Miami Beach, FL Home Insurance Quotes!
Miami Beach is a beautiful little Florida town that 87,779 people are calling home. While Miami Beach is not a huge population center, there are many advantages to living in one of the many beautiful homes that make up our community.
There are currently 10,940 households per zip code in the Miami Beach area with the average number of people in each household coming in at 3 although that number will vary depending on the type of housing.
One of the biggest advantages to living in Florida and especially Miami Beach is the average household income, which in the latest study came in at $82,582.
Housing is another bright spot of the Miami Beach area with the average house price being an extremely affordable $716,000.
Miami Beach, FL Housing Data
Miami Beach has 87,779 residents, which translates into roughly 10,940 households per zip code with roughly 3 people per household. The average household income is a respectable $82,582, which is slightly above the national average. Homes are more expensive in the Miami Beach area with the average house value coming in at $716,000.
Cheap Miami Beach Home Insurance is Another Bonus
Along with affordable housing, Miami Beach also has cheaper homeowners insurance prices. According to a recent nationwide study, Miami Beach average premium costing is around $2,165 per year. We help homeowners shop the best rates with the highest quality in coverage options. Homeowners of Miami Beach are seeing rates as low as $1,358 a year for a standard homeowners policy. Average rates are in the $1,608/yr. range, and the larger homes with square footage above 2,300 are only paying around $1,908 a year for an HO-3 policy. Rates are higher for larger homes due to the price of replacement cost coverage and the amount of risk involved in rebuilding a much larger home with higher end upgrades like kitchens and bathrooms. Our home insurance shopping process allows you to review the best rates and we can help you apply all discounts available for your home.
Something that many Miami Beach homeowners are unaware of is the fact that homeowner policies come in a variety of different types and are categorized by the type of housing you are living in or purchasing.
This quick rundown of housing types will help you understand the various types of homeowners insurance in Florida:
- HO-3: If you have a normal single-family house, this is the type of insurance coverage you need. It is the most common homeowner policy available today and protects you from all perils unless they are specifically excluded in the wording of the homeowner policy.
- HO-6: Living in a co-op or condo building is easy and convenient and if you have this type of home, you need a HO-4 policy. It not only protects your personal property in your condo but also provides coverage for the parts of the condo building that you actually own, like the walls and mechanical systems in your unit.
- HO-8: Historical homes dot the landscape of Miami Beach and if you and your family are living in an older home, you may need an HO-8 policy. In most cases, a HO-8 policy is put in place because the house doesn't qualify for a HO-3 policy.
Basically an HO-8 policy is necessary if your home is worth less than the cost to replace it. The major disadvantage to these policies is that they only cover 11 specific perils. - HO-4: Renters need protection too and if you are living in an apartment, an HO-4 policy is tailor made for your needs. It will pay to replace your personal property if it is damaged, destroyed or stolen.
In addition, these policies come with liability coverage, which protects you in the event someone is hurt in your apartment. If they decide to sue you, an HO-4 policy will also pay for your legal defense and any resulting settlements or judgments, up to your policy limits.
Compare Homeowners Insurance Rates in Miami Beach, FL!
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Our Service in Florida
You can feel confident that our experience, integrity and service will help you find the best insurance policy at a price you can afford. We work with a wide variety of insurers in Miami Beach, Florida and all of them are top rated "A+" by A.M. Best Rating and have been in business for several decades.
Just a few of the insurers we work include American Integrity Insurance Group, Anchor Insurance, ASI, Bankers Insurance Group, Centauri Insurance, Chubb, Edison Insurance Company, Florida Peninsula Insurance Company, Heritage Insurance, Lexington Insurance, Olympus Insurance, People's Trust Insurance Company, St. Johns Insurance Company and many more.
Average Rates Nearby Miami Beach
Are you looking for homeowners insurance in a city near Miami Beach? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
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Home Insurance Rates by Zipcode in Miami Beach, FL
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Miami Beach.
Miami Beach, FL Home Insurance Average Premiums
$1358 /yr.
For the city of Miami Beach, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $1358 /yr. |
| Average Coverage: | $1608 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1908 /yr. |
What is the average home insurance cost for a home in Miami Beach, FL?
- • The average homeowners insurance premium paid annually for a home in Miami Beach is around $1608 per year.
What does it cost on average per month for home insurance in Miami Beach, FL?
- • Homeowners in Miami Beach pay an average cost per month around $134.00 for insurance coverage.
Miami Beach, FL Coastal Wind, Hail & Flood Information
Miami Beach is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Miami Beach is know for it's beautiful beaches and waterways. Because Miami Dade County (FIPS: 12086) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Miami Beach, FL.
Coastal Miami Beach, Florida Information: To obtain flood insurance coverage, the process usually takes more than 30 days to finalize, if you need flood insurance coverage now, please call us at 888-620-1954.
For more information about your area, please click Coastal Homeowners Insurance in Florida
Miami Beach, FL - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $515,954 | $450,559 |
| February | $514,032 | $460,296 |
| March | $512,545 | $471,048 |
| April | $513,814 | $482,198 |
Homeowners insurance will help cover the cost to repair or replace your Miami Beach home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Miami Beach
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Miami Beach, FL homeowners insurance rates all in one place! |
Saving Money Tips on Miami Beach Home Insurance
A great way to save money on Miami Beach homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Miami Beach area? Check out what homeowners are paying on average for Florida homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 1 ft. | This is the average home elevation in Miami Beach, FL | » Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Miami Beach, Florida. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas. |
To get online quotes on your home and compare rates on home insurance premiums in Miami Beach, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Miami Dade County.
Florida Homeowners Insurance News & Information
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Florida’s Broward Commissioner is Asking Congress to Lower Insurance Rates Posted on Monday 1st April, 2024
A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase. Currently, a Broward commissioner is asking Congress to pass legislation he claims […]
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Florida Lawmakers May Allow Takeout Offers to Citizens’ Policyholders Posted on Wednesday 13th March, 2024
Lawmakers in Florida are moving closer to allowing specific insurer types to make offers to policyholders currently with Citizen’s Property to insure their vacation or second home. SB 1716 this week cleared the Senate’s Fiscal Policy Committee for the takeout offers after the Senate’s Banking and Insurance Committee approved the measure earlier this month. This […]
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Florida has 7 New Home Insurance Companies Entering the Market Posted on Friday 1st March, 2024
Recently, Florida has seen seven new insurance companies enter the market for homeowners coverage. Currently, the average premium for homeowners coverage is $6,000 a year in the Sunshine state compared to a nationwide average of just $1,700 a year, according to the Insurance Information Institute. The Insurance Information Institute is hopeful that the new insurance […]
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What exactly is a FAIR Plan? Posted on Tuesday 2nd January, 2024
If you live in an area where severe weather is common, or wildfires pop up every summer you may have trouble finding affordable home insurance coverage. If homes in your area are repeatedly damaged or destroyed by a covered peril, insurers may pull out of the entire area, refusing to write policies in your neighborhood. […]
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Florida Homeowners Advance From Citizens into Private Companies Posted on Tuesday 5th December, 2023
Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]
Miami Beach, FL Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Miami Beach so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Miami Beach, FL?
- The average square footage in Miami Beach is around 1,951 Sq. Ft. which would cost you around $716,000 to replace the home if you base the home on the price to build per square foot of $367.
Minimum Replacement Cost Total: $716,000
Location: Miami Beach, Florida (Miami Dade County)
Average Building Cost Per Square Foot in Miami Beach: $367 (low end)
Average Square Footage in Miami Beach: 1,951 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $367 | $716,000 |
| Some Additional Upgrades | $459 | $895,000 |
| Major Home Updates or Advancements | $551 | $1,074,000 |
The dwelling coverage is calculated by the average cost per square foot ($367) in Miami Beach, Florida times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $1,146,875 (Media price to build of $459 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.