Best homeowners insurance in Miami, FL for 2022

We looked at average costs, coverages availability, and customer satisfaction ratings to find the best homeowners insurance companies in Miami.

Jessica Olivo

By

Jessica Olivo

Jessica Olivo

Freelance contributor

Jessica Olivo is a writer living in Connecticut. She specializes in web and blog content in a variety of topics such as parenting, business, and culture, as well as serialized and short fiction.

After working in publishing and book publicity for many years, she transitioned to freelance writing full time.

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Pat Howard

Pat Howard

Managing Editor & Licensed Home Insurance Expert

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

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White sand beaches and clear blue water are part of what draws people to Miami, but its proximity to the coast and destructive hurricane season make homeowners insurance a must in this Florida paradise. 

While the average cost of homeowners insurance in Miami is $5,003 per year, or around 89% higher than the Florida state average of $2,643 per year, there are plenty of ways to bring your costs down.

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However, cost isn’t the only factor to consider when choosing a home insurance company. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in Miami.  

Best homeowners insurance companies in Miami

Of the companies we looked at, Tower Hill has the lowest rate, with an average yearly cost of $2,790. While slightly more expensive, State Farm has a J.D. Power score of 835, making them a good choice if customer service and claim satisfaction are important to you.  

Policygenius analyzed thousands of quotes from the 5 largest Miami insurers to find the average cost of homeowners insurance with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of Miami residents to find the best homeowners insurance in Miami.

Company

Average yearly cost

J.D. Power Rating

Universal Property

$3,999

--

Citizens

$9,198

--

State Farm

$3,284

835

Tower Hill

$2,790

--

ASI Progressive

$4,649

821

Universal Property

Universal Property logo

Universal Property is a Florida-based insurance company that provides a relatively standard, but solid home insurance policy. It's an especially good option if you have lots of animals on your property thanks to its special animal liability coverage.

Pros

  • Covers homes that are generally more difficult to insure

  • Excellent coverage add-ons, such as replacement cost contents, water backup, equipment breakdown, and service line coverage

  • Special animal liability coverage available in case your dog or another animal on your property injures someone

Cons

  • Customer reviews complain of a poor claims experience

  • Doesn't offer increased dwelling coverage

  • Minimal discount opportunities

Why Universal Property tops our best list

Universal Property offers discounts that may appeal to Miami residents to help bring down the cost of insurance. Its windstorm protective devices discount not only saves you money on your policy, but it also keeps your house safer. Additionally, Universal has discounts for policyholders over 65, which is perfect for Miami’s retirees and older population.

How to get a quote

Online through Universal Property

Citizens Insurance offers basic home and wind-only insurance coverage for homes in high-risk coastal areas of Florida. If you're having a difficult time finding a company to insure your home, Citizens is a decent last-resort option.

Pros

  • Provides homeowners insurance to high-risk homes that are often denied coverage by private insurers

  • Offers wind-only policies

  • Sets up catastrophe response centers after natural disasters to offer in-person support to homeowners without power or means of communication

  • File claims over the phone or online 24/7/365

  • Low customer complaint ratings in 2020

Cons

  • Rates are around 15% higher than the state average

  • Limited additional coverage options

Why Citizens Insurance tops our best list

Citizens Insurance is prepared to help when a catastrophe strikes, even if your communication is cut off due to power or internet outages. If your home is damaged or destroyed from a covered event, their dedicated, mobile catastrophe response centers will respond within 48 to 72 hours or as soon as it’s safe to travel. These teams will not only help you with your claim, but they can also issue checks in person to assist with living expenses, as covered under your policy. 

How to get a quote

Contact a Citizens Insurance agent through their website

State Farm

State Farm logo

There's a reason State Farm is one of the top-rated insurance companies in the U.S. — its customer satisfaction ratings are through the roof, it offers a slew of coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.

Pros

  • Top-tier coverage add-ons, including equipment breakdown, water backup, and service line coverage

  • Get up to $1 million in personal liability coverage

  • Score discounts for bundling, installing security devices, and choosing a high deductible

  • File and track claims online, over the phone, in person, or through its mobile app

  • High customer satisfaction and financial strength ratings

Cons

  • No discounts for first-time homebuyers or going a year without a claim

Why State Farm tops our best list

Along with State Farm’s high ratings for customer service, this company also offers services and advice for new homeowners including tips on moving, whether or not to use a real estate agent, and how to apply for a mortgage. If you’re looking to relocate to Miami or if you’re moving within the city, State Farm can help with transferring your existing policy or setting you up with a new one. 

How to get a quote

Online through State Farm

Tower Hill

Tower Hill logo

Tower Hill stands out thanks to its robust flood insurance options and contractor network program that makes repairing your home after a natural disaster as seamless as possible.

Pros

  • Offers 3 flood insurance options, including a private flood endorsement and standalone policy

  • Contractor network program for easy repairs that come with a 5-year warranty for workmanship

  • Lower-than-average customer complaints according to the NAIC

Cons

  • Little information about discounts or coverage options available online

Why Tower Hill tops our best list

Miami’s proximity to the coast makes it a prime target for flooding, but under the right circumstances, any house could be at risk. Tower Hill offers three coverage options for flood insurance including a private flood endorsement that can be added onto your homeowners policy with no minimum deductible and no waiting period. 

How to get a quote

Online through Policygenius or Tower Hill

ASI Progressive

ASI Progressive logo

ASI Progressive offers robust home insurance coverage and ways to save. Our fave perk? Its bundling discount, which lets you save up to 20% on premiums and only requires you to pay one deductible if your home and car are damaged in the same event.

Pros

  • Policies are backed by Progressive Insurance

  • Flood insurance coverage add-on available — a rarity among insurers

  • Save up to 20% when you bundle your home and auto insurance

  • Score discounts for owning a new home, signing up for e-bills, paying your premiums in full for the year, and more

  • Only pay one deductible if your home and car are damaged in the same incident and you bundle your home and auto insurance together

  • File and track claims online

Cons

  • Below-average claims satisfaction ratings

  • Minimal information about coverage add-ons available online

Why ASI Progressive tops our best list

ASI Progressive offers discounts to help bring down the cost of insurance, including up to 20% off if you bundle your home and auto insurance. That could mean over $900 in savings for the average Miami home insurance policy.

How to get a quote

Online through Policygenius or Progressive

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Cheapest homeowners insurance companies by ZIP code in Miami

Looking at average home insurance costs for 15 of the most popular companies in Miami, we found that the cheapest home insurance in the city can be found in the 33195 ZIP code (Doral) with Chubb. The average Chubb rate in this area is $1,091 per year — almost $4,000 less than the city average of $5,003 per year. 

While premiums are slightly cheaper in the small Doral neighborhood, Chubb offers consistent rates throughout the city, as shown on the table below.

ZIP code

Company

Average yearly cost

33122

Chubb

$1,190

33125

Chubb

$1,190

33126

Chubb

$1,190

33127

Chubb

$1,190

33128

Chubb

$1,190

33129

Chubb

$1,190

33130

Chubb

$1,190

33131

Chubb

$1,190

33132

Chubb

$1,190

33133

Chubb

$1,190

33135

Chubb

$1,190

33136

Chubb

$1,190

33137

Chubb

$1,190

33138

Chubb

$1,190

33142

Chubb

$1,190

33144

Chubb

$1,190

33145

Chubb

$1,190

33150

Chubb

$1,190

33185

Chubb

$1,190

33194

Chubb

$1,190

33195

Chubb

$1,091

33198

Chubb

$1,190

33199

Chubb

$1,190

The most affordable areas for homeowners insurance in Miami

With an average home insurance rate of $4,733 per year, the 33198 ZIP code (Medley), is the most affordable area for home insurance in Miami. However, this is a small section of the city with several businesses but very little in the way of residential homes. 

ZIP code

Average yearly cost

33198

$4,733

33129

$4,930

33133

$4,931

33145

$4,931

33130

$4,941

The most expensive areas for homeowners insurance in Miami

With an average home insurance rate of $5,282, the 33194 ZIP code (Sweetwater) is the most expensive area for home insurance in Miami. Higher rates in certain areas could be from elevated crime including theft and property crime. 

ZIP code

Average yearly cost

33194

$5,282

33185

$5,249

33122

$5,197

33199

$5,072

33144

$5,025

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In the news

Thousands of Florida homeowners facing policy cancellations, higher premiums, and mortgage defaults

After Demotech downgrades several Florida insurance carriers' financial strength and stability ratings, thousands of homeowners are at risk of losing their home insurance.

Jennifer Gimbel • August 5, 2022

Shopping for homeowners insurance in Miami

While shopping for home insurance, Miami homeowners in flood-prone areas should also consider purchasing additional flood insurance. On top of protecting your home from water damage, you still need to make sure you have enough dwelling coverage to protect against potentially catastrophic hurricanes. 

In this section, we break down the average annual home insurance rates in Miami for different coverage and deductible levels, as well as the cheapest and most expensive home insurance companies in the state for individuals with a poor credit score, dog owners, and pool owners. Once you’re ready to shop, a Policygenius expert can help you navigate your coverage needs and help you find the best deal on homeowners insurance in Miami.

Miami home insurance costs by coverage amounts

Dwelling coverage is a coverage type that pays to repair or rebuild your house after a covered loss. This amount is based on your home’s replacement cost, which factors in the price of construction materials and labor. 

In Miami, there is a nearly $6,500 average rate difference between a policy with $100,000 in dwelling coverage and a policy with $500,000 in coverage.

Dwelling coverage amount

Average yearly cost

$100,000

$1,890

$200,000

$3,452

$300,000

$5,003

$400,000

$6,647

$500,000

$8,356

Liability coverage is the amount your insurer will pay if you are found legally responsible for another party’s injury or damage to their personal property. This amount should cover the value of your home, cars, and liquid assets.

As the table below demonstrates, the amount of liability coverage you choose does not have a significant impact on your premium.  

Liability coverage amount

Average yearly cost

$100,000

$5,681

$200,000

$3,690

$300,000

$4,703

$500,000

$3,752

Miami home insurance costs by deductible amount

Your homeowners insurance deductible is the amount you have to pay out of pocket before your insurance will cover a claim. While you can choose a higher or lower deductible depending on your situation, a lower deductible means your monthly or annual premiums will be higher. 

Since Miami’s crime rates are higher than the national average and there are frequent tropical storms, you may want to consider a lower deductible.

As seen in the table below, Miami residents can save around $2,800 on home insurance by choosing a $2,000 deductible over the $500 option.

Deductible amount

Average yearly cost

$500

$5,554

$1,000

$5,003

$2,000

$2,747

Home insurance discounts in Miami

By taking a few simple steps to protect your home, you may be eligible for extra discounts through your insurer. Most companies offer discounts on your policy for installing security systems, dead bolts, and smoke alarms in your house. By making your home safer, you are less likely to file a claim, which is good for you while reducing costs for your insurer. 

While you won’t get a huge discount if your house has one of the following features and nothing else, they can add up if you have several protective devices in your home. Here is the average annual rate and average discount percentage for homes in Miami with deadbolts, smoke alarms, or burglar alarms. 

Discount

Average yearly cost

Dead bolt

$5,003

Smoke alarm

$5,003

Burglar alarm

$4,767

Wind mitigation discounts & incentives in Florida

Many home insurance companies in Florida offer Fortified Roof, Fortified Home, and other wind mitigation discounts for installing fixtures or using construction techniques to reduce windstorm damage during a hurricane or tropical storm.

Other incentives include:

  • Hurricane Loss Mitigation Grant: Offers grants for retrofits, inspections, and construction to fortify your home against flooding and hurricane-force winds

  • Florida Property Assessed Clean Energy (PACE) Program: Offers financing for up to 100% of the costs to fortify your home against wind damage — payments are added to your property tax bill each year for an agreed-upon term

→ Learn more about wind mitigation discounts & how to qualify

Home insurance companies in Miami for dog owners

Pet owners should be aware that owning certain aggressive dog breeds could lead to higher insurance rates, since these breeds are statistically more likely to injure others. Some insurance companies will not cover certain breeds at all, while others do not take dog breeds into account when determining your rate. 

With an average rate of $2,790 per year, Tower Hill has the cheapest home insurance rates in Miami for a home with a dangerous dog breed, while Citizens’ average yearly premium of $9,198 is the highest. 

Company

Average yearly cost

Tower Hill

$2,790

State Farm

$3,284

Universal Property

$3,999

ASI Progressive

$4,674

Citizens

$9,198

Home insurance companies in Miami for poor credit

Insurance companies use your credit-based insurance score to determine if you are a risk to insure. Studies have shown that customers with low credit scores tend to file more claims rather than pay for repairs out of pocket, so insurance companies generally charge higher rates to policyholders with poor credit. 

Not all insurance companies charge more for bad credit, however, so if you fall into this category, you should shop around to see if you can get a lower quote.

With an average rate of $3,999 per year, Universal Property has the cheapest home insurance rates in Miami for a homeowner with poor credit, while Citizens’ average yearly premium of $9,198 is the highest. 

Company

Average yearly cost

Universal Property

$3,999

Tower Hill

$4,495

State Farm

$5,634

ASI Progressive

$8,068

Citizens

$9,198

Home insurance companies in Miami for pool owners

While having a pool on your property may be fun, it can also lead to injuries and liability claims. Because of this, you may see a higher home insurance rate if you have a backyard pool. 

With an average rate of $2,790 per year, Tower Hill has the cheapest home insurance rates for Miami homes that have a swimming pool, while Citizens’ average yearly premium of $9,198 is the most expensive.

Company

Average yearly cost

Tower Hill

$2,790

State Farm

$3,284

Universal Property

$3,999

ASI Progressive

$4,649

Citizens

$9,198

How to buy homeowners insurance in Miami

It may seem like buying homeowners insurance is complicated, but the experts at Policygenius can help make the process a lot less daunting. Here are some additional tips:

  1. Reach out to a licensed Policygenius agent. Our team of agents is here to help answer your questions and guide you in finding the best home insurance policy for your needs. Our services are free with no impact on your credit score.

  2. Ask about Florida’s FAIR plan. If you’ve been turned down for insurance due to factors that make you a high risk to insure, our agents can discuss Florida’s FAIR plan as an alternative to traditional insurance. 

  3. Consider purchasing flood insurance. Whether or not you live in a flood zone, flood insurance can be imperative in protecting your house from potential water damage in Miami.

  4. Figure out how much deductible you can afford. If you live in an area that sees frequent flooding, hurricanes, wildfires, or crime, you may want to think twice before choosing the highest deductible option.

  5. Compare quotes from a Policygenius agent. Shopping around for home insurance is the best way to ensure you’re getting the best coverage at the most affordable rate.  

  6. Choose your policy, sign it, and pay your first premium. Once you’ve determined which insurance policy is best for you, our agents can prepare the required paperwork and help cancel your old policy if need be.

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Frequently asked questions

How does the cost of home insurance in Miami compare to the rest of the state?

The cost of home insurance in Miami is significantly higher than the rest of Florida — $5,003 per year compared to the statewide average of $2,643 per year. This is due to the city’s high risk of hurricanes and property crime.

Why do pools, treehouses, and trampolines affect my home insurance rate?

Known as “attractive nuisances,” these family-favorites are actually considered liabilities to insurance companies due to the increased risk of injuries.

What can I do to improve my low credit score?

Poor credit can affect more than just your insurance premium. To improve your low score, make sure you pay your bills on time, including your credit card statement, and pay off as much debt as possible.

Methodology

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.

Author

Freelance contributor

Jessica Olivo

Freelance contributor

Jessica Olivo is a writer living in Connecticut. She specializes in web and blog content in a variety of topics such as parenting, business, and culture, as well as serialized and short fiction.

After working in publishing and book publicity for many years, she transitioned to freelance writing full time.

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