Best Homeowners Insurance In Miami Lakes, FL For April, 2024

Nationwide is my choice for the best homeowners insurance company in Miami Lakes.

min read
Updated: 04 January 2024
Written by
Bob Phillips
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Living in Miami Lakes, Florida comes with its unique set of weather challenges for homeowners. Throughout the year, residents have to deal with hot temperatures, high humidity, thunderstorms in summer, and occasional freezing temperatures during January and February. If you live along the Gulf or Atlantic Coast, the added concern of hurricanes from May to October adds to the risks. This is particularly true for homeowners in Miami Lakes, a beautiful city along the Atlantic Coast.

When severe summer storms, tropical storms, or hurricanes strike, Miami Lakes homeowners face the potential dangers of strong winds and flooding. Unfortunately, insurance companies often raise their rates in response to the significant losses they incur from these weather events. As a result, homeowners are always searching for the best home insurance companies in Miami Lakes to safeguard their properties. If you find yourself in this situation, you’re in the right place.

Having lived in Florida for nearly two decades, I understand the challenges of finding the right insurance company to protect your home and possessions from significant losses. Drawing from my experience and research, I highly recommend Nationwide as the top choice for home insurance in Miami Lakes.

However, I encourage you to explore the other insurance companies we review in Miami Lakes and make an informed decision based on your own needs and preferences.

Best Homeowners Insurance Companies In Miami Lakes, FL 2024

Best Home Insurance, Miami Lakes 2024

Compare The Best Home Insurance Companies In Miami Lakes, FL

A.M. Best Rating (A++ Best) Best Suited For Customer Satisfaction Rating (1000 Best) Overall Rating Online Experience Rating (10.0 Best) Get A Quote
Chubb

A++

High Value Homes

809

4.6

7/10

Instant Quote
Allstate

A+

People Looking For Discounts

816

4.7

9/10

Instant Quote
USAA

A++

Military Families

881

4.8

8/10

Instant Quote
Citizens

B++

Florida Based Insurer

Not Rated

4.6

6/10

Instant Quote
Tower Hill

B

Cheap Premiums

Not Rated

4.5

7/10

Instant Quote
State Farm

A++

Agent Presence

829

4.8

9/10

Instant Quote
Nationwide

A+

Best Overall

815

4.9

8/10

Instant Quote
Progressive Insurance

A+

Customer satisfaction

874

4.7

8/10

Instant Quote
Scroll to see comparisons

Our Methodology

To find the best home insurance companies in Miami Lakes, we used reliable sources. We looked at data from trusted rating services like A.M. Best, which assesses financial strength, and J.D. Power, which measures customer satisfaction. We also considered feedback from consumer websites and the author's personal experience. By combining objective data and personal opinions, we created a list of the top home insurance providers in Miami Lakes.

71

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

38+

Research Hours

Home Insurance Company Reviews


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Nationwide is our top choice for several reasons. They have a strong financial stability rating of A+ (Superior) from AM Best. Customers are highly satisfied with their service, as seen through positive ratings on various online platforms. Nationwide also has a large network of agents in South Florida, ensuring personalized assistance. Their rates are competitive, making them a reliable option overall.

What makes Nationwide stand out is their comprehensive standard home insurance policy, which includes unique coverages not commonly found with other insurers. They offer reimbursement for credit card fraud and coverage for meeting stricter building codes during a rebuild.

Moreover, Nationwide provides customizable add-ons to tailor your policy to your specific needs. For example, their Better Roof Replacement option covers the cost of upgraded roofing materials if qualified damage occurs. Another valuable add-on is Brand New Belongings, which offers replacement cost coverage for your personal belongings. If you experience damage or loss, you can repurchase items and submit the receipts to Nationwide for reimbursement of the price difference.

Convenience is a priority for Nationwide, offering multiple ways to purchase home insurance. You can connect with a local agent, make a phone purchase, or complete the process online. Their user-friendly website and mobile app make it easy to file and track claims, make payments, and make necessary policy changes.

Nationwide’s average cost for home insurance in Miami Lakes: $209/month

Benefits & Drawbacks

Benefits
  • Offers some of the most affordable premiums in Miami Lakes, helping homeowners save on insurance costs.
  • Provides optional coverage options such as upgraded roofing and replacement cost protection for belongings, allowing policyholders to customize their coverage.
  • Includes credit card protection as a standard feature in their policies, adding an extra layer of security.
Drawbacks
  • Reimbursement is required for optional contents replacement cost coverage, which may involve additional paperwork and processes for policyholders.

Best For Military Families

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

USAA is a strong contender for the title of Best Overall, securing a close second place. It’s important to note that USAA is exclusively available to military members and their families, which limits its accessibility. However, despite this limitation, USAA is highly reputable across the board.

Founded in 1922 by 25 Army officers who wanted to self-insure their cars, USAA has expanded over the years to offer a wide range of insurance and financial products. It caters to members of the U.S. armed forces, Reserve, veterans, and their families. With its headquarters in San Antonio, USAA has satellite offices in various locations, including London, Frankfurt, and Luxembourg.

USAA’s standard home insurance policy provides valuable features, such as replacement cost coverage for personal belongings and specific coverage for uniforms of active-duty and deployed service members. Optional insurance options may include coverage for earthquakes and home-sharing arrangements.

For eligible members, USAA offers convenient online purchasing using an active membership ID. Alternatively, you can seek assistance over the phone or visit a local branch. USAA also provides an automated agent chatbot on its website for quick access to online accounts, allowing for bill payments, policy changes, and claims management. It’s worth noting that USAA has an impressive A++ rating from AM Best, indicating the highest level of financial strength available for insurance companies.

Average premium for USAA home insurance in Miami Lakes: $140/month

Benefits & Drawbacks

Benefits
  • Includes standard contents replacement cost coverage, ensuring that your belongings can be replaced at their current value in case of damage or loss.
  • Provides coverage for active duty and deployed service members' uniforms and equipment, offering additional protection for military personnel.
Drawbacks
  • No physical offices or in-person locations in Miami Lakes, which may require all interactions to be conducted online or over the phone.
  • Offers fewer discounts compared to competitors, potentially limiting potential savings for policyholders.
  • Eligibility is limited to current and past military members and their immediate families, excluding other individuals from accessing their insurance options.

Best For Agent Presence

Overall Rating
4.8

Key Statistics

9/10 Affordability
7/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

State Farm is our second runner-up, thanks to its strong presence of agents in Miami Lakes and South Florida. This is crucial as it ensures the availability of State Farm agents and claims adjusters in the aftermath of severe storms or hurricanes, with claims offices located right in Miami Lakes.

State Farm offers a reliable standard homeowners policy that can be customized with additional coverages to meet your specific needs. These include protection for ordinance and law requirements, identity theft, and insurance for valuable items like jewelry.

In terms of financial stability, State Farm holds the highest AM Best rating of A++. This indicates their strong financial strength and reliability.

State Farm provides an optional replacement cost coverage for your home, other structures, and personal belongings. With this coverage, damaged items are replaced at their current market value without considering depreciation. Without this endorsement, replacement value is based on the actual cash value of the items.

To obtain a quote from State Farm, you can start the process online. However, to purchase a policy, you’ll need to work with a local agent. State Farm also offers convenient online tools and resources, allowing policyholders to file claims, manage their accounts, enroll in paperless billing, and access a comprehensive resource library for insurance-related information.

Average premium for State Farm home insurance in Miami Lakes: $144/month

Benefits & Drawbacks

Benefits
  • Puts your wallet at ease with remarkably affordable premiums, making it a budget-friendly choice.
  • Shines with the top-notch financial strength rating, giving you peace of mind about its strong financial stability.
  • Boasts an impressive army of local agents scattered across South Florida, ensuring personalized attention and support.
Drawbacks
  • Independence is limited as policies can only be accessed through the company's agents, excluding the option of independent agents and their services.

Cheapest Coverage

Overall Rating
4.5

Key Statistics

10/10 Affordability
6/10 Customer Reviews
7/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

Tower Hill stands out as a budget-friendly choice for home insurance in Florida. It’s worth noting that the company lacks a JD Power score for customer satisfaction and holds a B++ rating from AM Best. These factors are due to Tower Hill Insurance primarily focusing on Florida and offering coverage in only 16 additional states.

Tower Hill’s home insurance allows homeowners to customize their coverage to suit their needs. In addition to standard coverage for dwelling and personal property, their Typical and Prime Plus policies offer additional options called endorsements. These endorsements include extended replacement cost, water backup coverage, and personal injury coverage.

What makes Tower Hill unique are its add-on coverage options that may be hard to find with other insurers. These include coverage for landscaping, food spoilage, trampoline liability, lock replacement, and more. Their highest-tier Spire package includes various optional coverages directly within the policy.

Overall, Tower Hill provides affordable rates for Florida homeowners. However, it’s important to consider their customer satisfaction score and financial strength rating alongside their coverage options.

Average Premium for Tower Hill home insurance in Miami Lakes: $121/month

Benefits & Drawbacks

Benefits
  • Offers the most pocket-friendly rates in Miami Lakes and throughout the entire state of Florida.
  • Caters to high-value homes with specialized policy packages, ensuring comprehensive coverage.
  • Provides a wide range of coverage options, allowing you to customize your home insurance to meet your specific needs.
Drawbacks
  • In 2022, its financial strength rating was downgraded by AM Best, which may raise concerns about its stability.
  • Experiences a slightly higher number of customer complaints compared to the national average, as reported by the National Association of Insurance Commissioners (NAIC).
  • Lacks a mobile app and has limited policy information available on its website, limiting online accessibility and convenience.

Best For High-Value Homes

Overall Rating
4.6

Key Statistics

7/10 Affordability
8/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Chubb is a top choice for homeowners who want to protect their valuable assets, thanks to its wide range of additional offerings. However, it’s important to note that budget-conscious homeowners in Miami Lakes may find their rates slightly higher than average.

Chubb excels in insuring high-value homes by providing various policy add-ons, particularly extended replacement cost coverage. This ensures that your home can be rebuilt without financial burden in the event of a covered incident.

A notable advantage of Chubb is its risk consulting program, where a consultant visits your home to proactively assess fire or security risks, preventing accidents before they happen.

The Chubb Masterpiece insurance policy is designed specifically for affluent clients and includes coverage for the restoration of electronic data damaged by computer viruses and property management services.

When it comes to claims, Chubb claims agents have the authority to provide immediate payment. However, they cannot deny a claim without manager approval, aiming to make the claims process as smooth and hassle-free as possible for policyholders.

Average premium for Chubb home insurance in Miami Lakes: $317/month

Benefits & Drawbacks

Benefits
  • Provides personalized home assessments to ensure that each client receives tailored coverage for emergencies.
  • Allows Masterpiece-level customers to select their preferred contractors and artisans for repairs after making a claim.
  • Offers a cash settlement option for individuals who prefer not to rebuild their property following a total loss.
Drawbacks
  • The policies are generally pricier compared to competitors due to their focus on high-value properties.
  • Only offers quotes through agents, lacking the convenience of online quotes.

Best For Customer Satisfaction

Overall Rating
4.7

Key Statistics

8/10 Affordability
10/10 Customer Reviews
8/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Progressive stands out for its excellent customer satisfaction, ranking second according to JD Power (just behind USAA). It’s important to note that USAA’s home insurance is exclusively available to military members and their families, preventing it from claiming the top spot for customer satisfaction.

Progressive’s home insurance policies cover all the essential types of protection typically found in homeowners insurance:

• Dwelling coverage: Covers repairs or replacement for your home if it’s damaged by events like fires or tornadoes.

• Other structures coverage: Provides repairs or replacement for structures not directly attached to your home, such as fences or sheds.

• Personal property coverage: Takes care of repairs or replacement for your belongings, including clothes, electronics, and furniture.

• Liability insurance: Protects you against damage to other people’s property and injuries they may sustain on your property. It also covers legal defense in case of a lawsuit.

• Additional living expenses coverage: Offers funds for hotel stays, meals, and pet boarding if you can’t live in your home due to a covered event like a tornado.

It’s worth mentioning that Progressive has specific guidelines regarding coverage for certain dog breeds, as mentioned in their filings with the Florida Department of Insurance. Breeds such as Akitas, American bulldogs, chow chows, Dobermans, Mastiffs, pit bulls, Rottweilers, Staffordshire terriers, wolf hybrids, and any mixed or varied breeds of these, along with dogs with a history of biting, may not be eligible for coverage.

Average premium for Progressive home insurance in Miami Lakes: $219/month

Benefits & Drawbacks

Benefits
  • Offers highly competitive rates, ensuring affordability for customers.
  • The innovative Name Your Price tool allows you to specify your budget, and Progressive will find suitable coverage to meet your needs.
Drawbacks
  • Lacks options for increased dwelling coverage, limiting customization for specific property needs.
  • Enforces a banned dog list in Florida, which may make you ineligible for coverage if you own certain dog breeds.

Best For Florida-Based Insurers

Overall Rating
4.6

Key Statistics

7/10 Affordability
7/10 Customer Reviews
8/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

Citizens Property Insurance Corporation is a crucial player in Florida’s property insurance market. It exists to help those who can’t get coverage from private insurers.

As one of Florida’s top insurers, Citizens aims to provide excellent service that meets the same standards as private companies.

The Florida Legislature created Citizens in 2002 as a non-profit government organization. Its goal is to offer property insurance to eligible property owners in Florida who can’t find coverage from private insurers.

Citizens is funded by the premiums paid by policyholders. However, if Citizens faces significant losses from severe storms or multiple disasters, it may impose fees on most policyholders in Florida to cover the costs.

Average premium for Citizen’s home insurance in Miami Lakes: $180/month

Benefits & Drawbacks

Benefits
  • Headquartered in Tallahassee, Florida, ensuring a localized understanding of the state's unique insurance needs.
  • Specializes in providing insurance exclusively for Florida homes, offering tailored coverage for local homeowners.
Drawbacks
  • Premiums may experience an increase in the event of a significant storm, potentially impacting affordability.
  • No JD Power rating available to assess the company's customer service performance.

Best For Discounts

Overall Rating
4.7

Key Statistics

8/10 Affordability
7/10 Customer Reviews
8/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Allstate goes the extra mile by offering a total of 11 homeowners insurance discounts, surpassing the industry average of seven. Here are some noteworthy discounts:

• Claims forgiveness: Keeps your rate from going up after filing a claim.

• Claims-free: Earn a 5% discount each year if you stay claims-free.

• Deductible reward: Enjoy a $100 reduction in deductible when you sign up.

• Bundle: Save up to 25% by combining your home and car insurance.

• Automatic payment: Get up to 5% off with automatic payments.

• Loyalty: Receive up to 10% discount for renewing with Allstate.

• New Homebuyer: Discount available for recent homebuyers.

• New home: Discount for insuring a newly constructed home.

• Responsible payment: Additional discount for maintaining a good payment history.

• Early payment: Earn up to 10% off by purchasing a new policy at least seven days before your old one expires.

• Protective device: Discount for installing theft and fire protection systems.

Allstate’s homeowners insurance covers essential areas like your dwelling, personal property, liability protection, guest medical protection, and more. Additionally, they offer a range of optional coverages to tailor your policy to your needs.

With Allstate, you can choose from nine optional coverage types. Alongside common options like ID theft and scheduled personal property coverage, they provide unique coverage for homeowners with yards and gardens. This allows for increased coverage limits for landscaping costs and riding lawn mowers.

Benefits & Drawbacks

Benefits
  • Provides a wide range of discounts to help customers save on their premiums.
  • oasts a substantial network of local agents and claims adjusters in South Florida, ensuring prompt and personalized service.
  • Demonstrates strong financial stability, giving customers peace of mind.
Drawbacks
  • Receives a higher number of complaints compared to the national average, indicating room for improvement in customer satisfaction.

How To Find The Best Home Insurance Company For You

When it comes to finding the best home insurance company in Miami Lakes, it may take some time and effort, but it’s definitely worth it. Your home in South Florida is a valuable investment, so protecting it and your belongings is essential for your family’s financial well-being.

Here’s a step-by-step guide to help you in your search:

  • Start by researching home insurers in Miami Lakes online. Narrow down your options to three companies that you feel comfortable with.
  • Determine the coverage limits you need for your home (an agent can assist you if needed).
  • Request quotes for coverage from the three insurers you’ve selected.
  • Compare the coverage, customer reviews, financial strength, and rates of each company to make an informed decision.
  • Once you’ve chosen the best insurer, complete the application process to secure your coverage.

Keep in mind that while some companies allow you to complete everything online, others may require you to speak with an agent directly

Largest Home Insurance Companies In Florida

According to the latest data from the Insurance Information Institute for 2021, let’s take a look at the Florida home insurance companies with the highest number of policyholders:

  • Universal Insurance Holdings
  • Citizens Property Insurance
  • State Farm
  • Tower Hill Insurance
  • Progressive
  • USAA
  • First Protective Insurance Company
  • HCI Group, Inc.
  • Florida Peninsula Holdings
  • Heritage Insurance

Average Cost Of Home Insurance In Miami Lakes, FL

Using the median home data from the U.S. Census, let’s explore the rates for a 2,100-square-foot home with $215,300 of dwelling coverage that was built in 1986:

Insurer Annual Rate
Tower Hill $2,798
State Farm $3,291
Progressive $2,067
Universal $3,999
Average $2,220
Florida Peninsula $3,181
Heritage $2,448
HCI $2,457
Chubb $1,186

Average Homeowners Insurance Rate In Miami Lakes By ZIP Code

ZIP Code Average Annual Rate
33142 $3,691
33135 $3,618
33130 $3,573
33185 $3,624
33150 $3,381

Average Homeowners Insurance Rate In Miami Lakes By Dwelling Coverage

Dwelling Coverage Average Annual Rate
$100,000 $1,613
$200,000 $2,726
$300,000 $3,591
$400,000 $4,778
$500,000 $5,862

Average Homeowners Insurance Rate In Miami Lakes For Older Homes

Insurer Average Annual Rate
Tower Hill $2,372
Universal Property $3,747
State Farm $3,313
Chubb $1,219
Security First Insurance $948

How To Get An Online Home Insurance Quote In Miami Lakes

If you’re looking to get an online quote for home insurance in Miami Lakes, here’s a simple guide to follow:

• Visit the websites of the insurance companies you’re considering.

• Fill out a form with information about your home, like its value, age, size, exterior, and zip code.

• Submit the form and wait for your quotes to be generated.

Remember, not all Miami Lakes home insurance companies offer online quotes. If that’s the case, you’ll need to contact a licensed agent in your area by giving them a call.

Factors That Impact The Cost Of Your Home Insurance Policy In Miami Lakes

Many factors affect the cost of home insurance in Miami Lakes. Here are some key factors to consider:

    • Location: The zip code where your home is located plays a role in determining the insurance cost.
    • Age of the home: Older homes may have different insurance rates compared to newer ones.
    • Construction materials: The type of materials used in building your home, such as brick or stucco, can influence the insurance cost.
    • Proximity to flood zones: Homes located near flood-prone areas may have higher insurance rates.
    • Claim history: Your past insurance claims can impact the cost of your coverage.
    • Coverage amounts: The level of coverage you choose for your home and belongings affects the insurance premium.
    • Insurer discounts: Some insurance companies offer discounts based on factors like security systems or multiple policies.

In Miami Lakes, the proximity to the Atlantic Ocean is an important factor that can influence the rates of your home insurance.

Florida Home Insurance Laws To Know

Since January 1, 2023, a new property law called SB 2A has been in effect in Florida. This law brings about some important changes:

Florida Optional Reinsurance Assistance Program (FORA): This billion-dollar safety net is designed to assist insurance companies during hurricane seasons or major catastrophic events, similar to the one that occurred in 2022.

Elimination of Assignment of Benefits: The new law does away with the Assignment of Benefits practice, which involves transferring insurance claim payments from an insurer to a contractor.

In The News

• According to a report from WFAA news in Miami Lakes, industry experts anticipate a substantial rise in property insurance rates in Florida, potentially reaching up to a 50% increase during the summer of 2023.

• Over the past three years, United Property & Casualty (UPC) has become the tenth property insurance company in Florida to enter receivership. This indicates financial challenges within the industry.

Information About Miami Lakes

Miami Lakes, a beautiful town in Miami-Dade County, has a mix of peacefulness and city life. It offers a variety of experiences for its residents.

The architecture in Miami Lakes shows a blend of old and new styles, reflecting its rich history and diverse influences. The neighborhoods are lively and welcoming, with people from different backgrounds coming together.

Miami Lakes is a hub for culture and the arts. Throughout the year, there are music concerts, art exhibitions, and performances for everyone to enjoy. It’s a place where creativity thrives.

Nature plays a big role in Miami Lakes. The town has picturesque lakes and green spaces where residents can enjoy outdoor activities and relax. Parks are plentiful, offering a chance to unwind and stay active.

In Miami Lakes, there’s always something happening. Exploring the town, trying local food, and joining community events are part of the vibrant lifestyle that defines this special place.

Home Insurance Discounts In Miami Lakes

When buying home insurance in Miami Lakes, it’s a good idea to ask your agent about available discounts that can lower your premium. You might qualify for multiple discounts on the same policy, such as:

• Claims-free: If you haven’t made any claims, you can get a discount when renewing your policy each year.

• Bundle: Some companies offer up to 25% off when you bundle your home and car insurance together.

• Automatic payment: Setting up automatic premium payments from your checking account may qualify you for a discount.

• New home: Insuring a newly built home can make you eligible for a discount.

• Responsible payment: Having a good payment history can make you eligible for an extra discount.

• Early payment: Buying a new policy at least seven days before your old policy expires can earn you a discount.

FAQs

Is home insurance more expensive in Florida?

Florida is known for having higher home insurance rates compared to many other states, sometimes up to 50% more. The main reason for this is the coastal areas that are prone to hurricanes and severe weather. When insurance companies experience significant losses from these events, they have to increase rates to cover their costs. Unfortunately, this means higher premiums for homeowners in Florida.

What is the average monthly cost of home insurance in Florida?

The price of home insurance in Miami Lakes depends on the value of your home. If you have $250,000 in dwelling coverage, the average annual cost is approximately $2,200.

How much per month is a million-dollar home insurance policy in Miami Lakes?

In Miami Lakes, the cost of insurance can vary depending on the company you choose. Two companies in the area offer relatively low rates. Allstate provides coverage starting at $4,310 per year, while Nationwide offers rates starting at $5,501 per year.

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