Miami, Florida is the 2nd-most populated city in Florida. It is also surrounded by stunning ocean waters and has a vibrant culture and nightlife. Living in this city will result in higher homeowner insurance premiums. Average annual costs for $250,000 of dwelling coverage are $2,954 per annum, which is well above the national average at $1,312 per annum. Bankrate compared a variety of insurance companies to find the best Miami homeowners insurance. They also looked for other benefits, such as discounts, multiple coverage options, and excellent customer service ratings.
The best home insurance companies in Miami
There are many national carriers that offer competitive premiums and excellent customer service ratings. State Farm and Allstate are two examples of low-cost insurance rates in Miami. They also rank higher in overall customer satisfaction according to the 2020 J.D. Power Home Insurance survey.
Travelers
Although Travelers is not the most expensive or has the highest J.D., they are still the most affordable. It has a high Power rating, but it offers very competitive homeowners insurance rates. It is worth looking at the long list of discounts that are available such as policy bundling or a green home discount. The financial strength rating for Travelers is A++ Superior by AM Best. This highlights the strength and power of one of the largest insurance companies in the country.
Progressive
Progressive, like other carriers, offers homeowners insurance options and discounts. There are many discounts that can be used to save money on everything, from paperless statements to getting your policy quote before the renewal date. Progressive was not the best in rate quotes. However, the rates were well below the average. This shows how much Progressive can save you.
Allstate
Allstate is one of the most prominent insurance providers in America. They offer a wide range of policy options, discounts, and digital assets to help with policy management. You have many options, such as the ability to submit claims or make updates to your policy. The app can be used as a digital locker to store your personal items in case you need them later.
State Farm
State Farm is the largest insurance provider in the United States. It employs a network that includes over 19,000 agents to achieve its high customer service ratings. Power score. If you prefer to work alone, you can get a quote, buy a policy, and manage your policy online or through the popular mobile app. Despite State Farm having the highest rates among the carriers, Miami’s insurance rates were still lower than the $2,954 average annually.
You might also be interested in other Miami home insurance policies
It is located in the Southern tip Florida and is vulnerable to hurricanes, flooding, and windstorms. While homeowners insurance is not required by law in Florida, it provides additional protection against theft and extreme weather effects. However, not all coverages will be the same. It is best to discuss all options with an insurance agent who is knowledgeable about Miami peril events.
- Flood insurance: Homeowners insurance policies do not usually include flood insurance. This is because there is a higher risk of flooding due to the storm surge following a hurricane or other severe thunderstorms. You might consider adding this coverage to your policy.
- Excessive wind: This is another danger associated with hurricanes and severe storms. Although wind is covered by most homeowners insurance policies however, it may not be covered for hurricanes. For additional benefit, you may need to buy a separate hurricane policy.
- Extended replacement coverage: You can buy extended replacement coverage if you are worried about the cost of rebuilding or replacement due to a peril. This provides additional coverage for your home.
Miami home insurance discounts
Multiple perils can befall Miami, which drives up homeowners insurance costs in the region. Saving on premiums is possible by taking advantage of all discounts that are available. You can find eligible discounts like:
- 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 are another way to save. Installing a monitored fire alarm or burglar alarm is one option. Not only will you be able to prevent a peril such as theft or fire, but your premiums could also be reduced.
- New homebuyers: Ask your licensed agent about potential savings if you buy a home that is under construction. If your home is less 12 months old, carriers may be able to offer you savings.
To find affordable homeowners insurance in Miami, you need to do your research and look for all discounts that may be available. These are just a few options. You may also be eligible for other discounts such as living in a gated community or being a non-smoker to save even more money on your policy.
Questions frequently asked
Which is the best company for home insurance?
The best home insurance company will be the one that meets your needs and provides you with the most affordable protection. To help them choose the right carrier, homeowners may consider financial ratings, customer service reviews, and coverage options. Bankrate reviewed several national carriers, and USAA, Travelers, AAA, and Lemonade were all highly rated.
What is the cost of Miami home insurance?
For a $250,000 dwelling coverage policy, the average homeowners insurance cost in Miami is $2954 per year. Your personal information, such as your zip code, coverage options, and eligibility discounts, will determine your insurance rates.
