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How to find affordable homeowners insurance in Miami

Home insurance is an important investment for any homeowner. Along with your personal belongings, homeowners insurance covers your dwelling against many different perils, including fire, wind damage, vandalism, and theft. Given the relatively frequent occurrence of these incidents and the sizeable cost of replacing a home, a homeowners insurance policy is a solid investment. The average homeowners policy costs $123 per month in Miami.  This is more than what the average American pays for home insurance.

The cost of home insurance depends on many factors. This can include the overall value of your house, the value of your personal belongings, and the materials that were used when building your home. The location of your dwelling can also play a large role in how much you pay for home insurance. Some geographic areas are susceptible to perils such as hail, wildfires, pipe freezes, volcanoes, and other hazards. These perils can lead to more expensive homeowners insurance rates. Discover more about what your homeowners insurance policy covers.

If you want to find cheaper home insurance coverage in Miami, start with shopping around and comparing what different companies offer. Take a look at the summary below showing average home insurance premiums in Miami to help you get as much information as possible when you start your search for homeowners insurance. 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.

 

Table of contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible amount
  5. Policy bundling savings

 

Miami home insurance by company

Homeowners insurance rates in Miami vary from one insurance company to another. State Farm offers the most affordable home insurance in Miami, at just $632 per year. This compares favorably to the city’s average homeowners premium of $1,483.

Take a look at the cheapest insurance companies in Miami, Florida to find the best homeowners policy for you. Then, see our guide listing the best home insurance companies based on customer satisfaction and other factors.

 

AFFORDABLE HOME INSURERS IN MIAMI
Company Average Annual Rate
State Farm $632
Security First $741
Allstate $1,276
Peoples Trust $1,527
American Integrity $1,561

 

Miami homeowners insurance prices by coverage level

Your chosen amount of homeowners coverage impacts the insurance premiums you pay . In Miami, carrying $200K dwelling coverage costs an average of $1,045, while carrying additional coverage up to $400K costs $2,058/year.

 

POPULAR COVERAGE LIMITS IN MIAMI
Coverage Level Average Annual Rate
$100,000 Dwelling $631
$200,000 Dwelling $1,045
$250,000 Dwelling $1,317
$400,000 Dwelling $2,058

 

Miami home insurance rates by ZIP code

Homeowners insurance costs can vary depending on what area of Miami in which you live. Policies are often priced on local variables such as the number of claims filed in the immediate area, meaning the neighborhood in which you live could have a major impact on how much you pay to insure your home.

To find the cheapest home insurance premiums in Miami, look no further than 32250. In the 32250 area, homeowners policies typically cost just $1,339 per year — a full $144 less than the Miami average. If you’re looking for the areas with the most affordable homeowners insurance rates in Miami, have a look at the table below.

 

AFFORDABLE HOME INSURANCE AREAS IN MIAMI
ZIP Code Average Annual Home Insurance Rate
32250 $1,339
32233 $1,359
32227 $1,360

Some parts of Miami, however, are prone to home insurance rates that are higher on average. Such areas might face a higher probability of perils such as fires or severe weather events. Similarly, they may also have a higher rate of crimes such as burglary or vandalism. With an annual average premium of $1,559, 32208 comes in as the costliest ZIP code in Miami for homeowners coverage.

 

EXPENSIVE HOME INSURANCE AREAS IN MIAMI
ZIP Code Average Annual Home Insurance Rate
32208 $1,559
32218 $1,559
32219 $1,558

 

Miami homeowners insurance deductibles

Homeowners face a number of choices when deciding on a homeowners policy, including how much their deductible should be. A homeowners deductible is the amount you are responsible for paying toward a covered loss. The deductible chosen can impact how much you pay in insurance premiums.

When deciding on a deductible, bear in mind that the higher your deductible is, the lower your premiums will be. This means that those seeking lower insurance costs will want to think about getting a higher deductible. Bear in mind that your deductible should not be so high that you would struggle to pay it in the event of a loss.

Below you'll find some common deductibles offered by most home insurance companies as well as with corresponding average insurance rates.

 

HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN MIAMI
Deductible Level Average Annual Homeowners Insurance Rate
$500 $1,431
$1,000 $1,317
$1,500 $1,302
$2,000 $1,174
$5,000 $1,126

 

Home and auto insurance bundling in Miami

One way to save on insurance costs is to consider bundling your homeowners and auto insurance policies through the same company. Bundling your homeowners and auto insurance can be a good money-saving option. In fact, bundling policies in Miami leads to average annual savings of 6%.

 

CHEAPEST CAR INSURANCE RATES WITH HOME BUNDLE IN MIAMI
Company Avg. Annual Auto Insurance Rate (With Bundle)
USAA $843
State Farm $1,458
GEICO $1,944
Allstate $2,103
Progressive $2,411

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Kristine Lee photo
Kristine LeeManager, Content and Data

Kristine is a licensed insurance agent who joined The Zebra in 2019 as an in-house content researcher and writer. Before joining The Zebra, she was a freelance copywriter for over five years. 

She is an authority on all things insurance and covers the ins and outs of auto, home, life and renters insurance. Her specialty is in providing data-backed insights and information to help insurance shoppers make informed decisions.

Kristine's insurance expertise and research have been cited by publications such as CNBC, BadCredit.orgCar and Driver, Business Insider, Yahoo!, The Balance, Nationwide and Elephant.

About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.