Miami Homeowners Insurance

How to find affordable home insurance in Miami


Home insurance is a critical element of homeownership. Fire, vandalism, theft, and wind damage are just some of the perils from which home insurance can protect your dwelling and other personal belongings. With the relative frequency of such events -- and the high cost of rebuilding or repairing damages to a home -- obtaining homeowners insurance is a sound investment.

What you pay for homeowners insurance is dependent on a number of factors. These include your dwelling's value, the value of your personal belongings, and the cost of the materials used to build your home. The location of your home can also influence how much you pay for homeowners insurance. Some areas are more susceptible to perils like fire, hail, frozen pipes, volcanoes, or other hazards. These can make your insurance policy even more expensive. Discover more information about what a home insurance policy covers.

Finding the cheapest home insurance in Miami starts with shopping around and comparing policies. Take a look at the summary below showing average Miami homeowners insurance rates to ensure you start your search with as much background info as possible. It's important to remember that the cost of your homeowners insurance is often based on the coverage limits you choose as well as a variety of other factors.


Miami, Florida, homeowners insurance — contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible amount
  5. Bundling discounts

Home insurance in Miami by insurance company

Miami homeowners insurance rates will vary depending on which insurance company you choose. The most inexpensive home insurance in Miami comes from Security First, which offers average annual rates of just $830 per year. This is more favorable than the city’s average homeowners premium of $5,063.

Below you'll find a list of the cheapest homeowners insurance companies in Miami, Florida to help you begin your search.


AFFORDABLE HOMEOWNERS INSURANCE COMPANIES IN MIAMI
CompanyAverage Annual Rate
Security First$830
State Farm$1,233
Allstate$2,408
American Integrity$4,114
Peoples Trust$7,545

Average homeowners insurance prices in Miami by coverage amount

Your chosen amount of homeowners coverage impacts the insurance premiums you pay . In Miami, carrying $200K dwelling coverage costs an average of $3,443, while carrying additional coverage up to $400K costs $5,996 per year.


HOMEOWNERS INSURANCE RATES IN MIAMI — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$1,764
$200,000 Dwelling$3,443
$250,000 Dwelling$3,812
$400,000 Dwelling$5,996

Compare Homeowners Insurance Rates

Miami home insurance rates by ZIP code

Depending on the part of Miami you live in, you may see vastly different home insurance costs. The amount of claims filed in your local area can be a factor in determining the price of your policy. Put simply, where you live could have a huge impact in what you pay for homeowners insurance.

To find the most affordable homeowners insurance premiums in Miami, look no further than 33139. In the 33139 area, homeowners policies typically cost just $4,843 per year — a full $219 less than the Miami average. If you’re looking for the areas with the least expensive homeowners insurance in Miami, have a look at the table below.


AFFORDABLE AREAS FOR HOMEOWNERS INSURANCE IN MIAMI
ZIP CodeAverage Annual Home Insurance Rate
33139$4,843
33168$4,959
33175$4,965

Other parts of Miami, however, have home insurance costs that are higher on average. Such areas might face a higher probability of perils such as severe weather and fires. Similarly, they may also have a higher rate of crimes such as burglary or vandalism. An average annual rate of $5,360 makes 33128 the most expensive ZIP code in Miami for home insurance.


EXPENSIVE AREAS FOR HOMEOWNERS INSURANCE IN MIAMI
ZIP CodeAverage Annual Home Insurance Rate
33128$5,360
33135$5,300
33136$5,299

Homeowners insurance deductibles in Miami

Homeowners face a number of choices when buying a homeowners insurance policy, including the amount of their deductible. A homeowners deductible is how much your insurance requires you to pay out of pocket toward a claim. Choosing your deductible can have a major impact on how much you pay for your home policy.

Put simply, having a higher deductible leads to cheaper insurance premiums. Therefore, it might make sense to set a higher deductible if you aim to pay lower rates. Bear in mind that your homeowners deductible should not be set at an amount that you would have difficulty paying in the event of a loss.

The chart below displays the average rates associated with most deductibles.


HOME INSURANCE COSTS BY DEDUCTIBLE IN MIAMI
Deductible LevelAverage Annual Homeowners Insurance Rate
$500$4,115
$1,000$3,812
$1,500$3,781
$2,000$3,361
$5,000$3,253

Money-saving tip: bundle home and auto insurance in Miami

If saving money is something you're concerned with, you might purchase insurance for your home and auto through the same insurance company. Bundling home and auto insurance can save you a substantial sum each month on your auto insurance bill. Bundling policies in Miami could, in fact, lead to average annual savings of 7%.


CHEAPEST AUTO INSURANCE RATES WITH HOME BUNDLE IN MIAMI
CompanyAvg. Annual Auto Insurance Rate (With Bundle)
USAA$1,222
GEICO$2,317
State Farm$2,659
Progressive$3,444
Allstate$3,554

It's definitely worth considering bundling both your auto and home policies as a potential way of saving money.


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Kristine Lee LinkedIn

Kristine is a licensed insurance agent and one of The Zebra’s in-house content strategists. With a background in copywriting, she covers the ins and outs of the home and car insurance industries. She has been a contributor to numerous publications focused on the nuances of insurance, including BestCompany.com.