The Best Cheap Homeowners Insurance in Miami, FL for 2021: Quotes and Reviews

Homeowners in Miami, Florida, will have to pay an average of $3,927 per year or $327 per month. The rates, however, vary from one company to another. Travelers offers the lowest average home insurance quote in Miami, at $1,452 per year. Citizens has the most expensive average rate, at $10,126 annually. This means that homeowners can save up to $8,674 a year by searching around for the best deals. MoneyGeek’s rankings of the best and cheapest homeowners insurance providers in Miami will assist those seeking affordable rates and quality service.

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The Cheapest and Best Homeowners Insurance in Miami

The Cheapest Home Insurance Companies in Miami

When you compare quotes from various companies, you will find that the majority of them have similar core coverages. Hence, the cost is an important determinant to consider while choosing a home insurance policy in Miami.

The cheapest homeowners insurance companies in Miami with a $250,000 dwelling coverage home insurance policy are:

  • Travelers: $1,452 per year
  • Nationwide: $1,651 per year

And the cheapest insurance companies for luxury homes protected by a $2 million dwelling coverage are:

  • Allstate: $9,200 per year
  • Nationwide: $12,339 per year

One of the factors influencing your home insurance rates is the dwelling coverage limits you choose. See the table below to find out how adjusting your dwelling coverage affects your insurance rates.

The Cheapest Home Insurance in Miami, Ranked

Dwelling Coverage:

$250,000

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    Amountper year
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The insurance plans considered for the analysis include an initial baseline dwelling coverage of $250,000 and $100,000 in personal property coverage. For plans with a $2 million dwelling coverage limit, the personal property limit goes up to $800,000. Regardless, the liability limit is $100,000 for all considered policies. If you live in another part of Florida, you can also compare home insurance rates with different companies on a statewide basis.

The Average Cost of Homeowners Insurance in Miami for 2021

Miami$3,927
Florida$2,359
U.S.$2,103

In Miami, home insurance costs an average of $3,927 per year or $327 per month. This is significantly higher than the yearly state average of $2,359 in Florida and the national average of $2,103.

Calculate the Cost of Home Insurance in Miami

Although your location affects the cost of your home insurance policy, other factors, such as the amount of dwelling and personal property coverage you purchase and your credit score, also play a role. MoneyGeek's home insurance calculator will help compare rates from different insurers in Florida.

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Home Insurance Calculator

State

Florida

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
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low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Best Home Insurance Companies in Miami

While price is an important consideration when selecting a homeowners insurance provider in Miami, you should also take into account the companies’ customer service experience and financial stability ratings. Since you're more likely to file a claim during a stressful time, a financially stable insurer can provide peace of mind by paying legitimate claims efficiently.

According to a MoneyGeek study, the best home insurance companies in Miami are:

  • Best Overall: Nationwide
  • Runner-up: Travelers

To find the best homeowners insurance companies in Miami, MoneyGeek rated them based on customer satisfaction, affordability and financial stability.


1
Nationwide
Score:94

5/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Nationwide's water backup coverage is an add-on that protects your home against water-related perils. The company will cover the costs of flood-related damages if you include its flood insurance add-on to your home insurance policy. Its identity theft compensation helps homeowners to cover the costs of restoring their personal identification documents.

More About Nationwide

Nationwide is our top pick for Miami, having scored highly in a variety of categories, including MoneyGeek's affordability ranking. The Better Roof Replacement add-on will aid in the replacement of damaged roofs with better materials.

Read MoneyGeek's Nationwide home Insurance Review
2
Travelers
Score:93

5/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Through its identity fraud expense coverage, Travelers will pay up to $25,000 to recover or replace your identity documents. Travelers will also protect you if the cost of repairing your home exceeds the dwelling coverage of your home insurance policy. This gives you the advantage of receiving additional replacement costs.

More About Travelers

Travelers came in second by scoring highly across multiple categories, with perfect scores for MoneyGeek’s affordability and AM Best’s financial stability ratings. It offers additional coverage to restore homes with renewable products, which will be a relief for eco-conscious homeowners.

Read MoneyGeek's Travelers home Insurance Review
3
Chubb
Score:92

4.9/5

Affordability

3.8/5

User Satisfaction

5/5

Financial Stability

4
Allstate
Score:91

4.8/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

5
State Farm
Score:88

4.4/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

6
ASI
Score:85

4.5/5

Affordability

3.7/5

User Satisfaction

4.5/5

Financial Stability

7
Universal Property
Score:82

4.5/5

Affordability

3.5/5

User Satisfaction

4/5

Financial Stability

8
Universal North America
Score:77

4.5/5

Affordability

3/5

User Satisfaction

3.5/5

Financial Stability

9
Heritage
Score:73

3.7/5

Affordability

4/5

User Satisfaction

3/5

Financial Stability

10
Citizens
Score:73

3/5

Affordability

4.5/5

User Satisfaction

4/5

Financial Stability

Cheapest Home Insurance Companies in Miami for Newly Constructed Homes

Newly constructed homes in Miami are considerably less expensive to insure than older homes. New homes are more immune to damage because they are built with new and modern materials. Since those who own new homes are less likely to file claims, and since newer items are easier to replace, insurers provide them with lower-cost home insurance.

In Miami, the average cost of home insurance for a newly built home is $2,618 per year, compared to $3,927 for a home built in 2000.

The two cheapest homeowners insurance providers in Miami with $250,000 in dwelling coverage for newly constructed homes are as follows:

  • Nationwide: $1,005 per year
  • Travelers: $1,246 per year
The Cheapest Home Insurance in Miami for New Homes, Ranked

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Cheapest Home Insurance Companies in Miami if You Have a Lot of Personal Property

The home insurance policy you buy will protect both the structure of your home and the personal property you want to protect. The cost of insurance increases with the number of assets you want to insure. A standard home insurance policy with personal property limits of $250,000 will cost Miami homeowners $4,372 per year on average. A $100,000 personal property coverage limit, on the other hand, will cost you an average of $3,927 per year.

The two cheapest home insurance providers in Miami for homes with a $250,000 dwelling coverage and high personal property limits are:

  • Travelers: $1,571 per year
  • Nationwide: $1,912 per year
Cheap Companies in Miami for Extra Personal Property Coverage

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Cheapest Home Insurance Companies in Miami for High Deductibles

Your homeowners insurance policy's deductible is the sum of money you must pay out of pocket before your insurer will cover your loss. Your homeowners insurance rate is also determined in part by the policy deductible. If you choose a higher deductible, the insurance premium will be lower.

In Miami, a home insurance policy with a $2,000 deductible costs $3,396 on average, while a policy with a $1,000 deductible costs $3,927, which is a difference of $531.

The following two companies provide the cheapest homeowners insurance in Miami for homes with a $2,000 deductible:

  • Travelers: $1,287 per year
  • Nationwide: $1,391 per year
The Cheapest Companies in Miami for High Deductibles, Ranked

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Cheapest Home Insurance Companies in Miami if You Have Poor Credit

Insurance companies consider your credit score when evaluating home insurance quotes in Miami. The majority of insurers believe that a person with a poor credit score is more likely to file a claim. As a result, homeowners with bad credit will pay higher rates in Miami.

A standard home insurance policy in Miami, for example, will cost you an average of $5,025 annually if you have a poor credit score. On the other hand, those with good credit will pay $1,098 less a year, or $3,927 on average, for the same policy.

For those with a poor credit score, the following are the cheapest homeowners insurance companies in Miami:

  • Travelers: $1,452 per year
  • Nationwide: $1,651 per year
The Cheapest Companies in Miami for Poor Credit, Ranked

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Getting Online Homeowners Insurance Quotes in Miami

To evaluate home insurance quotes in Miami, homeowners must provide various details, including those mentioned below:

  • Home replacement cost: This is an estimated cost of repairing your home after it has been damaged by a covered peril. Insurers use this estimate to determine the dwelling coverage for your home insurance policy.
  • Personal property value: The personal property coverage limit for your home insurance policy is determined by the value of the personal belongings you wish to insure.
  • Personal information: In order to obtain online home insurance quotes, you must have personal information ready, such as your home address, insurance claim history, credit rating and the number of people living in your home.
  • Home details: To give you a more accurate home insurance quote, insurers will need to know the age of your home, its size and any built-in safety features, among other things.
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Homeowners Insurance in Miami Analysis: Methodology

MoneyGeek conducted this study on 10 Miami insurance companies using the data provided by Quadrant. We considered a home with varying levels of coverage for the affordability ratings. We also considered J.D. Power's surveys to assess the level of customer satisfaction of each company.

An average homeowner with a 2,500-square-foot home built in 2000 was the baseline profile. The house had a dwelling coverage of $250,000 with personal property coverage of $100,000 and liability coverage of $100,000. All plans considered had a $1,000 deductible regardless of the coverage level.

For the study, we also used homeowner profiles of newly built houses, higher deductibles, poor credit and increased dwelling or personal property coverage.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.