Best cheap homeowners insurance in Miami

The best home insurance companies in Miami

To find the best home insurance in Miami, Florida, Bankrate’s insurance editorial team reviewed a group of insurers that still actively write home policies in Florida. We analyzed a range of factors, including average premium data from Quadrant Information Services (if available), coverage options and availability, digital tools and third-party ratings from J.D. Power and AM Best. Our research indicates that Chubb, Tower Hill and Kin are the three best home insurance companies in Miami. 

We assigned each provider a Bankrate Score on a five-point scale to give you the gist of a company at a glance. The higher the Bankrate Score, the better the company ranked in the key areas we mentioned earlier. However, be aware that your home insurance rate may vary based on a range of personal rating factors and ongoing challenges within the Florida home insurance market.

The cheapest home insurance companies in Miami

There is no getting around it — insuring a home in Miami is expensive. Its position near the water puts it at a higher risk of hurricane damage and floods, both of which could be catastrophic to insurers and homeowners alike. Although options are more limited in Florida, Bankrate’s team has identified some of the cheapest home insurance in Miami for a variety of coverage limits. According to our research, State Farm, Security First and American Integrity are offer the cheapest rates in Miami for $300,000 in dwelling coverage. 

How much is home insurance in Miami, Florida?

If you’re a Miami homeowner, you’ve likely already learned just how expensive insurance can be. Our analysis of rate data from Quadrant Information Services shows the average cost of home insurance in Miami is $11,019 per year for $300,000 in dwelling coverage. Florida as a whole is an expensive state for home insurance, with an average statewide cost of $5,770. High premiums here are partially due to the heightened risk of natural disasters, but there is more to the story than just that. Instances of widespread insurance fraud (phony roofing claims, in particular) have also placed financial strain on insurance companies, which causes them to charge higher rates to recoup losses. 

Miami rates by credit tier

In Florida, insurers are allowed to use a homeowner’s credit rating to help determine your home insurance rate. Homeowners with poor credit are statistically more likely to file a claim, so most insurers charge them higher rates to account for the added risk. Bankrate’s data analysis shows that a Miami homeowner with poor credit rating pays an average of 10 percent more than a homeowner with good credit for the same policy. While increasing your credit score won’t happen overnight, taking steps to improve your credit could help you secure more affordable home insurance — something that could help lessen the blow of paying sky-high Miami home insurance costs. 

Below, we’ve pulled the top five cheap home insurance companies in Miami for a variety of credit ratings.

Miami rates by home age

The age of your home can also affect what you pay for Miami home insurance. Older homes are typically more expensive to insure, as they could be built with older materials that could make a potential claim more expensive. However, depending on the insurance company, a newer build may also be more expensive. The table below shows the cheapest home insurance companies in Miami for homes built in 1959, 1982, 1992, 2010 and 2020.

Miami rates by deductible amount

Your home insurance deductible is your amount of financial responsibility after you file a claim. Here is one way that could play out: You file a claim for a covered loss, and your insurance company sends you a check for the repairs with your deductible taken out. Your insurance company could also ask you to pay them the deductible first before repairs can begin. Most of the time, a higher deductible results in a lower premium. Opting for a high-deductible plan could help lower ultra-high Miami home insurance costs, but be sure that your deductible is still an amount you can reasonably afford to pay at the drop of a hat. 

Below, we’ve highlighted some of the cheapest home insurance companies in Miami and average premiums for different deductible amounts. 

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2024 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $250,000
• Coverage B, Other Structures: $25,000
• Coverage C, Personal Property: $125,000
• Coverage D, Loss of Use: $50,000
• Coverage E, Liability: $300,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Score

Our 2024 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.