How much is home insurance in Miami?

The average cost of a home insurance policy in Miami with $300,000 in dwelling coverage and a $1,000 deductible is $16,823 annually. You’ll likely also need to purchase a flood insurance policy, which comes with an additional premium.

Does Miami require homeowners insurance?

No. Florida state law doesn’t require property owners to buy home insurance, but your mortgage company will if you have a mortgage on your house.Even if you don’t need to meet a mortgage lender’s requirements, you should purchase home insurance to protect your finances in the event of damage to your home. Without insurance, you’ll face expensive out-of-pocket costs to repair or replace your home and personal belongings.

Why is home insurance so expensive in Miami?

Home insurance in Miami is expensive for several reasons. Florida homeowners pay higher premiums due to damages from natural disasters, a high number of insurance lawsuits, claims scams, inflated contractor costs, and fewer insurers in the state.

Best Homeowners Insurance in Miami (2024)

Best companies
Cheapest companies
Miami insurance cost
Get cheap insurance
Coverage amount
FAQs

Best companies
Cheapest companies
Miami insurance cost
Get cheap insurance
Coverage amount
FAQs

The average cost of homeowners insurance in Miami is $16,823 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible, which is much higher than the overall U.S. average of $2,377 and the Florida state average of $10,996. You should always compare quotes from multiple home insurers to find the best coverage.

Miami residents pay high premiums because of limited competition and high risks. Many home insurers have exited the Florida market in recent years, leaving fewer coverage choices.^[1] Miami is prone to hurricanes and tropical storms that can cause costly wind and water damage.^[2]

Here’s what you need to know when buying home insurance in Miami.

Quick Facts

More than 2 million Miami homes have a moderate or greater risk of damage from hurricane winds, and more than 500,000 homes have a moderate or greater risk of storm surge.^[3]
Travelers, Nationwide, and State Farm have the cheapest home insurance coverage in Miami, on average.
The average annual cost of Miami home insurance policies with $300,000 in dwelling coverage and a $1,000 deductible from Miami insurers ranges between $2,902 and $35,928, according to Insurify rate data.

Best home insurance companies in Miami

Although many insurers have left the Miami market, homeowners can still find great coverage options. The right home insurance policy for each property owner depends on location and personal coverage needs.

The table below shows some of the best home insurance companies offering coverage to Miami homeowners that are worth checking out. Start your search for home insurance below.

Insurance Company ▲▼	IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. ▲▼	Average Annual Premium ▲▼	Best For ▲▼
Travelers	3.9	$2,902	Cheapest rates
Nationwide	4.2	$5,209	Gated communities
State Farm	4.1	$7,882	Rental properties
Security First Insurance	N/A	$8,775	Hurricane recovery

How Insurify rates insurance companies
Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.

We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.
- Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
- Customer satisfaction: To calculate this score, Insurify analyzed more than 55,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
- Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
- Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
- Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.

Cheapest rates: Travelers

cheapest ratesTravelers

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IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	9.0/10
JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.	829
$300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.	$242/mo
$500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.	$432/mo

Overview

Travelers has average home insurance premiums in Miami that are thousands of dollars lower than the average cost of homeowners coverage in the city.

Travelers provides a lower-cost insurance option and opportunities to save more by bundling coverage. Miami has more than 74,500 registered recreation vessels, so local boaters can potentially save by purchasing boat and homeowners insurance.

Pros and cons

Pros

Cheaper average premiums than many other Florida insurers
More than 2,000 local insurance agencies in Florida, including more than 40 Miami-area agents
Bundling available

Cons

Below-average customer satisfaction ranking in J.D. Power’s 2023 U.S. Home Insurance Study
Above-average number of complaints filed with the National Association of Insurance Commissioners (NAIC)
Mobile or manufactured home insurance not available

Best insurer for gated communities: Nationwide

gated communitiesNationwide

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IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	8.7/10
JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.	815
$300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.	$465/mo
$500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.	$774/mo

Overview

Nationwide offers discounts to insure homes in gated communities, which is helpful for residents of the more than 450 gated communities in Miami-Dade County. Nationwide also offers savings for renovating major home systems and reduced prices for smart homes.

Pros and cons

Pros

More discounts than some competitors
Optional flood insurance coverage available
More than two dozen insurance agents offering in-person support in the Miami area

Cons

Slightly below-average customer satisfaction ranking in J.D. Power’s 2023 U.S. Home Insurance Study
Above-average number of complaints with the NAIC
Low consumer ratings with the Better Business Bureau

Best insurer for rental properties: State Farm

rental propertiesState Farm

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IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	9.3/10
JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.	842
$300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.	$1,043/mo
$500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.	$1,557/mo

Overview

State Farm offers customized solutions for rental property owners, including great protection for rental homes and condo units. Miami has more Airbnb listings per 100,000 people than any other city. Property owners with renters have access to the comprehensive and affordable coverage solutions State Farm offers, including loss of rent coverage.

Pros and cons

Pros

Below-average number of complaints with the NAIC
Above-average ranking in J.D. Power’s 2023 U.S. Home Insurance Study
In-person support available from more than 30 local Miami-area agents

Cons

Optional flood insurance coverage options not available
Fewer discounts than some competitors
Not the cheapest insurance in Miami

Best insurer for hurricane recovery: Security First Insurance

Security First provides access to its First Choice Repair Network, which includes more than 100 licensed Florida contractors the insurer vetted and approved. With more than 2 million homes in the Miami metro area at moderate to great risk of hurricanes, demand for repairs will be high if a storm happens. Security First customers can benefit from access to a trusted contractor network.

Pros

Access to a network of more than 100 licensed contractors
Local to Florida, so unlikely to leave the market
Quotes available online

Cons

Above-average number of complaints with the NAIC
More limited options for in-person customer service than many competitors
Fewer options for bundling coverage than competitors

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Cheapest home insurance in Miami

Insurance companies price homeowners insurance policies based on the risk you pose as a customer. As a result, home insurance rates from a particular company may cost less for certain homeowners but more for others. But Travelers is the cheapest home insurer in Miami, with considerably lower average premiums than competitors in the area.

Compare average quotes from various home insurers in Miami below. The average annual premiums reflect the cost of a policy with $300,000 in dwelling coverage and a $1,000 deductible.

Insurance Company ▲▼	Average Annual Premium ▲▼
Travelers	$2,902
Nationwide	$5,209
State Farm	$7,882
Security First Insurance	$8,775
Armed Forces Insurance Exchange	$9,407
American Integrity Insurance of Florida	$10,817
ASI	$11,587
Heritage Insurance Holdings	$13,680
People’s Trust Insurance	$14,309
Bankers Insurance Group	$14,723

Cost of homeowners insurance in Miami

Miami homeowners insurance is very expensive. The average cost of home insurance is $16,823 per year for a $300,000 policy with a $1,000 deductible. This significantly surpasses the nationwide average of $2,377 and Florida’s average of $10,996. Your policy details, like your dwelling coverage and deductible amounts, affect how much you pay for home insurance.

Many insurers have stopped offering insurance coverage in the area due to the high risk of damage from hurricanes and tropical storms, both of which cause high winds and storm surges. These risks, combined with the limited number of insurers providing policies, make Miami one of the country’s most expensive insurance markets.

Cost of homeowners insurance by dwelling coverage amount

Expensive homes cost more to insure. You should always have enough dwelling coverage so you can afford to rebuild after a covered event. Having a higher dwelling coverage amount will increase your annual home insurance premium.

The table below shows how average home insurance premiums in Florida vary by coverage limit for policies with a $1,000 deductible.

Coverage Limit ▲▼	Average Annual Premium ▲▼
$100,000	$4,235
$200,000	$8,064
$300,000	$10,996
$400,000	$14,709
$500,000	$18,186

Cost of homeowners insurance by deductible

As a property owner, you’re responsible for covering your homeowners insurance deductible before the insurer pays for the remainder of covered losses when property damage occurs.

If you buy a policy with a higher deductible, you take on more risk because you’ll pay a larger out-of-pocket amount in the event of damage or loss. This explains why homeowners who chose higher deductibles pay lower home insurance premiums and why premiums increase for homeowners with smaller deductibles.

Below, you can see how your choice of deductible affects the average cost of home insurance for a policy with $300,000 in dwelling coverage in Miami.

Deductible Amount ▲▼	Average Annual Premium ▲▼
$500	$16,927
$1,000	$16,823

How to get cheap homeowners insurance in Miami

You have options to reduce insurance premiums while keeping your valuable coverage.

Here are some ways to pay less for Florida home insurance coverage without compromising on protection:

Shop around. It’s a good idea to get quotes from multiple insurers because prices vary by company. Be sure to compare similar policies from different companies to best assess how prices compare.
Take advantage of discounts. Some Florida insurers offer discounts for bundling policies or for living in a gated community. Look for ways to save. You’ll want to ask your insurer about all your options, as the company may not have listed every discount on the website.
Change your deductible. If you want to pay lower premiums, increase your deductible. Be aware this could result in higher out-of-pocket costs in the event of a claim if you have a covered loss.
Make home improvements. Many Miami-area insurers offer discounts for installing a new roof or making other major upgrades, such as renovating plumbing or heating equipment. This could make a big difference in home insurance rates for people with older homes especially.
Install protective devices. Burglar alarms and smoke detectors reduce the risk of a claim. Installing them can result in lower homeowners insurance premiums.^[4]

Florida homeowners insurance rates by city

Your home’s location affects the level of risk that insurers take on when providing homeowners insurance coverage. Living in areas with a high risk of flooding, wind damage, or other adverse weather events increases the chances you’ll have to make a homeowners insurance claim.

In Miami, 100% of homes have at least some wind risk due to the city’s coastal location and risk of hurricanes. In contrast, living in ZIP codes with low risks of major weather disasters can reduce risks, as can residing in areas where the crime rate is low.

The table below shows how Miami’s property insurance rates compare to average premiums in other cities with a different risk of hurricane-related damage. The average annual premiums below reflect costs for policies with $300,000 in dwelling coverage and a $1,000 deductible.

City ▲▼	Average Annual Premium ▲▼
Jacksonville	$3,971
Orlando	$5,710
Tampa	$6,066
West Palm Beach	$13,359
Fort Lauderdale	$15,877
Miami	$16,823
Hialeah	$18,010

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How much homeowners insurance do you need in Miami?

It’s important for homeowners to buy enough coverage to protect against losses. You should insure your home for at least 80% of its replacement cost.

If you have a mortgage, your lender will require you to have enough dwelling coverage to rebuild your property if something destroys it. You should also have liability and personal property coverage in case conditions at your home cause injury to a visitor who faces medical expenses or if a disaster damages or destroys the personal belongings in your house.

You need to know not only what homeowners insurance covers but also what types of losses insurers generally exclude. Standard homeowners policies don’t pay for flood damage, which is a very real risk in Miami, so you’ll need to look into policies available through the National Flood Insurance Program (NFIP).

What are some of the biggest risks when owning a home in Miami?

Miami homeowners should prepare for the serious risks posed by weather conditions in the area.

Wind damage
More than 2 million homes in Miami are at moderate or greater risk of hurricane winds, which can cause extensive damage, according to a CoreLogic report.^[3] Standard homeowners insurance policies typically cover damage from wind.
Storm surge
CoreLogic also reports that more than 509,000 homes in Miami are at moderate or greater risk of storm surge. Standard homeowners insurance policies don’t cover flood damage, so homeowners at risk should buy a separate flood insurance policy from a private insurer or the NFIP.
Extreme heat
Since 1970, the number of days per year above 90 degrees Fahrenheit in Miami has increased from 84 to 133, and experts expect the number to continue increasing. Heat waves can damage homes in a number of ways, including cracking foundations due to dehydrated soil, damaging roof shingles, and increasing mold and mildew. Homeowners insurance typically won’t cover these losses that insurance companies classify as wear-and-tear damages.

Miami homeowners insurance FAQs

The following information can help answer your remaining questions about finding homeowners insurance in Miami.

How much is home insurance in Miami?
The average cost of a home insurance policy in Miami with $300,000 in dwelling coverage and a $1,000 deductible is $16,823 annually. You’ll likely also need to purchase a flood insurance policy, which comes with an additional premium.
Which company has the cheapest homeowners insurance in Miami?
Travelers has the cheapest homeowners insurance in Miami, with an average annual premium of $2,902 for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
Nationwide and State Farm also have affordable coverage, with respective annual average premiums of $5,209 and $7,882.
Does Miami require homeowners insurance?
No. Florida state law doesn’t require property owners to buy home insurance, but your mortgage company will if you have a mortgage on your house.
Even if you don’t need to meet a mortgage lender’s requirements, you should purchase home insurance to protect your finances in the event of damage to your home. Without insurance, you’ll face expensive out-of-pocket costs to repair or replace your home and personal belongings.
Why is home insurance so expensive in Miami?
Home insurance in Miami is expensive for several reasons. Florida homeowners pay higher premiums due to damages from natural disasters, a high number of insurance lawsuits, claims scams, inflated contractor costs, and fewer insurers in the state.

More cities in Florida

Popular cities

Sources

J.D. Power. "Home Insurer Exodus from Several States Creates Challenges and Opportunities, J.D. Power Finds."
Miami-South Florida National Weather Service Forecast Office. "2024 Florida Severe Weather Awareness Week."
CoreLogic. "2024 Hurricane Risk Landscape."
Insurance Information Institute. "How to save money on your homeowners insurance."

Christy Rakoczy

Christy Rakoczy has been a personal finance and insurance writer for over a decade. Her work has been published on USA Today, MSN, Yahoo Finance, Credit Karma, Forbes Advisor, and more. Christy has a JD from UCLA School of Law and previously worked as a data analyst for Blue Cross and as a paralegal studies instructor before transitioning to writing full time.

Christy has been a contributor at Insurify since August 2023.

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Edited byKatie PowersAuto and Life Insurance Editor

Katie PowersAuto and Life Insurance Editor

Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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