Condo Insurance in Miami

Learn how to find affordable condo insurance in Miami.

Affordable Condo Insurance in Miami, Florida

Miami is the financial center of Florida, but to many residents, it’s the cultural epicenter of the state, too. It’s easy to see why Miami is the seventh largest city in the US and the second most populous city on the East Coast (home to 430,000 residents!): it’s full of beautiful beaches, beautiful people, and beautiful sights. Between the iconic Miami Beach and the Art Deco District, the Bayside Marketplace and Little Havana, life here is just more vibrant.

Because the city is so densely populated, condo ownership is popular here. If you’re looking for Florida HO6 insurance for your Miami condo, you’ve come to the right place. Let’s look at what condo insurance covers, how much it costs, and how to get the best discounts on your policy.

Miami Condo Insurance Costs

Florida condo insurance policies average $942 per year, nearly double the national average condo premium of $488, according to data from the National Association of Insurance Commissioners (NAIC). In Miami, our condo insurance costs $2,188 a year on average for units in high rise buildings. That’s higher than the state average because of the city’s hurricane risk.

Average Miami Condo Insurance Premiums

Structure Kin Average Premium
Low Rise Average Premium $3,764
High Rise Average Premium $2,188

Keep in mind that your condo premium may vary depending on the structure of your building (like a high rise or a townhouse), the age of the building, and its proximity to the coast. The only way to know what you’ll pay for coverage is to get a quote. It’s fast, free, and easy!

What Does Miami Condo Insurance Cover?

Condo insurance (also called an HO6 policy) is different from homeowners insurance. Whereas homeowners insurance covers a building inside and out, your condo policy only needs to cover the interior of your unit most of the time. Your HOA’s master insurance policy will usually cover the exterior of your building. There are three types of master insurance policies – and the amount of HO6 coverage you need depends on the type of policy your condo association has.

Condo insurance isn’t required in Florida, but your mortgage lender or homeowners association usually do require it.

Our condo insurance policies offer:

  • Dwelling interior coverage: This covers the unit’s interior, like damage to the ceiling, floor, and walls.
  • Personal property coverage: This helps pay to repair or replace your belongings, like furniture, appliances, clothing, electronics, and more.
  • Loss of use coverage: If a covered claim keeps you from living at home for a while, this can help pay for your temporary lodging expenses, like dining out, hotel stays, transportation, and more.
  • Loss assessment coverage: If there’s a claim on your HOA’s master policy or a big repair for communal property, this can help cover your portion of the shared expense.
  • Personal liability coverage: This can help pay for legal expenses when you’re sued over bodily injuries that happened at your home or property damage.
  • Medical payments coverage: If a guest has a small injury at your home, this can help pay for their immediate medical attention.

Condo Coverage for Miami’s Biggest Risks

Condo insurance covers damage from a lot of incidents, like wind, fire, theft, vandalism, hail, and more. But how does it respond to natural disasters? If you’re a condo owner in Miami, you know how common hurricanes and floods are in this area. You need coverage that can best help you prepare for the worst.

Miami Hurricane Coverage

Miami is so accustomed to hurricanes that the University of Miami’s athletic teams are called the Hurricanes. But hurricanes are hardly something to cheer for. Without hurricane insurance, condo owners are left paying for wind damage from named storms out of their own pockets.

Luckily, all our condo policies include hurricane coverage. Just pick your hurricane deductible and you’re good to go!

Miami Flood Insurance

The city of Miami is prone to flooding. According to the Washington Post, “Miami flooding has rapidly become routine.” Low-lying land with poor drainage is prone to king tides and storm surge during hurricanes and tropical storms. Only flood insurance can cover that damage.

While flood insurance isn’t automatically included in condo policies, it can be added on. We offer a flood insurance endorsement that starts as low as $175 a year.

Miami Sinkhole Coverage

Florida is at high risk for sinkholes thanks to its limestone deposits that can collapse when saturated. Sinkholes can cause major damage to a condo: buckling floors, cracked foundations, and collapsed ceilings. All our policies include catastrophic ground cover collapse coverage for damage sinkholes cause in the worst-case scenarios.

Tips for Keeping Miami Condo Insurance Affordable

Living in Miami is already expensive, so saving where you can is key. To lower your condo insurance premium, you can choose a higher deductible. You can also take advantage of our insurance discounts for:

Get affordable condo insurance in Miami. Get a quote today.

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