizens | $8,768 |
Most insurers consider certain dog breeds as ‘dangerous.’ Owning such aggressive dog breeds will result in higher insurance premiums. Tower Hill has the cheapest home insurance for a home with a dangerous dog breed, with an average rate of $2,802 annually.
| Insurer | Average annual rate |
|---|---|
| Tower Hill | $2,802 |
| State Farm | $3,296 |
| Universal Property | $4,011 |
| ASI | $4,686 |
| Citizens | $9,210 |
Pools can cause accidents and liability claims. So, having a backyard pool may result in a higher home insurance rate. Tower Hill offers the lowest home insurance rates for homes with swimming pools, with an average rate of $2,802 annually.
| Insurer | Average annual rate |
|---|---|
| Tower Hill | $2,802 |
| State Farm | $3,296 |
| Universal Property | $4,011 |
| ASI | $4,661 |
| Citizens | $9,210 |
Consider buying your home and auto insurance policies from the same insurer to save money on insurance. Bundling your home and car insurance policies can considerably reduce the cost of homeowners insurance in Miami, FL.
| Insurer | Average annual rate |
|---|---|
| Tower Hill | $2,802 |
| State Farm | $3,296 |
| Universal Property | $4,011 |
| ASI | $4,661 |
| Citizens | $9,210 |
Insurers also check your credit score when providing a home insurance quote. Having a poor credit score means you pay higher premiums. With a yearly average rate of $1,464, Travelers offers the cheapest homeowners insurance in Miami, FL, for a homeowner with bad credit.
| Insurer | Average annual rate |
|---|---|
| Travelers | $1,464 |
| Nationwide | $1,663 |
| Allstate | $2,449 |
| Universal Property | $3,487 |
| Chubb | $3,541 |
| ASI | $5,725 |
| Universal North America | $6,153 |
| Heritage | $6,918 |
| State Farm | $8,830 |
| Citizens | $10,138 |
Using discounts your insurer offers can also decrease the cost of home insurance companies in Miami. The following are the typical discounts offered by home insurance companies in Miami.
To calculate your home insurance quote, homeowners in Miami must provide much info, including the ones listed below.
Here are a few tips for buying homeowners insurance in Miami, FL.
The average home insurance cost in Miami is very higher than the state and national averages. So, to find cheap Miami homeowners insurance, you must always get quotes from all the insurers, compare, and buy one with the lowest rate. Using your insurer’s discounts can also lower the rate further. Buying flood insurance is also crucial as it can protect your home from flood and water-related damage.
Homeowners insurance in Miami, FL, costs $3,386 yearly.
Florida is susceptible to hurricanes and other types of extreme weather. It increases the risk for insurers in the Florida home insurance market and increases premiums for homeowners. The insurers decide the premiums in a way that covers the claims adequately from catastrophic losses.
Home insurance in Miami, FL, costs around $282 monthly.
Home insurance in Miami, FL, costs around $282 monthly.
Our research found that Travelers offer cheap homeowners insurance in Miami with a yearly average of $1,464.
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