Unfortunately, Florida has the highest average homeowner’s annual premium in the United States at $2,084. In this article, we will help you to find the best home insurance in Miami at the right price.
Why are Florida insurance rates so high?
There are various factors that contribute to Florida’s high insurance rates. Florida has the second highest total value of insured coastal property in the United States. Florida is prone to hurricanes and Florida is the most lighting prone state in the country. Florida has over 1 million lighting strikes per year with an average of 24.7 per square mile. Lastly, sinkhole damage tends to occur in Florida more than most states
Ways to lower your home insurance premium
If you desire to lower your homeowner’s insurance premium, then I strongly recommend that you compare quotes, raise your deductible, and purchase multiple insurance products with one insurance company.
Homeowner’s insurance covers
- Fire
- Theft
- Vandalism
- Most weather-related events
- Liability
- Identity theft
Cities in Miami-Dade County
- Aventura
- Bal Harbour
- Bay Harbor Islands
- Biscayne Park
- Brownsville
- Coral Gables
- Coral Terrace
- Country Club
- Country Walk
- Cutler Bay
- Doral
- El Portal
- Fisher Island
- Florida City
- Fountainebleau
- Gladeview
- Glenvar Heights
- Golden Beach
- Golden Glades
- Goulds
- Hialeah
- Hialeah Gardens
- Homestead Base CDP
- Homestead
- Indian Creek village
- Islandia
- Ives Estates
- Kendale Lakes
- Kendall
- Kendall West CDP
- Key Biscayne
- Leisure City
- Medley
- Miami Beach
- Miami
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Naranja
- North Bay Village
- North Miami Beach
- North Miami
- Ojus
- Olympia Heights
- Opa-locka
- Palm Springs North CDP
- Palmetto Bay
- Palmetto Estates
- Pinecrest
- Pinewood
- Princeton
- Richmond Heights
- Richmond West CDP
- South Miami
- South Miami Heights
- Sunny Isles Beach
- Sunset
- Surfside
- Sweetwater
- Tamiami
- The Crossings
- The Hammocks
- Three Lakes
- University Park
- Virginia Gardens
- West Little River
- West Miami
- West Perrine
- Westchester
- Westview
- Westwood Lake
State Farm
There are many people who are unable to receive home insurance. There are many things that can contribute to not being able to get home insurance such as your credit history, pet ownership, several filed insurance claims, and more.
I know a married couple who was unable to receive homeowner’s insurance. Everywhere they went they were denied. The only company that was able to insure them at a fair rate was State Farm. State Farm insures more homes and cars than any other insurance company. State Farm received the highest financial strength rating from A.M. Best. State Farm received an “A++” financial strength rating, which says a lot about their superior financial condition and operation performance.
Roofing Discounts – Certain impact-resistant roofing products can result in special savings with State Farm.
Home Alert Protection Discount – If your home is equipped with smoke, fire, burglary alarms, or other monitoring systems, then you can save with State Farm.
Multiple Line Discount – With State Farm you will be able to save up to 17% when you insure multiple insurance products.
Special offers for State Farm customers
ADT – State Farm customers will save 10% on their ADT installation and they will also get 10% off their monthly monitoring fee.
Canary – Canary is an All-In-One security system for your home. Some features include: Automatic connection to local authorities and mobile notifications with live HD video and audio. On top of insurance discounts you will receive a $20 Visa gift card and you will be able to save $20 on a Canary Annual Membership.
Local State Farm Insurance Agents
Iris Lopez – located: 2350 SW 27th Ave Ste 104, Miami, FL 33145
Rick Burke – located: 2250 S Dixie Hwy Ste. 2, Miami, FL 33133
Erika Gil – located: 33 SW 2nd Ave Ste 101, Miami, FL 33130
Michele Belizaire – located: 8600 NE 2nd Ave, Miami, FL 33138
Allstate
Many people in Florida are able to receive cheap affordable rates from Allstate. Allstate excels in the financial strength department with an “A+” from A.M. Best, an “AA-” from Standard & Poor’s, and a “Aa3” rating from Moody’s. What I love about Allstate is that they offer a plethora of insurance discounts that you might be able to take advantage of.
Multi-policy discount – When you bundle insurance policies with Allstate you can save up to 30% on your policy.
Claim-free discount – There are many benefits to not filing claim such as cheaper rates. You will to get up to a 20% discount when you switch over Allstate without a previous home insurance claim.
Early signing discount – Has your current home insurance policy expired yet? If not, then you will be able to save up to 10% on your home insurance premium when you sign up for a new Allstate policy before your current policy expires.
55 and retired discount – retirees can save up to 10% on their home insurance.
Welcome discount – All that you have to do to qualify for this discount is to be a new Allstate customer and you can save up to 10%.
Local Allstate Insurance Agents
Pamela Brumer: located – 141 Alton Rd, Miami Beach, FL 33139
Ramon Balladares: located – 2455 SW 27th Ave Ste 210, Miami, FL 33145
Francisco Llende: located – 8703 Biscayne Blvd, Miami Shores, FL 33138
Domingo R. Bravo: located – 1201 SW 87th Ave, Miami, FL 33174
St. Johns Insurance
St. Johns Insurance is a local Florida insurance company that specializes in homeowner’s insurance. St. Johns insures only 2 types of products which includes home and condo. St. Johns is a Better Business Bureau accredited company. With BBB St. Johns received an “A+” rating which means that they handle claims well. Demotech, Inc. awarded St. Johns Insurance with an Exceptional “A” financial strength rating.
St Johns provides the standard HO3 Home Insurance Policy:
Dwelling Limits: $100,000 Minimum – $2,000,000 Maximum
Other Structures Limits: Standard 2% of Coverage – Maximum 25% of Coverage
Coverage Contents Limits: Standard 50% of Coverage
Personal Liability Limits -$100,000, $300,000, $500,000
Base Deductible -All other Perils – $1000
Hurricane- 2% (when wind coverage is included)
Payment Plans
St. Johns has 3 payment plans that you can choose from including their full-pay plan, 2-pay plan, and their 4-pay plan. Choose the payment plan that best fits your needs.
Local St. Johns Insurance Agents
JCV Agency Inc: located – 7333 Coral Way Ste 108 Miami FL US 33155
Lasa Links Insurance Inc: located – 5001 SW 74th Ct Ste 102 Miami FL US 33155
Auto Home & Life Inc: located -1110 Ponce De Leon Blvd Coral Gables FL US 33134
Accurate Insurance Group Corp: located – 10300 Sunset Drive # 202 Miami FL US 33173
USAA
USAA and Amica Mutual home insurance were the only home insurance services to receive 5 out of 5 Power Circles in overall satisfaction in the J.D. Power U.S. Home Insurance Study. USAA also received 4 out of 5 Power Circles in the Renter’s Insurance Study. What this tells us is that USAA is a great company that you can trust if you ever have to make an insurance claim.
Replacement Cost Coverage – There are many companies who depreciate the value of your home belongings. However, USAA will give you today’s value for your home and personal belongings.
Multi-Product Savings – You are able to save up to 10% when you bundle homeowners and auto insurance.
Bottom Line
USAA is ranked well and has great reviews. They excel in claims and they have a high financial strength rating. The only two drawbacks of USAA are that they do not offer that many homeowner discounts compared to some other insurance companies. The other drawback of USAAA is that it is only available for veterans or if you have active or retired military personnel in your family. Make sure to check your coverage options because it is not uncommon to hear people say that they have been overinsuring and underinsuring certain coverages while at USAA.
Chubb
Chubb is a popular home insurance in the southern region of the country. Chubb has fewer complaints than the national insurance average which is a great sign for those who are looking into their insurance services. In the J.D. Power Home Insurance Study Chubb received an average 3 out of 5 Power Circles. Chubb has some of the best financial ratings in the country. With A.M. Best Chubb received an “A++” rating. From Fitch Chubb received an “AA” rating. From S&P Rating Chubb received an “AA” financial strength rating.
Home Coverage Highlights
Extended Replacement Cost – After damage to your home that is covered by your policy, Chubb will either pay to have your home repaired or pay to have your home rebuilt to its original form. With extending replacement cost, it does not matter if the cost exceeds your policy limit.
Cash Settlement – In case of a total loss Chubb offers cash settlements for policyholders that do not want to repair or rebuild their home. All cash settlements will be up to your policy limit.
Risk Consulting – Chubb Insurance appraisers will come to your home to estimate your home’s replacement cost. Their appraisers will also help you to determine the amount of insurance coverage that you need.
Additional Living Expenses – Chubb will help cover expenses if you are not able to live in your home because of a loss.
Replacement Cost Coverage -Chubb insures most belongings for today’s value and not a depreciated value.
Local Chubb Insurance Agents
Chubb & Son Inc: located – 101 NE 48th St, Miami, FL 33137
Chubb Sunrise Fl: located -1000 Sawgrass Corporate Pkwy # 588, Sunrise, FL 33323
Estrella
Estrella is a cheap insurance service in the South Florida and Central Florida area. Estrella is popular for those in the Hispanic community and it is a great choice if you have been receiving less than desirable insurance rates. Estrella has an “A+” Better Business Bureau rating.
Local Estrella Insurance Agents
Estrella Insurance #120: located – 2032 NW 17th Ave, Miami, FL 33142
Estrella Insurance #131: located – 2923 NW 7th St, Miami, FL 33125
Estrella Insurance #122: located -1321 Alton Rd, Miami Beach, FL 33139
Estrella Insurance #101: located – 3750 W Flagler St, Miami, FL 33134
Citizens Property Insurance Corporation
Citizens Property might not be the most popular company on this list. However, there is no denying that they offer some of the cheapest home insurance rates in Florida. Citizens Property has various programs that you can sign up for such as Property Insurance Clearinghouse, Depopulation Program, Florida Market Assistance Program (FMAP), and a Managed Repair Program.
Nationwide
Nationwide is one of the most popular insurance providers in Florida. There is a lot to love about Nationwide such as they are ranked above average in the J.D. Power Home Insurance Study and they have a great financial strength rating.
Age of insured discount – If you are 60 years old or older, then you will be eligible for this discount.
Multi-policy discount – Combine policies and save up to 20% with Nationwide.
Protective device discount – Get a discount if your home has home protection devices installed.
Claims-free discount – You may qualify for this discount when you remain claims-free.
Bottom line
There are many great insurance services in Miami. I strongly recommend for those who want to receive the best rates to compare quotes today.