Best & Cheapest Homeowners Insurance in Miami, FL April, 2024

Nationwide provides the most affordable homeowners insurance for residents in Miami, with an average yearly premium of $1,672.

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Bob Phillips
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In our thorough assessment of home insurance providers in Miami, FL, Nationwide stands out as the most affordable option, with an average annual rate of $1,672. However, the best insurer for you might depend on your specific circumstances.

For example, if you have a lower credit score, Universal North America offers the most economical choice, with an average yearly premium of $3,477. On the other hand, for owners of older homes, State Farm is a top pick with competitive rates of $3,274 per year for comprehensive coverage.

If you own a newly constructed home, Nationwide once again provides the most cost-effective solution at $1,034 per year. Individuals with a history of claims may find an affordable option with State Farm at $3,758 per year.

For those with valuable personal property, Allstate proves to be a great choice, offering extensive coverage at a reasonable rate of $2,538 per year.

Our detailed analysis at Insuranceopedia aims to help you find the perfect fit for your home insurance needs. We compare customer ratings, analyze personal experiences, and present comparison charts to provide you with all the information you need to make an informed decision.

How much is homeowners insurance in Miami, FL?

Nationwide provides the most budget-friendly homeowners insurance rate in Miami, priced at $1,672 per year.

As indicated below, Miami’s insurance rates are significantly higher than the national average . They rates are also higher than the statewide average in Florida.

Area Average Monthly Rate
National $1,820
Florida $2,348
Miami $3,944

Car insurance rates are not standardized and can fluctuate based on various factors. Your driving history is pivotal; a clean record leads to lower premiums compared to one with traffic violations or accidents. The type of vehicle you own is also a factor, as insuring high-performance or luxury cars tends to be more expensive.

Your residential location is another consideration, with urban areas experiencing higher rates due to elevated risk factors. Additionally, your age and marital status can impact your premiums.

Cheapest Homeowners Insurance in Miami, FL 2024

Cheapest Home Insurance, Miami, 2024

Our Methodology

To find the most economical home insurance rates in Miami, we conducted a comprehensive analysis using data from various home insurance review sites. Some of these sources assessed rates from public filings obtained through Quadrant Information Services. The review is based on an average of these rates, but it's crucial to note that each company's rates are subject to frequent changes and will vary based on your specific circumstances. Furthermore, the overall rating considers my subjective opinion, shaped by fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest homeowners insurance in Miami, FL

In Miami, FL, Nationwide is the most budget-friendly choice for homeowners insurance, providing an average annual rate of $1,672.

Company Annual Premium
Nationwide $1,672
Chubb $1,966
Allstate $2,437
Universal North America $3,689
State Farm $4,098

Your insurance policy cost is influenced by various factors, including your location, home value, and claims history. Nationwide offers a well-balanced option with a combination of affordability and comprehensive coverage.

Cheapest Homeowners Insurance If You Have Poor Credit

For individuals with a poor credit score, Universal North America provides the most cost-effective solution, offering an average annual rate of $3,477.

Insurance Company Average Annual Premium
Universal North America $3,477
Chubb $3,549
Heritage $6,907
State Farm $8,820
Citizens $10,130

Insurers consider your credit score as a key factor in determining insurance rates, as it helps assess risk. Universal North America acknowledges the significance of providing equitable coverage for all individuals, irrespective of their credit history.

Cheapest Homeowners Insurance In Miami If You Have an Older Home

For homeowners with older homes, State Farm offers the most budget-friendly rates, averaging $3,274 per year.

Insurance Company Average Annual Premium
State Farm $3,274
Universal North America $3,504
Chubb $3,563
Tower Hill $4,435
Heritage $4,609

Older homes can present distinctive risks and maintenance challenges, potentially resulting in higher insurance costs. State Farm addresses these concerns by providing competitive rates and comprehensive coverage specifically tailored to meet the unique needs of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

For owners of newly constructed homes, Nationwide offers an affordable solution with an average annual rate of $1,034.

Insurance Company Average Annual Premium
Nationwide $1,034
Travelers $1,250
Allstate $2,048
Universal North America $2,476
State Farm $2,267

Newly constructed homes often come with distinct coverage needs compared to older homes, and Nationwide specializes in providing affordable policies tailored to these specific requirements.

Cheapest Home Insurance In Miami for a History of Claims

For homeowners with a history of claims, State Farm presents an affordable solution with an average annual rate of $3,758.

Insurance Company Average Annual Premium
State Farm $3,758
Universal North America $3,875
Chubb $3,963
Tower Hill $4,435
Heritage $4,609

Having a history of claims can result in higher premiums, as it may signal increased risk for insurers. Nonetheless, State Farm strives to offer reasonable rates for individuals with past claims, providing a second chance for affordable coverage.

Cheapest Home Insurance Rates for Lots of Personal Property

For individuals with valuable personal property, Allstate offers affordable coverage, providing competitive rates with an average annual premium of $1,341.

Insurance Company Average Annual Premium
Allstate $1,341
Nationwide $1,532
Heritage $1,539
State Farm $1,750
Chubb $1,815

Allstate provides comprehensive coverage at reasonable rates, ensuring that all your belongings are adequately protected, even if you possess a wealth of personal property.

Best Homeowners Insurance Companies in Miami, FL

Selecting the right homeowners insurance is not only a necessity but also a strategic decision. In Miami, with its rich history, homes are as unique as its residents. Therefore, the importance of finding an insurance provider that offers comprehensive coverage at competitive rates cannot be overstated.

To simplify your decision-making process, we’ve compiled a list of the top homeowners insurance companies in Miami, FL. These companies underwent evaluation based on criteria such as annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Refer to our comparison chart below to find the ideal match for your home insurance requirements.

  Company Annual Premium
1. Nationwide $1,672
2. Chubb $1,966
3. Travelers $1,688
4. Allstate $2,437
5. Tower Hill $2,796
6. Universal North America $3,689
7. State Farm $4,098
8. Heritage $6,909
9. Citizens $10,136

Average Home Insurance Rates by Zip Codes

The price of homeowners insurance in Miami, FL can vary considerably depending on the specific zip code. Below are tables displaying rates for different zip codes in Miami, including the five least and most expensive zip codes in the region for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
33135 $3,637
33126 $3,669
33185 $3,604
33125 $3,623
33138 $3,608

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
33199 $3,309
33145 $3,542
33130 $3,557
33198 $3,245
33122 $3,517

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
33136 $3,633
33128 $3,637
33126 $3,669
33150 $3,618
33144 $3,684

Average Home Insurance Rates in Miami, FL by Deductible Amount

The deductible you choose for your homeowners insurance policy can significantly influence premium rates in Miami, FL. Here’s a breakdown of how average home insurance rates change based on different deductible amounts:

Deductible Annual Rate
$500 $4,239
$1,000 $3,994
$2,000 $2,681

Average Home Insurance Rates in Miami, FL By Coverage Amount

Dwelling coverage, reflecting the maximum amount your insurance provider will pay for rebuilding or repairing your home in the event of damage or destruction, is a critical factor influencing your premium.

Below is a comparison chart depicting the average annual homeowners insurance premiums for different dwelling coverage amounts:

Dwelling Coverage Amount Average Annual Premium
$200,000 $2,698
$250,000 $3,006
$300,000 $3,572
$350,000 $4,117
$400,000 $4,720

Average Home Insurance Rates in Miami, FL by Company

Here is a comparison table displaying annual premiums from some of the leading providers in Miami:

Company Annual Premium
Nationwide $1,672
Chubb $1,966
Travelers $1,688
Allstate $2,437
Tower Hill $2,796
Universal North America $3,689
State Farm $4,098
Heritage $6,909
Citizens $10,136

How Much is Homeowners Insurance for Other Cities in Florida?

Here is a detailed comparison chart showcasing the cheapest companies and their annual premiums across various cities in Florida:

City Annual Premium
Coral Springs $3,378
Tallahassee $1,286
Lakeland $1,592
Boca Raton $2,160

Getting Online Homeowners Insurance Quotes in Florida

Websites like Insuranceopedia streamline the process of finding the best coverage for your unique needs. You can quickly obtain online quotes from top-rated insurers, making it easy to compare rates.

Just enter your information, and Insuranceopedia will present you with a range of options tailored to your requirements. This simplifies the selection of a policy that offers excellent value, striking a balance between cost and comprehensive coverage.

FAQs

Who has the cheapest home insurance in Miami, FL?

The most affordable homeowners insurance in Miami, Florida, is offered by Nationwide, with an annual premium of $1,672.

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

The typical expense for homeowners insurance in Miami, Florida, is around $3,944 per year.

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