Miami, Florida Homeowners Insurance Guide

Get a quote today.

Miami, FL


Miami, Florida, is iconic in the way few cities are. From the art galleries that pepper the Design District to the banyans adorning Coral Way, from the luxury condos in Brickell to the rich history of Buena Vista, the beach towns in Miami Beach, the culture of Little Havana, and the lush parks in Pinecrest, Miami has something to offer everyone but still feels like a best kept secret. The homeowners here know that better than most.

And they also know that living in Miami means contending with hurricanes, sinkholes, and flooding. These risks can make purchasing home insurance confusing and expensive.

So let’s simplify it. This guide will help you figure out the home insurance you may want to consider, the cost of coverage in Miami, and more.

Finding Homeowners Insurance in Miami, Florida

Regardless of where your home is located, a quality homeowners insurance policy will offer:

But living in Miami means you’ll also want to understand your hurricane coverage (typically included in your standard home insurance policy) and consider flood and sinkhole insurance (which isn’t in a standard homeowners policy).

Hurricane Coverage for Miami, Florida

Hurricane deductibles apply when hurricane winds cause damage to your property. You can often choose a deductible from the following options: $500, or 2 percent, 5 percent, or 10 percent of the policy’s dwelling coverage (unless the percentage deductible is less than $500).

Hurricane deductibles

Insurance providers in Florida must offer premium discounts for wind mitigation measures. If you’ve installed wind and impact resistant doors and windows and have reinforced your roof, you may save a significant amount on your homeowners insurance.

Remember: just because your homeowners policy has a hurricane deductible doesn’t mean it covers all damage associated with hurricanes. Notably, it won’t cover flood damage. Only flood insurance can help pay for property damage caused by storm surges.

Miami Flood Insurance

Unfortunately, Miami’s looming water problem is only getting more serious. Between Miami’s coastal proximity and its aquifer that easily fills up with frequent torrential downpours, the area is extremely susceptible to flooding. Use online resources like Find My Flood Zone to find out your risk and consider carrying flood insurance.

“These low-lying areas are the natural spots where water used to flow from the Everglades to the ocean. Now developed, they experience worse flooding than surrounding areas – over and over again.” – Miami Herald

Miami, FL floodzones

It’s worth noting that even one inch of standing water inside an average one-story home costs $23,635 in repairs, according to FEMA. That could be enough to keep Miami homeowners from repairing their home if they don’t have the insurance to handle the financial burden.

Sinkhole Coverage

Miami may be less susceptible to sinkholes than other Florida cities, but that doesn’t mean you can ignore the risk entirely. With more than 17 sinkholes reported in Florida each day, Miami homeowners may want to consider sinkhole coverage.

While the rest of the state battles sinkholes caused by natural changes in the water table from fluctuation in rainfall, Miami faces increased sinkhole risk associated with new development.

Sinkhole occurrences near Miami, FL

Sinkhole coverage can be bought as a separate policy or added to your homeowners insurance. If you’re interested in this protection, a Kin agent can help.

When to Get Homeowners Insurance in Miami

If your home has a mortgage, your lender will usually require you to have homeowners insurance in Miami. That’s why you should price your coverage as you shop for your home – it can help you anticipate how much to budget for home expenses.

Also keep in mind that you usually can’t purchase homeowners insurance during a hurricane. Insurers usually suspend selling policies up to 24 hours before a hurricane and days after a hurricane has passed. If you need home insurance by a specific date, it’s better not to hesitate, especially if you are shopping for coverage during Florida’s hurricane season.

Median Cost of Miami Homeowners Insurance

Our data shows the median cost of home insurance in Miami is $3,033. However, your premium will vary based on several factors, including your home’s location, wind mitigation systems, your claims history, and more.

The premium information below is intended to give a rough idea of what home insurance in your area may cost. The only way to know what you’ll pay for your coverage is to get a quote.

Check out the median premiums for the following Miami ZIP codes:

Miami ZIP Code

Median Home Insurance Premium

33196

$2,956

33194

$2,454

33193

$2,279

33190

$2,452

33187

$2,123

33184

$1,675

33183

$2,055

33182

$2,496

33179

$1,879

33178

$2,070

33177

$1,810

33173

$2,651

33172

$2,143

33170

$2,046

33167

$3,398

33166

$1,692

33165

$2,804

33160

$3,870

33155

$3,545

33137

$2.925

33055

$2,805

33034

$2,037

33032

$1,945

33013

$3,035

How Much Homeowners Insurance Is Enough?

As is usually the case with insurance, it depends! 

In some instances, you may need to insure your dwelling for more than you paid for it. That's because it may cost more than your home's purchase price to rebuild it from the ground up after a disaster once you factor in new but similar construction materials and current labor costs.

But if your home is on valuable land, the opposite may be true. For example, waterfront property usually has a high purchase price because the location itself is so desirable. However, your insurance only covers the value of the home, not the land under it. So in this case, you might insure your home for less than what you paid for it, depending on the home's replacement cost.

We get it – those are a lot of variables at play. So let us help you figure out the appropriate amount of coverage for your home. Just give us a call at (855) 717-0022 or fill out the form below to get started.

Protect Your Miami Home

See how much Kin can help you save on home insurance.