High crime areas cost more to insure but can be worth it

Getting Home Insurance in Miami

Home insurance in Miami protects homeowners from bearing hefty financial costs if their home and its contents is damaged or destroyed. A number of perils could wreak havoc on your home, including hurricanes, fires, and burglaries. Aside from property coverage, standard policies include liability coverage, which insures homeowners if visitors are injured on their property. Your policy may pay medical expenses for those injured on your premises if necessary. Although a policy is not required by Florida law, mortgage lenders usually require it as part of the mortgage terms.

Lenders may also require additional insurance not included in standard policies, such as flood insurance. The average cost of home insurance in Florida is $1,460. However, this number excludes policies written by Citizen’s Property Insurance Corporation, the state’s insurer of last resort. Therefore, it is not directly comparable to other states.

Factors of Home Insurance Rates in Miami

Factors such as the age and location of your home can affect your insurance premium. In addition, the building materials used in constructing your home can impact the cost of your insurance. For instance, wood frame houses are more expensive to insure than brick houses because the former are more susceptible to fire and other perils. The location of your home can significantly affect your insurance premium. Some areas in Florida are prone to specific disasters, such as hurricanes. Urban areas tend to have higher crime rates, so this may translate to a higher premium for Miami residents. The chart below presents average crime rates in Miami:

  Robbery Burglary Larceny-theft
2010 1,856 4,604 14,165
2009 2,094 4,856 13,386
2008 2,415 4,941 13,591

Miami has one of the highest violent crime rates in the nation, but crime rates are decreasing in South Florida. The Miami-Dade County Police Department has compiled a five-year crime comparison, which compares rates for crimes such as burglaries and robberies.

Home Insurance in Florida

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