The cost of home insurance in Miami can range from a thousand dollars to fourteen hundred dollars per year. The monthly fee is usually between eighty-five and a hundred and fifteen dollars.
Get Multiple Quotes For Home Insurance in Miami
It would be best to shop for as many quotes as possible to compare and assess the policies based on coverage, applicable deductibles, and exemptions. There are ways to save on home insurance in Miami, not only by comparison but also through exploring specific policies and bundling discounts.
What Effects My Rates?
The most important parameters influencing the cost of home insurance in Miami are the property’s value and location. The value determines the coverage according to Florida Insurance Quotes. The area partly resolves its specific vulnerabilities.
Properties valued under fifty thousand dollars can be insured for an average premium of a hundred and thirty dollars. Properties valued between fifty thousand and sixty thousand dollars can be insured for just under three hundred dollars. For every additional ten thousand dollars valuation up to a hundred thousand, the premium cost goes up by around fifty dollars. So for a property valued at just under a hundred thousand, the average premium is slightly more than five hundred dollars.
Properties over a hundred thousand can be insured for six hundred dollars annually. Houses valued at nearly two hundred thousand will cost around a thousand dollars annually to insure. The cost of coverage goes up substantially after that. Properties valued at three hundred thousand up to half a million will cost two thousand dollars or more to insure.
Conclusion
If you are a homeowner in the Miami-Dade County area, you will not like the prices you hear for insurance. Due to the significant risk of hurricanes, insurance rates in southern Florida are some of the highest in the country. However, if you do your due diligence and shop online for the best quotes, you can guarantee you get the best deal.