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Miami Home Insurance

Miami Home Insurance

Miami Home Insurance is the most important insurance decision you will likely need to make. Miami home insurance is a total insurance solution not only for your house, but for all your insurance needs, with few exceptions such as auto insurance, which must be purchased separately. Miami home insurance includes 4 major areas:

Home Dwelling and Personal Property Coverage

Home dwelling and personal property is your insurance cover for all your real estate property and additional items. It insurances your house, your property and every structures on the premises of your property. It includes add on structures and any storage facilities. All structures that are not fully integrated with the main house are covered for less than 10% the total insurance coverage.

Your personal property coverage insurance is the insurance for all personal items or belongings. This service includes the furniture, usual appliances, personal valuables, jewels and some other items at the covered property. It doesn't cover, however, your car. Your car needs an auto insurance. Personal property is valued at 50% of the total market value.

Personal Liability Coverage

The personal liability insurance is the insurance cover for you personally. It assures you financially after any accident or injury. It also insures anyone on your real estate property property, but not on your car, if their own property gets somehow damaged. By having personal liability insurance included in your Miami home insurance, the insurance will also pay for all legal fees or compensation to any third party. Your family is covered, what is more important, and also your pets.

Personal liability insurance doesn't imply any deductible. It has a set limit of normally $100.000 although this limit can be raised, if you are willing to pay an additional fee.

Medical Payments Insurance

It covers injuries and stays in hospitals. It also covers other types of essential medical care. This is regardless whether it's your fault or not. It covers any illness and accident independent of your negligence. It is the only kind of insurance that doesn't exclude fault.

Additional Living Expenses Insurance

If your home suffers a damage and you cannot keep living in it any longer, then you will need incur other additional cost. This insurance is for those cases. Additional living expenses insurance pays for a limit of 12 months in your new location. The total payout has a limit of 20% of the whole insurance sum.

Additional Coverage Insurance

If you don't have the feeling that all your needs are fully protected under the 4 areas above, then you should probably consider the purchase of additional cover. Below are the most common types of add ons:

Debris Removal:

Debris removal is the cover of, well, debris removal. If you find your real estate property fully covered with debris, no matter if from storms and floods or any other natural cause, then this cover will pay to remove it.

Trees, Plants and Shrubs covered:

If you have any valuable trees on your real estate property, you might want to insure them. This policy cover up to a limit of $500 for each plant. A higher cover for exotic plants is possible.

Credit Card or Identity Theft cover:

There is a huge number of cases of fraud involving credit card or identity theft in Miami. Covering yourself with this additional insurance, your assets will be covered up to $500. It might seem as a low limit, but this is usually the daily withdraw limit of many mainstream credit cards, so you are fully covered. This insurance gives you one day to react after someone made a purchase with your credit card.


Mold is not covered in most cases through your home insurance coverage. Normally you need to get it as an extra option.

Types of Home Insurance Packages in Miami, Florida.

There are three types of Miami Home Insurance to choose from:

HO1, HO2 or HO3.

HO1 is the basic insurance for your home. It covers a few basic perils. HO2 or HO3 are extended insurance that cover more perils. HO3 is more common, home insurance. It covers many risks excepting natural disasters.

HO1(Basic Coverage) insures you against the following perils:

Lightning and Fire

Damages to Cars and Aircrafts from Earthquakes

Mischief and Vandalism



Riots and Civil Unrest


Windstorm, Hail and Hurricanes

Accidental Water Damage

HO2 (Extensive Coverage) insures you against the same perils as HO1 as well as:

Building and Home collapses

Freezing Damages

Water and Steam Damages Incurred From Plumbing and Water Heating

HO3 (All Risk Coverage) covers just about all perils. It is easier summarized by the things it does NOT cover:

Property Damage from Earthquakes

Vermin Infection (mice, rats, insects)


Freezing Damages While Your House Was Unoccupied (Except if you turned of water or turned on heating)

Wind or Hail Damage To Shrubs and Trees

Vacated Home Expenses (Expenses incurred while you were away from your home for over 60 days in a row)

Maintenance (Wear and Tear)

Water Seepage Damage.

How Do You Set Miami Home Insurance Limits?

It is mandatory to choose the right insurance limit. This limit is the basis from which all other sub insurances will be calculated. It is good to gather information well before you sign any home insurance:

Do a thorough inventory including a property list of all your belonging. Include any original receipt if available.

If you feel comfortable with some personal risk, you can choose a higher deductible. It means more risk, but a higher insurance limit for the same price or a lower fee for the same cover.

Get a professional valuation of valuables when you are unsure of its value (art, antiques, jewels, silverware, etc.) .

What Determines The Price Of your Miami Home Insurance Cover

The largest share of the insurance premium is calculated by the coverage type (HO1, HO2 or HO3). The remaining share depends on deductibles and other factors:

House Construction Type and Property Age

Newer houses are considerable cheaper to insure. That's mainly because new constructions are able to withstand stronger storms somehow better than old properties.

Credit Rating

If you have a bad credit history. You might have to pay more for your insurance premium.


Deductibles are items where you will be able to save money if you want to. Deductibles are the items for which you don't want any coverage. For example, your bike is valued at $500 and you choose a deductible of $250. If it gets stolen, you will be able to claim up to $250, the rest is your personal risk.

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