Did you just buy a home here in Miami? Are you aware that the costs that come along with buying a home are pretty intense? In fact, home insurance in Miami is quite expensive. Southern Florida residents experience double the cost of the national average when it comes to rates. While the national average is around $900, FL residents will pay $2,000. So why is it so expensive? Keep reading below.

Risk of Natural Disasters

The risk of natural disasters remain high here in southern Florida. Due to this factor alone, rates will be higher than usual. In addition, claims regarding sinkholes have also increased. Sinkholes are more common here in Southern Florida than in any other state in the US. This too has caused home insurance in Miami to increase.

Crime Rate

Unfortunately Miami has the highest violent crime rates in the nation. This is another negative factor when it comes to rates.

In addition, factors such as the age and location of your home can also affect your premium.  The location of your home can actually significantly affect your insurance premium.

A quality Miami home insurance policy will consist of these things:

Replacement cost coverage for your dwelling and personal belongings.

Protection for other structures such as garages, fences, and sheds.

Loss of use coverage if you need relocate to a new home temporarily.

Personal liability covers you in case someone gets injured inside of your home.

Medical payments coverage will pay for any medical expenses that arise if someone becomes hurt or injured while on your property.

Living in Miami should also make you consider hurricane coverage as well. Luckily this is included in a standard Miami home insurance policy. Also consider flood and sinkhole coverage, which is not included in a standard policy.

If your home has a mortgage you will be required to purchase southern Florida home insurance from https://floridainsurancequotes.net/home-insurance/homeowners-insurance-miami/. You should definitely price shop for your coverage as you shop for your home. It can really help you determine how much to budget for your home expenses.

Another factor to remember is that you can’t purchase a policy during a hurricane. Insurers will usually suspend selling policies up to 24 hours before a hurricane and a few days after a hurricane has passed.  Do not hesitate when it comes to home insurance in southern Florida. Especially if you are trying to shop during hurricane season.