Best homeowners insurance in Miami, FL (2024)

We looked at average costs, customer service ratings, and policy options from multiple top insurers to find the best and cheapest home insurance companies in Miami.

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By

Jennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Edited by

Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat 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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Reviewed by

Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat 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.

Updated|6 min read

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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. 

Compare home insurance rates in Miami

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Home insurance rates in Florida have increased an average of 35% the last two years due to the high number of destructive hurricanes and expensive claim losses. In addition to raising home insurance premiums, several insurers have gone insolvent or left the state in recent years, sparking a full-on home insurance crisis in Florida.

Because of the recent news events surrounding the home insurance industry in Florida, our picks for best homeowners companies in Miami reflect the best options for the here and now. Insurance carriers that aren't currently selling new policies in Florida were not considered in this guide.

Compare the best cheap homeowners insurance companies in Miami

Based on our findings, State Farm, Slide Insurance, Universal Property, Tower Hill, and Citizens are the best home insurance companies in Miami.

To find the best cheap homeowners insurance in Miami, we reviewed over a dozen of the largest insurance companies in the state and chose the five with a high overall Policygenius rating or available to high risk homeowners who've struggled to find coverage elsewhere.

Our ratings are based on each company's financial strength and customer service ratings, the number and quality of available coverage, and average policy premiums in 23 Miami ZIP codes.

Company

Average monthly cost

Policygenius rating

State Farm

$274

4.8 out of 5

Slide Insurance

N/A

3.9 out of 5

Universal Property

$333

3.6 out of 5

Tower Hill

$233

3.6 out of 5

Citizens

N/A

2.5 out of 5

award icon

2024 Policygenius award winner

State Farm

State Farm logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Offers extended replacement cost

Offers flood insurance

Offers earthquake insurance

Wind/hail deductible

Offers wildfire insurance

Why we chose itchevron icon

State Farm home insurance is one of the best home insurance companies in Miami thanks to its statewide availability, large selection of policy options for most home types, high customer service marks, and industry-best financial stability ratings.

Pros and conschevron icon

Pros

  • High customer satisfaction and financial strength ratings

  • Top-tier coverage add-ons, including extended replacement cost coverage

  • Offers large discounts when you bundle your home and auto insurance

Cons

  • 20% more complaints filed with the NAIC than other companies of its size

  • No discounts for first-time homebuyers

More detailschevron icon

Why we chose State Farm

At a time when lots of competitors are no longer insuring homes in areas prone to wildfires and hurricanes, State Farm continues to offer its relatively affordable and highly-rated home insurance to homeowners in most parts of the country, including Florida.

And it doesn't skimp on coverage, offering flood, wildfire, and earthquake protection — one of few competitors that offers all three insurance policies to homeowners in many high-risk states.

Plus, while many competitors don't have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from AM Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.

How much does State Farm home insurance cost?

The average cost of State Farm home insurance in Miami is $3,284 per year, which is about 8% cheaper than the city average of $3,572 per year.

How to get a quote

Online through State Farm

Slide Insurance

Slide Insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starHalf orange starEmpty gray star

3.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

NA

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

NA

Wind/hail deductible

Why we chose itchevron icon

Slide Insurance is brand new to the insurance industry, offering coverage exclusively to Florida residents with a goal to revolutionize how insurance is underwritten and sold using technology, data, and leadership taken from Big Tech companies.

Pros and conschevron icon

Pros

  • Offers coverage to Florida homeowners who may not have other options

  • Earns A (Exceptional) rating from Demotech for its financial strength and stability

Cons

  • Still too new to gauge customer service around claims and policy management

  • Website lacks detailed information about all of its coverage and discount options available

  • Doesn’t offer a mobile app, access to an online account, or online quotes

More detailschevron icon

Why we chose Slide Insurance

As other home insurance companies are leaving Florida or going out of business altogether, Slide Insurance has been purchasing renewal rights and selling new home insurance policies exclusively to Florida residents.

It purchased home insurance policies from St. John’s Insurance and UPC Insurance — two Florida insurers that went out of business in the last year. And by using technology, data, and leadership taken from a range of Big Tech companies, Slide Insurance says it is offering a new approach to insurance in a market that is in desperate need of a change. 

How much does Slide home insurance cost?

We don't have access to the average cost of Slide home insurance in Miami as of July 2023.

How to get a quote

Online or through a local agent

Universal Property

Universal Property logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starHalf orange starEmpty gray star

3.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

B

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Wind/hail deductible

Why we chose itchevron icon

Universal Property home insurance offers cheap rates and lots of coverage add-ons, including a rare private flood insurance endorsement with up to $5 million in protection.

Pros and conschevron icon

Pros

  • Insures homes over 70 years old and roofs up to 20 years old

  • Offers 10 discounts to help you save on your policy

  • Receives A rating with AM Best, meaning it has the financial stability to pay out claims in the wake of a disaster

Cons

  • Received 11 times more complaints than similar-sized insurance companies in 2022, according to the NAIC Complaint Index

  • Cheaper rates can be found with other companies on this best list

More detailschevron icon

Why we chose Universal Property

Unlike many home insurance companies in Miami that shy away from covering older homes or those with roofs more than 10 years old, Universal Property doesn't.

It's willing to cover homes that are more than 70 years old. And you can get coverage for shingle roofs that are up to 20 years old and wood roofs that are up to 15 years old.

How much does Universal Property home insurance cost?

The average cost of Universal Property home insurance in Miami is $3,999 per year, which is around $400 more expensive than the annual citywide average of $3,572.

How to get a quote

Online or through a local agent

Tower Hill

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starHalf orange starEmpty gray star

3.6

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

B

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Wind/hail deductible

Offers extended replacement cost

Offers flood insurance

Why we chose itchevron icon

Tower Hill home insurance offers cheap rates and lots of coverage add-ons, including a rare private flood insurance endorsement with up to $5 million in protection.

Pros and conschevron icon

Pros

  • Private flood insurance endorsement with up to $5 million in coverage

  • Cheap rates that are 50% lower than the national average

  • 20+ coverages and policy add-ons available

Cons

  • AM Best rating downgraded to B (fair) in Oct. 2022

  • Averaged 5 times more complaints than similar insurance companies in 2021

More detailschevron icon

Why we chose Tower Hill

Tower Hill’s private flood insurance endorsement lets you add up to $5 million in private flood coverage to your existing home insurance policy — an especially valuable add-on if you live in a coastal area of Florida at high risk of flooding. It also offers a slew of other coverage add-ons related to flooding, including protection against mold, fungus, or rot damage; debris removal; and water backup coverage.

How much does Tower Hill home insurance cost?

The average cost of Tower Hill home insurance in Miami is $2,790 per year, which is almost $800 cheaper than the annual citywide average of $3,572.

How to get a quote

Online through Policygenius

Citizens Property Insurance

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starHalf orange starEmpty gray starEmpty gray star

2.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Wind/hail deductible

Why we chose itchevron icon

As Florida’s version of the Fair Access to Insurance Requirements (FAIR) Plan, Citizens home insurance might be a good fit if you’ve struggled to qualify for coverage due to multiple past claims, living in a high-risk coastal area, or having an old roof.

Pros and conschevron icon

Pros

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

  • Wind, flood, and dwelling fire insurance policies available

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

Cons

  • Rates are nearly 3 times higher than the national average — and the insurer proposed a 12% rate hike in June 2023

  • Fewer coverage options and lower limits than competitors

  • No online quote tool

More detailschevron icon

Why we chose Citizens

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

How much does Citizens home insurance cost?

We don't have access to the average cost of Citizens home insurance in Miami as of July 2023.

How to get a quote

To get a home insurance quote with Citizens, you’ll first need to prove that you were unable to find coverage with a standard home insurance company or that the coverage you did qualify for was 20% more expensive than a similar policy with Citizens. If it is, then you can get a quote from any licensed insurance agent who’s authorized to sell Citizens coverage.

Methodology & why you can trust our rates

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.

Compare home insurance rates in Miami

We don't sell your information to third parties.

How much is homeowners insurance in Miami?

The average cost of home insurance in Miami is $3,572 per year, or $298 a month, for a policy with $300,000 in dwelling coverage. This is around 56% higher than the average annual cost of $2,288 for homeowners insurance in Florida, and 104% higher than the national average. 

Miami home insurance rates by ZIP code

Home insurance rates can vary substantially depending on which ZIP code your home is located in, as homes in certain Miami neighborhoods may be more prone to extreme weather damage or property crime than others.

To help you find out how much home insurance costs where you live, we calculated the average home insurance premium for Miami's 10 most highly populated ZIP codes.

ZIP code

Average annual cost

Difference from state average (%)

33142

$3,652

60%

33125

$3,623

58%

33126

$3,668

60%

33135

$3,636

59%

33133

$3,541

55%

33150

$3,616

58%

33130

$3,556

55%

33138

$3,607

58%

33185

$3,602

57%

33127

$3,609

58%

Collapse table

Cheapest ZIP codes for home insurance in Miami

With an average home insurance rate of $3,244 per year, the 33198 ZIP code is the most affordable area for home insurance in Miami.

ZIP code

Average annual cost

Difference from state average (%)

33198

$3,244

42%

33199

$3,308

45%

33122

$3,516

54%

33129

$3,540

55%

33133

$3,541

55%

33145

$3,541

55%

33130

$3,556

55%

33132

$3,563

56%

33137

$3,567

56%

33194

$3,572

56%

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Most expensive areas for homeowners insurance in Miami

With an average annual premium of $3,682, the 33144 ZIP code is the most expensive ZIP code in Miami for home insurance. If you live one of these 10 ZIP codes, your rates might be among the highest in the city.

ZIP code

Average annual cost

Difference from state average (%)

33144

$3,682

61%

33126

$3,668

60%

33142

$3,652

60%

33195

$3,640

59%

33128

$3,636

59%

33135

$3,636

59%

33136

$3,632

59%

33125

$3,623

58%

33150

$3,616

58%

33127

$3,609

58%

Collapse table

Learn more >> Home insurance rates by ZIP code

Miami home insurance costs by coverage amount

Along with your home's location, your homeowners insurance premiums are primarily based on how much dwelling coverage is in your policy. This is the centerpiece of your home insurance coverage, covering the cost to repair or rebuild your home after a covered disaster.

As shown in the table below, the average annual home insurance premium for a Miami home with $500,000 in dwelling coverage is $5,961 — around $2,400 higher than the citywide average. With construction materials and labor costs at an all-time high, you’ll want to ensure you’ve purchased enough coverage to protect your home after a covered loss.

Dwelling coverage limit

Average annual cost

$100,000

$1,557

$200,000

$2,681

$300,000

$3,572

$400,000

$4,717

$500,000

$5,961

Miami home insurance costs by deductible amount

Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to help cover the cost of repairing or replacing your property. A higher deductible means lower insurance premiums, but it also means you're responsible for paying more out of pocket when you file a claim.

As shown in the table below, Miami residents can save around $1,500 per year on home insurance by choosing a $2,000 deductible instead of the $500 option.

Deductible

Average annual cost

$500

$4,235

$1,000

$3,995

$2,000

$2,687

Cheapest homeowners insurance companies in Miami

Based on our analysis, Security First, Chubb, and Tower Hill are the three cheapest home insurance companies in Miami, with average premiums citywide ranging from $1,106 to $2,790 per year.

Company

Average annual cost

Security First Insurance

$1,106

Chubb

$1,186

Tower Hill

$2,790

State Farm

$3,284

Universal Property

$3,999

Cheapest home insurance in Miami if you have poor credit

bad credit score does more than just cost you a few dollars in late payment fees — it can also make your auto and home insurance rates thousands of dollars higher.

With an average annual premium of $1,106, Security First Insurance has the cheapest home insurance rates in Miami for a homeowner with poor credit, while State Farm's average of $5,634 per year is the most expensive. 

Company

Average annual cost

Security First Insurance

$1,106

Chubb

$1,729

Universal Property

$3,999

Tower Hill

$4,495

State Farm

$5,634

Cheapest home insurance in Miami if you have an older home

Insurance carriers consider older homes to have a higher risk of damage or loss compared to newer homes since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code.

Looking at average quotes for a 50-year-old home, Security First is the cheapest home insurance option for Miami homeowners, while Universal Property is the most expensive.

Company

Average annual cost

Security First Insurance

$911

Chubb

$1,090

Tower Hill

$2,455

State Farm

$3,284

Universal Property

$3,999

Cheapest homeowners insurance in Miami if you have a history of claims

Claims history is one of the biggest factors that insurance companies use when calculating your home insurance premiums. If you have multiple claims on your record, your insurer will likely view you as a risk for filing future claims and may charge you higher rates as a result.

Here's the cheapest home insurance companies in Miami for a homeowner with three claims within a five-year period on their record. According to our findings, homeowners with multiple claims will likely find Security First Insurance to be their cheapest option, while Universal Property appears to be the most expensive.

Company

Average annual cost

Security First Insurance

$1,106

Chubb

$1,186

Tower Hill

$2,759

State Farm

$3,746

Universal Property

$3,999

Miami home insurance coverage options for hurricanes and flooding

In addition to looking at how much each insurance company charges for different coverage levels and risks, you should also be aware of what your policy does and doesn’t cover.

When buying homeowners insurance in Miami, there are two additional insurance options you may need to consider to protect against the state’s frequent hurricanes and flooding.

Windstorm insurance

Homeowners insurance generally covers the cost of repairs if your home is damaged by wind or hail. However, since Miami sees frequent hurricanes, tropical storms, and tornadoes, policies often exclude coverage for wind and hail in high-risk areas.

If that’s the case, you’ll need windstorm insurance — a special type of property insurance that specifically covers your home and belongings from wind or hail damage. Windstorm insurance is sometimes available as an add-on to your homeowners insurance, though it can also be purchased as a separate wind-only policy.

Flood insurance

Most homeowners insurance policies don’t cover flood damage, so Miami residents in at-risk areas will want to consider flood insurance on top of their coastal home insurance policy.

In addition to comparing home insurance quotes, Miami homeowners can also compare private flood insurance rates with Policygenius, or choose a policy through a government entity like the National Flood Insurance Program.

Learn more >> Flood insurance in Florida: Coverage & costs

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

How to get homeowners insurance quotes in Miami

While it’s possible to find an affordable home insurance policy in Miami, there are several factors that could drive up the costs. Here are some steps to follow to make sure you're finding the best coverage at the cheapest price.

5 steps to buying homeowners insurance in Miami, FL

  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.

Compare home insurance rates in Miami

We don't sell your information to third parties.

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 — $3,572 per year compared to the statewide average of $2,288 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.

Author

Jennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Editor

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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