Best cheap homeowners insurance in Miami in 2025
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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. The average rate data from Quadrant Information Services shows that homeowners in Miami pay $10,143 per year, or $845 each month, for a home insurance policy with a $300,000 dwelling limit. In addition to cost, we analyzed a range of factors, including 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 among the 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.
Bankrate Score
Avg. annual premium
$300K dwelling coverage
Avg. monthly premium
$300K dwelling coverage
Why Chubb made our list: Chubb has the highest Bankrate Score of the three providers we chose, which speaks to its low NAIC complaint index and high financial strength ratings. Its Masterpiece insurance policy comes with several perks already included, such as replacement cost coverage for your dwelling and property, complimentary risk consulting, water backup and sewer line coverage. Chubb also offers private flood insurance, with limits up to $15 million for your home and contents — significantly higher than the National Flood Insurance Program’s (NFIP) limits of $250,000 for dwelling and $100,000 for personal property.
Why Chubb may be the best for high-value homes: Chubb was the 2025 Bankrate Awards winner for Best for High-Value Homes and winner for Best for High-Risk Locations in part for its specialized coverage options. Much of its coverage is tailored to more expensive homes like its extended replacement cost coverage and liability limits of up to $100 million. Chubbs has an international network of agents, which could also appeal to homeowners living abroad who use their Miami property as a vacation home.
| Bankrate Score | 4.6 |
| J.D. Power | 688/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. monthly premium
$300K dwelling coverage
Avg. monthly
$300K dwelling coverage
Why Tower Hill made our list: Tower Hill Insurance Exchange is a Florida-specific subsidiary of Tower Hill. While they share almost the same name, they are two different companies. According to Demotech, both have a financial strength rating of A (Exceptional). In June 2023, Tower Hill Insurance Exchange announced it had secured nearly $2 billion in catastrophe reinsurance, significantly more than the $120 million limit. This speaks to the company’s financial stability, which is an ongoing problem for many Florida home insurance companies.
Why Tower Hill may be best for customizable policies: Tower Hill Insurance Exchange offers Miami homeowners a couple of different ways to customize their policies. Its endorsement options include water backup coverage, extended replacement cost, landscaping coverage and trampoline liability. However, coverage availability might differ between Tower Hill and Tower Hill Insurance Exchange; to get a more complete picture of what you can add to your policy, you might want to speak with an agent. Private flood insurance is available with up to $2.5 million in dwelling coverage.
| Bankrate Score | 3.4 |
| J.D. Power | |
| AM Best Rating |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
Not available
Avg. monthly premium
$300K dwelling coverage
Not available
Why Kin made our list: Kin is a newer insurance company that opened its doors in 2016 to homeowners in high-risk states, Florida included. Kin takes a tech-forward approach to home insurance and advertises a unique underwriting method that includes data other insurers may not consider when setting rates, like aerial imagery and property records. It also advertises itself as an affordable insurer, stating that customers saved an average of over $900 when they switched to Kin. However, average rates are not available for Kin through Quadrant Information Services.
Why Kin may be best for online policy management: Miami homeowners who prefer to handle their home insurance policies online may be interested in Kin. Claims can be filed online 24/7, and policyholders can contact Kin’s customer service team via online chat or phone call with other questions during its service hours. Notably, Kin does not have any physical insurance offices. However, Kin does offer private flood insurance.
| Bankrate Score | 2.9 |
| J.D. Power | |
| AM Best Rating |
Why you can trust Bankrate
Read our full methodologyThe insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers the information they need to make educated decisions when shopping for a policy.
78
years of industry experience
9
licensed staff
34.5K
ZIP codes examined
120
carriers reviewed
The cheapest home insurance companies in Miami
There is no getting around it — insuring a home in Miami is expensive. Its position on the Atlantic coastline 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 offer the cheapest rates in Miami for $300,000 in dwelling coverage.
|
|
|
|
|---|---|---|
|
$1,787
|
$149
|
|
|
Security First
|
$8,390
|
$699
|
|
American Integrity
|
$9,447
|
$787
|
|
|
|
|
|---|---|---|
|
$1,926
|
$161
|
|
|
Security First
|
$9,778
|
$815
|
|
American Integrity
|
$10,771
|
$898
|
|
|
|
|
|---|---|---|
|
$2,184
|
$182
|
|
|
Security First
|
$12,085
|
$1,007
|
|
American Integrity
|
$13,776
|
$1,148
|
|
|
|
|
|---|---|---|
|
$2,941
|
$245
|
|
|
$5,517
|
$460
|
|
|
American Integrity
|
$15,539
|
$1,295
|
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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 $10,143 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 $5,292. 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 your credit history 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 a poor credit rating pays an average of 5 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.
|
|
|
|
|
|
|---|---|---|---|---|
|
$3,863
|
$2,007
|
$1,787
|
$1,435
|
|
|
Security First
|
$8,390
|
$8,390
|
$8,390
|
$8,390
|
|
American Integrity
|
$10,065
|
$9,531
|
$9,447
|
$9,292
|
|
$12,703
|
$9,889
|
$9,653
|
$9,081
|
|
|
$12,939
|
$12,939
|
$12,939
|
$12,939
|
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.
|
|
|
|
|
|
|
|---|---|---|---|---|---|
|
$5,596
|
$5,246
|
$4,810
|
$2,161
|
$1,612
|
|
|
Security First
|
$11,164
|
$10,912
|
$10,824
|
$9,010
|
$8,303
|
|
American Integrity
|
$17,041
|
$17,313
|
$17,958
|
$10,048
|
$9,104
|
|
$15,578
|
$15,669
|
$15,889
|
$10,695
|
$9,286
|
|
|
N/A
|
N/A
|
N/A
|
$13,185
|
$12,691
|
Miami rates by deductible amount
When you purchase a policy, you are asked to select your home insurance deductible. A deductible is the amount that is deducted from your claims check when you file a claim — or in other words, the amount you are responsible for out of pocket. If you have a $2,000 deductible and you file a claim for damage that is valued at $10,000, for example, your insurer would pay out $8,000 for the claim and you would be responsible for paying the remaining $2,000.
In general, the higher your deductible, the lower your premium, but be careful to choose a deductible that you could comfortably pay after a disaster. Below, we’ve highlighted some of the cheapest home insurance companies in Miami and average premiums for different deductible amounts.
|
|
|
|
|
|---|---|---|---|
|
$1,735
|
$1,736
|
$1,646
|
|
|
Security First
|
$8,390
|
$8,328
|
$8,278
|
|
American Integrity
|
$9,356
|
$8,504
|
$8,368
|
|
$9,653
|
$9,380
|
$9,062
|
|
|
$12,939
|
$10,894
|
$10,894
|
Frequently asked questions
Methodology
Rates
Bankrate utilizes Quadrant Information Services to analyze April 2025 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage limits:
Dwelling coverage
$300,000Other structures coverage
$30,000Personal property coverage
$150,000Loss of use coverage
$60,000Liability coverage
$500,000Medical payment coverage
$1,000The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
If otherwise specified, the base profile has been modified with the following homeowner characteristics:
Bankrate Score
Our 2025 Bankrate Score considers variables our insurance editorial team determined impact policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s cost of coverage, product availability, financial strength ratings, online capabilities and customer and claims support accessibility. We grouped these factors into three essential categories — cost and ratings, coverage and savings, and support — which we then weighted in a tiered approach.
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, our team analyzed 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 National Association of Insurance Commissioners (NAIC).
- 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 in a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.
