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Picture of Miami, FL

Miami is one of the crown jewels of the Florida coastline and one of the most popular tourist destinations in the entire state. Miami is not only a great tourist destination, it is also a lovely place to live and raise a family. We have it all, pristine beaches, museums, parks and a nightlife that rivals even New York City.

When its time to get outside, Miami has you covered with world class golfing, a full slate of major league sports teams as well as deep sea fishing and boating. Miami has tons of family friendly events and cultural activities as well as a never ending supply of fantastic weather.

Miami Facts

While you may think Miami is the largest city in Florida, its actually number two, coming in right behind Jacksonville. Miami proper currently has a population of 399,457 residents and is the 67th largest city in the country. This breaks downs to roughly 10,757 households per zip code with roughly 3 people per household.

However, if you include the surrounding area, it quickly jumps to number one in Florida. The Greater Miami Area contains 6,066,387 residents making it the eighth largest metro area in the United States. When considered from a per square mile perspective, Miami is by far the largest city in the Sunshine state with roughly 11,000 residents per square mile compared to Jacksonville which has about 1,100.

The median home value in Miami is $306,000 but prices can be much higher in waterfront neighborhoods, making Miami a fairly pricey place to live.

According to Zillow, home values in the Miami have gone up 2.8 percent over the past year and are on target to continue heading up another 0.5 percent. In Miami proper, the average price per square foot is $412 compared to $213 in the Miami Metro area.

An average household income of $45,795 in Miami falls slightly below the national average but is still pretty respectable.

Homeowners Insurance in Miami

There is nothing affordable about homeowners insurance in Miami or the entire state of Florida. According to the National Association of Insurance Commissioners, the average homeowner premium in the Sunshine state is $2,165 while the national average is $1,311. In fact, Florida is the most expensive state in the country for homeowners coverage. For homeowners living in Miami, they are paying around $1,660 a year for homeowners insurance. Additional cost include hurricane and flood insurance coverage protection. Call today at 1-888-685-4704 or enter your zip code to shop online now. We look forward to helping you!

While there is no getting around the high cost of homeowners insurance in Miami, there are a few ways you can lower your premium. Following are a few tips for saving money when it comes to homeowners insurance:

  • Shop Your Coverage: This is absolutely the best way to save money on your premium. You should shop your coverage on a yearly basis. Insurers rate risk differently so there can be dramatic differences in premium quotes. Be sure that you are comparing apples to apples when it comes to coverage levels and deductibles.
  • Discounts: All insurers offer discounts and they can have a major impact on your premium. Ask your agent to do a discount check to make sure you are getting all of the discounts that you are qualified to receive.
  • Update Your Home: Upgrading your roofing materials or adding a monitored alarm system can result in a discount that will lower your premium. Ask your agent about home upgrades that would lower your insurance costs.
  • Go to Paperless Policy: Have your policy and bills sent via email instead of snail mail and your insurer will give you a small discount. While this is a small discount, they all add up.

Factors to Consider in Miami

Unfortunately, Miami has a fairly high crime rate and that will always push up the cost of homeowners insurance. According to Neighborhoodscout.com, Miami has 10.2 violent crimes per 1,000 residents in Miami while the average in the state of Florida is 4.62.

Crime rates can vary dramatically between neighborhoods so check the crime rates for any neighborhoods that you are considering. If the neighborhood has a high crime rate you may want to keep shopping.

Installing an alarm will not only help protect your home but also lower your insurance premiums. While the discount will vary, in many cases it can be between 15 and 20 percent.

If you are currently shopping for a new Miami homeowners policy we can help. The process is not only free, but also quick and easy. Our insurance partners are top rated carriers who have been in business for several decades and will provide you with the best rates available.

When its time to get outside, Miami has you covered with world class golfing, a full slate of major league sports teams as well as deep sea fishing and boating. Miami has tons of family friendly events and cultural activities as well as a never ending supply of fantastic weather.

Compare Homeowners Insurance Rates in Miami, FL!

Enter your Zip Code:    

Get up to 12 competitive Miami, FL homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Miami, FL rates all in one place!

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, 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

Are you looking for homeowners insurance in a city near Miami? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!

Home Insurance Rates by Zipcode in Miami, FL

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Miami.

33125,     33126,     33127,     33128,     33129,     33130,     33131,     33132,     33133,     33134,     33135,     33136,     33137,     33138,     33142,     33143,     33144,     33145,     33146,     33147,     33150,     33155,     33156,     33157,     33158,     33161,     33162,     33165,     33166,     33167,     33168,     33169,     33170,     33172,     33173,     33174,     33175,     33176,     33177,     33178,     33179,     33180,     33181,     33182,     33183,     33184,     33185,     33186,     33187,     33189,     33190,     33193,     33194,     33196,     

Miami, FL Home Insurance Average Premiums

Local Miami, FL home insurance quotes comparison

$1410 /yr.

Shows Miami's lowest average rates with discounts applied.

For the city of Miami, 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)		$1410 /yr.
Average Coverage:$1660 /yr.
2600 sq. ft. or higher
(all discounts applied)		$1960 /yr.

What is the average home insurance cost for a home in Miami, FL?

  • • The average homeowners insurance premium paid annually for a home in Miami is around $1660 per year.

What does it cost on average per month for home insurance in Miami, FL?

  • • Homeowners in Miami pay an average cost per month around $138.00 for insurance coverage.

Miami, FL Coastal Wind, Hail & Flood Information

Miami 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 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, FL.

Coastal Miami, 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, FL - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $544,046 $460,022
February $544,490 $471,271
March $546,218 $484,495
April $549,154 $497,781

Homeowners insurance will help cover the cost to repair or replace your Miami 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
  • 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.
Enter your Zip Code:    

Get up to 12 competitive Miami, FL homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Miami, FL rates all in one place!

Saving Money Tips on Miami Home Insurance

A great way to save money on Miami 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 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
7 ft. This is the average home elevation in Miami, 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, 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.

Call Now for Flood Insurance Quotes: 888-620-1954!

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, 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

  • 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 […]

  • 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 […]

  • 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 […]

  • 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. […]

  • 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, FL Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Miami 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, FL?

- The average square footage in Miami is around 2,213 Sq. Ft. which would cost you around $369,632 to replace the home if you base the home on the price to build per square foot of $167.

Minimum Replacement Cost Total: $369,632

Location: Miami, Florida (Miami Dade County)

Average Building Cost Per Square Foot in Miami: $167 (low end)

Average Square Footage in Miami: 2,213 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$167$369,632
Some Additional Upgrades$209$462,040
Major Home Updates or Advancements$251$554,448

The dwelling coverage is calculated by the average cost per square foot ($167) in Miami, 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 $521,875 (Media price to build of $209 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.