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Homeowners with properties in Miami, Florida, can face a variety of risks, including hurricanes, floods and even wildfires. That’s part of why having a good homeowners insurance policy is extremely important. The right homeowners policy can help protect your finances against covered losses and damages that occur to your property, but home insurance rates in Miami can be expensive. The average cost of home insurance in Miami for 2022 is $3,090 per year for $250,000 in dwelling coverage. That’s significantly higher than the average cost of homeowners insurance nationwide, which is $1,383 for the same amount of coverage.
Luckily, you have options if you want to find the best cheap homeowners insurance in Miami. To help you get started, Bankrate’s insurance editorial team analyzed average rate data from Quadrant Information Services for dozens of companies, along with third-party customer service and financial ratings and other factors, to determine what the best cheap homeowners options are in this city. Based on our analysis, we found that some of the cheapest homeowners insurance companies in Miami include Chubb, Nationwide, ASI Progressive, Allstate and State Farm.
Best cheap home insurance companies in Miami
To find the best cheap home insurance companies in Miami, we reviewed dozens of Florida home insurance companies using a range of factors, including a review of each company’s average premium data from Quadrant Information Services, along with coverage options, availability, accessibility, online/mobile resource, and third-party ratings from J.D. Power and AM Best.
We used this information to assign each provider a Bankrate Score with a maximum of 5.0 points. The higher the Bankrate Score, the better the company ranked in these areas. When comparing cheap home insurance providers, using these same metrics to weigh possible insurance company options can help you determine what.
|HOME INSURANCE COMPANY||BANKRATE SCORE||AVERAGE ANNUAL PREMIUM FOR $250K DWELLING||J.D. POWER SCORE|
As a reputable U.S. insurance company, Nationwide could be a great fit for homeowners who prioritize the ability to personalize their policy or who have high-value homes. Miami homeowners will likely appreciate the wide range of available coverages, discounts and options for umbrella and pet insurance. Although Nationwide didn’t earn the highest overall customer satisfaction score in the 2022 J.D. Power Property Claims study, its score was above average at 878 out of 1,000 points. Additionally, the average premium on a $250,000 dwelling is the lowest on our list, at only $1,149 per year.
Learn more: Nationwide Insurance review
With an average rate of $1,440 per year for $250,000 in dwelling coverage, Chubb offers some of the cheapest homeowners insurance rates in Miami, according to our analysis of average rate data. Chubb may also be worth considering if you own a high-value home, as this company is geared toward ensuring high-value properties. Chubb’s standard home insurance policy comes with a wide variety of benefits, including extended replacement cost coverage, free risk consulting, a cash settlement claim option and more. However, Chubb’s rating on the 2021 J.D. Power Home Insurance Study is considerably lower than many of its competitors. It’s also the only company we reviewed that does not offer online quotes.
Learn more: Chubb Insurance review
ASI Progressive offers a full lineup of homeowners insurance coverage options and numerous discount opportunities to customers. The available discounts from this company include potential savings for everything from paperless statements to requesting your policy quote in advance of the renewal date. ASI Progressive also offers average rates that are well below the citywide average in Miami. However, the company was rated below average by J.D. Power for its overall customer satisfaction, so it may not be the best option if you’re looking for a company with top-rated customer service.
Learn more: ASI Progressive Insurance review
As one of the largest insurance providers in the U.S., Allstate offers a full range of policy options, discounts and digital assets for policy management. The highly rated app gives you a long list of features available right at your fingertips, including submitting claims and making updates to your policy. You can also have your list of personal belongings in the app, which acts as your digital locker in case you need to file a homeowners policy claim later on. Allstate also offers an extensive list of add-on coverage options, but it offers fewer discounts than many of its competitors.
Learn more: Allstate Insurance review
State Farm, which is the largest insurance provider in the U.S., uses a network of over 19,000 agents to help achieve its strong customer service ratings, such as the J.D. Power score. But if you prefer to work solo, you can start your quote, purchase a policy and complete all policy management either online or via the popular mobile app. State Farm does not offer many endorsement options for additional coverage, which is something to keep in mind if you want to customize your coverage.
Learn more: State Farm Insurance review
Home insurance coverage options in Miami
A standard home insurance policy provides coverage for many common perils you may face as a homeowner. However, every home insurance policy has certain exclusions. As such, you might want to consider adding optional policies or endorsements to fill in the coverage gaps in your basic homeowners insurance policy.
The available endorsements typically vary by company, but some additional coverage options that may be available to homeowners in Miami include:
- Flood insurance: Standard home insurance policies do not include flood insurance coverage, and certain types of water damage is also excluded. Due to the risk of storm surge after a hurricane or severe thunderstorm, Miami homeowners may find it useful to consider purchasing a separate flood insurance policy to protect their home and belongings.
- Wind/hurricane coverage: Severe storms and hurricanes can also cause damage from the high winds. Most home insurance policies include wind as a covered peril, but keep in mind that hurricanes may be excluded. In turn, it may benefit you to consider purchasing a separate hurricane policy or wind insurance policy if your home is at risk of these types of damages.
- Extended replacement cost coverage: The cost of rebuilding your home after a covered incident can exceed your standard dwelling policy limit in some cases. Purchasing an extended replacement cost coverage policy may provide additional dwelling coverage that will cover the cost to rebuild your home to its original condition.
Home insurance discounts in Miami
Since Miami is subject to multiple perils, this does drive up the homeowners insurance costs in the area. Taking advantage of as many discounts as possible is a great way to save on your premiums. Look for eligible discounts such as:
- Multi-policy/bundling: If you already have an existing policy with a carrier such as your auto insurance, ask about bundling and saving more by adding your homeowners insurance in Miami to the same carrier.
- Monitored systems: Installing a monitored burglar alarm and/or fire systems is another way to save. You not only have the added benefit of possible prevention of a peril, such as fire or theft, but you could also save on your premiums.
- New homebuyers: If you purchase a new construction home, ask your licensed insurance agent about possible new home savings. Carriers may offer savings if your home is less than 12 months old.
Finding cheap homeowners insurance in Miami requires research and exploring all possible discounts for maximum savings. The three mentioned above are only a few of the numerous possibilities. Other discounts, such as being a non-smoker or living in a gated community, may help you save even more on your policy.
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