5 Best Miami Homeowners Insurance Companies (2025)
State Farm offers some of the cheapest homeowners insurance policies in Miami, with premiums averaging $388 per month.
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The average cost of homeowners insurance in Miami is $13,740 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible, which is much higher than the overall U.S. annual average of $2,532 and the Florida annual average of $5,640.
Miami residents pay high premiums due to limited competition and high risk. In recent years, Florida has seen many home insurers exit the market, resulting in fewer coverage choices.[?] Miami is prone to hurricanes and tropical storms that can cause costly wind and water damage.[?]
Here’s what you need to know when buying home insurance in Miami.
Quick Facts
More than 2 million Miami homes have a moderate or greater risk of damage from hurricane winds, and more than 500,000 homes have a moderate or greater risk of storm surge.[?]
Travelers, Nationwide, and State Farm have the cheapest home insurance coverage in Miami, on average.
The average annual cost of Miami home insurance policies with $300,000 in dwelling coverage and a $500 deductible is $6,644, according to Insurify rate data.
Best home insurance companies in Miami
Although many insurers have left the Miami market, homeowners can still find great coverage. The right home insurance policy for each property owner depends on location and personal coverage needs.
Start your search for home insurance with some of the best home insurance companies offering coverage to Miami homeowners below.
Travelers: Best for cheap rates
Nationwide: Best for gated communities
State Farm: Best for rental properties
Security First Insurance: Best for hurricane recovery
Security First provides access to its First Choice Repair Network, which includes more than 100 licensed Florida contractors that the insurer vetted and approved.
With more than 2 million homes in the Miami metro area at moderate to great risk of hurricanes, demand for repairs will be high if a storm happens. Security First customers can benefit from access to a trusted contractor network.
Pros
Access to more than 100 licensed contractors
Local to Florida, so unlikely to leave the market
Quotes available online
Cons
Above-average number of complaints with the NAIC
More limited options for in-person customer service than many competitors
Fewer options for bundling coverage than competitors
Citizens Property Insurance Corporation: Best for people who don’t qualify for other coverage
Citizens Property Insurance Corporation is a not-for-profit company that offers property insurance to Florida homeowners who are unable to get it through the private market.
The company has a depopulation program in which private companies bid to take over Citizens’ policies. As a homeowner, if a private company offers you coverage at a price that’s no more than 20% higher than Citizens’ premiums, you must accept it.
Pros
Provides coverage when you can’t get it from a private company
Wind-mitigation discount
24/7 claims reporting
Cons
Quotes not available online
Higher premiums than many competitors
Not accredited by the BBB
Our editorial team analyzed regional and national home insurance companies that sell policies in Miami to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
How much is home insurance in Miami?
Miami homeowners insurance is very expensive. The average cost of home insurance is $13,740 per year for a $300,000 policy. This significantly surpasses the nationwide annual average of $2,532 and Florida’s average of $5,640. Your policy details, like your dwelling coverage and deductible amounts, affect how much you pay for home insurance.
Many insurers have stopped offering insurance coverage in the area due to the high risk of damage from hurricanes and tropical storms, both of which cause high winds and storm surges. These risks, combined with the limited number of insurers providing policies, make Miami one of the country’s most expensive insurance markets.
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Cheapest home insurance companies in Miami
Insurance companies price homeowners insurance policies based on the risk you pose as a customer. As a result, home insurance rates from a particular company may cost less for certain homeowners but more for others.
That said, State Farm is the cheapest home insurer in Miami, with considerably lower average premiums than competitors in the area.
Compare average quotes from various home insurers in Miami below.
The below rates are estimated rates current as of: Monday, October 6 at 5:00 PM PDT.
Insurance Company  | Average Annual Premium |
|---|---|
| State Farm | $3,600 |
| Nationwide | $4,212 |
| Allstate | $13,860 |
| Chubb | $24,828 |
The below rates are estimated rates current as of: Monday, October 6 at 5:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| State Farm | $6,480 |
| Nationwide | $9,336 |
| Allstate | $37,068 |
| Chubb | $58,908 |
The below rates are estimated rates current as of: Monday, October 6 at 5:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| State Farm | $8,736 |
| Nationwide | $13,356 |
| Allstate | $56,400 |
| Chubb | $82,140 |
The state of home insurance in Florida
Insurance companies in Florida experienced heavy losses due to large payouts from frequent hurricanes. In 2024, Floridian homeowners filed 458,000 hurricane claims. The Sunshine State leads the country with the largest number of billion-dollar disasters since 1980, with $450 billion in cumulative costs, according to the National Centers for Environmental Information.[?]
Due to the high weather risks, Florida has the highest homeowners insurance rates in the country. By the end of 2025, Insurify projects that the average cost of home insurance in Florida will rise to $15,460 per year. It may also become increasingly difficult for new homeowners to find insurance, as some companies are limiting new business in Florida. Other insurers, including AAA, Bankers Insurance, and Centauri Insurance, have voluntarily withdrawn from the state.
How much homeowners insurance do you need in Miami?
The right amount of home insurance in Miami will cover the cost to rebuild your home and replace the contents after a covered disaster. A standard homeowners insurance policy covers four main areas:[?]
Dwelling coverage: If a hurricane or another covered disaster damages or destroys your home, this part of your policy pays to repair or rebuild your home. A standard policy typically won’t cover flooding. If you’re located in a Special Flood Hazard Area and you have a federally backed mortgage, you may need to purchase additional flood insurance.
Personal property: This part of the policy protects the contents inside your home, including your furniture, clothing, and electronics. To calculate the amount of coverage you need, create a home inventory. This is a list of your belongings, how much they cost, and proof of purchase.
Personal liability: If someone injures themself on your property, personal liability insurance provides coverage for lawsuits for bodily injury or property damage. Coverage typically starts at $100,000, but you can increase this amount if you want more protection.
Additional living expenses: This part of the policy helps to pay for the cost of a hotel, restaurant, and other living expenses if you have to move out while your home is being repaired or rebuilt.
What to know about home insurance in Miami, FL
To ensure you have enough insurance to properly protect your home, consider the following risks when you’re comparing policies:
Home insurance coverage for hurricanes and flooding
While many standard homeowners policies provide some hurricane coverage, you may require supplemental insurance to protect your home from flooding and windstorm damage.
In Miami, you can purchase flood insurance from a private company or through the NFIP. Whether your homeowners policy covers windstorm damage depends on where you live and your insurer. Many insurers have a separate hurricane deductible, which is the amount of money you have to pay before your insurance will cover damages from a hurricane. You have to pay the deductible if you make a claim during a hurricane, which begins when a hurricane warning is issued anywhere in Florida by the National Hurricane Center and lasts until 72 hours after the hurricane watch ends.
Hurricane deductibles are typically 2%, 5%, or 10% of the amount of dwelling coverage you have during the time of loss. In Florida, you only have to pay this deductible once per calendar year, provided you stay with the same insurance company.[?]
How to get home insurance in Miami
If you want to buy home insurance in Miami, follow these steps:
Determine your coverage needs. In addition to your standard home insurance policy, you’ll need to decide if you require additional types of coverage, such as flood or windstorm insurance.
Prepare your information. When applying for coverage, insurers will typically ask for some information, including your address, the square footage of your home, when it was built, what materials were used, the type and age of your roof, and if you have any pets.
Compare multiple quotes. You can speak to an insurance broker or use an online comparison platform to compare quotes from multiple insurance companies.
Consider the FAIR Plan. If you live in a high-risk area and can’t get coverage through a private insurer, you can look at a state-managed Fair Access to Insurance Requirements (FAIR) Plan. While FAIR Plans are often more expensive, they can help ensure you have access to coverage.
Purchase a policy. Once you’ve chosen an insurer, you can submit an application. After reviewing your policy, all you have to do is pay your premiums.
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Average cost of home insurance in other cities in Florida
Your home’s location affects the level of risk that insurers take on when providing homeowners insurance coverage. Living in areas with a high risk of flooding, wind damage, or other adverse weather events increases the chances you’ll have to make a homeowners insurance claim.
In Miami, 100% of homes have at least some wind risk due to the city’s coastal location and risk of hurricanes. In contrast, living in ZIP codes with low risks of major weather disasters can reduce risks, as can residing in areas where the crime rate is low.
The table below shows how Miami’s property insurance rates compare to average premiums in other cities with a different risk of hurricane-related damage. The average annual premiums reflect costs for policies with $300,000 in dwelling coverage and a $1,000 deductible.
The below rates are estimated rates current as of: Monday, October 6 at 5:00 PM PDT.
City | Average Annual Premium |
|---|---|
| Tallahassee | $3,156 |
| Gainesville | $3,180 |
| Jacksonville | $3,600 |
| Orlando | $4,608 |
| Tampa | $5,460 |
| Palm Bay | $6,276 |
| Cape Coral | $7,716 |
| Port Saint Lucie | $11,880 |
| Miami | $13,740 |
Miami homeowners insurance FAQs
The following information can help answer your remaining questions about finding homeowners insurance in Miami.
The average cost of a home insurance policy in Miami with $300,000 in dwelling coverage is $13,740 annually. You’ll likely also need to purchase a flood insurance policy, which comes with an additional premium.
State Farm has the cheapest homeowners insurance in Miami, with an average monthly premium of $388 for a policy with $300,000 in dwelling coverage.
The best homeowners insurance company in Miami isn’t the same for everyone. Travelers, Nationwide, State Farm, and Security First Insurance are some of the best private insurance companies in Miami. Citizens Property Insurance Corporation is a government-run insurer and a top choice for homeowners who can’t get private insurance.
No. Florida state law doesn’t require property owners to buy home insurance, but your mortgage company will if you have a mortgage on your house.
Even if you don’t need to meet a mortgage lender’s requirements, you should purchase home insurance to protect your finances in the event of damage to your home. Without insurance, you’ll face expensive out-of-pocket costs to repair or replace your home and personal belongings.
Home insurance in Miami is expensive for several reasons. Florida homeowners pay higher premiums due to damages from natural disasters, a high number of insurance lawsuits, claims scams, inflated contractor costs, and fewer insurers in the state.
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