5 Best Miami Homeowners Insurance Companies (2025)

The average cost of homeowners insurance in Miami is $13,740 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. annual average of $2,532 and the Florida annual average of $5,640.

Miami residents pay high premiums due to limited competition and high risk. In recent years, Florida has seen many home insurers exit the market, resulting in 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.

Best home insurance companies in Miami

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

Start your search for home insurance with some of the best home insurance companies offering coverage to Miami homeowners below.

Travelers: Best for cheap rates

Nationwide: Best for gated communities

State Farm: Best for rental properties

Security First Insurance: Best for hurricane recovery

Citizens Property Insurance Corporation: Best for people who don’t qualify for other coverage

How much is home insurance in Miami?

Miami homeowners insurance is very expensive. The average cost of home insurance is $13,740 per year for a $300,000 policy. This significantly surpasses the nationwide annual average of $2,532 and Florida’s average of $5,640. 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.

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Cheapest home insurance companies 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. 

That said, State Farm 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 state of home insurance in Florida 

Insurance companies in Florida experienced heavy losses due to large payouts from frequent hurricanes. In 2024, Floridian homeowners filed 458,000 hurricane claims. The Sunshine State leads the country with the largest number of billion-dollar disasters since 1980, with $450 billion in cumulative costs, according to the National Centers for Environmental Information.^[4]

Due to the high weather risks, Florida has the highest homeowners insurance rates in the country. By the end of 2025, Insurify projects that the average cost of home insurance in Florida will rise to $15,460 per year. It may also become increasingly difficult for new homeowners to find insurance, as some companies are limiting new business in Florida. Other insurers, including AAA, Bankers Insurance, and Centauri Insurance, have voluntarily withdrawn from the state.

How much homeowners insurance do you need in Miami?

The right amount of home insurance in Miami will cover the cost to rebuild your home and replace the contents after a covered disaster. A standard homeowners insurance policy covers four main areas:^[5]

• Dwelling coverage: If a hurricane or another covered disaster damages or destroys your home, this part of your policy pays to repair or rebuild your home. A standard policy typically won’t cover flooding. If you’re located in a Special Flood Hazard Area and you have a federally backed mortgage, you may need to purchase additional flood insurance.

• Personal property: This part of the policy protects the contents inside your home, including your furniture, clothing, and electronics. To calculate the amount of coverage you need, create a home inventory. This is a list of your belongings, how much they cost, and proof of purchase.

• Personal liability: If someone injures themself on your property, personal liability insurance provides coverage for lawsuits for bodily injury or property damage. Coverage typically starts at $100,000, but you can increase this amount if you want more protection.

• Additional living expenses: This part of the policy helps to pay for the cost of a hotel, restaurant, and other living expenses if you have to move out while your home is being repaired or rebuilt.

What to know about home insurance in Miami, FL

To ensure you have enough insurance to properly protect your home, consider the following risks when you’re comparing policies:

• 

  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. 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 National Flood Insurance Program (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 due to climate change. 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.

Home insurance coverage for hurricanes and flooding

While many standard homeowners policies provide some hurricane coverage, you may require supplemental insurance to protect your home from flooding and windstorm damage.

In Miami, you can purchase flood insurance from a private company or through the NFIP. Whether your homeowners policy covers windstorm damage depends on where you live and your insurer. Many insurers have a separate hurricane deductible, which is the amount of money you have to pay before your insurance will cover damages from a hurricane. You have to pay the deductible if you make a claim during a hurricane, which begins when a hurricane warning is issued anywhere in Florida by the National Hurricane Center and lasts until 72 hours after the hurricane watch ends.

Hurricane deductibles are typically 2%, 5%, or 10% of the amount of dwelling coverage you have during the time of loss. In Florida, you only have to pay this deductible once per calendar year, provided you stay with the same insurance company.^[6]

How to get home insurance in Miami

If you want to buy home insurance in Miami, follow these steps:

1. Determine your coverage needs. In addition to your standard home insurance policy, you’ll need to decide if you require additional types of coverage, such as flood or windstorm insurance.

2. Prepare your information. When applying for coverage, insurers will typically ask for some information, including your address, the square footage of your home, when it was built, what materials were used, the type and age of your roof, and if you have any pets.

3. Compare multiple quotes. You can speak to an insurance broker or use an online comparison platform to compare quotes from multiple insurance companies.

4. Consider the FAIR Plan. If you live in a high-risk area and can’t get coverage through a private insurer, you can look at a state-managed Fair Access to Insurance Requirements (FAIR) Plan. While FAIR Plans are often more expensive, they can help ensure you have access to coverage.

5. Purchase a policy. Once you’ve chosen an insurer, you can submit an application. After reviewing your policy, all you have to do is pay your premiums.

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Average cost of home insurance in other cities in Florida

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 reflect costs for policies with $300,000 in dwelling coverage and a $1,000 deductible.

The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT. 

City	Average Annual Premium
Tallahassee	$3,156
Gainesville	$3,180
Jacksonville	$3,600
Orlando	$4,608
Tampa	$5,460
Palm Bay	$6,276
Cape Coral	$7,716
Port Saint Lucie	$11,880
Miami	$13,740

Miami homeowners insurance FAQs