Miami Lakes Homeowners Insurance

Your Guide to Buying Homeowners Insurance in Miami Lakes, FL

Because things are not always sunny in the Sunshine State.

Miami Lakes Florida Homeowners Insurance

The town of Miami Lakes, Florida is home to nearly 32,000 people. If you own a house in this Miami suburb, you can protect the investment you have made in it by purchasing a suitable homeowners insurance policy.

Local independent agents are ready to help you a find reliable policy at a competitive price. These agents work for you, not for a specific insurance company, so you can rely on them to give you trustworthy guidance and advice when you are shopping for coverage for your Miami Lakes home.

Find an insurance agent near you to get more information and to start comparing a selection of customized homeowners insurance quotes.

How Much Does Homeowners Insurance Cost in Miami Lakes, FL?

Home insurance rates in Florida are among the highest in the nation. This is due in large part to the high risk of weather-related property damage in this state.

  • National average yearly premium: $1,211
  • Florida average yearly premium: $1,951

Your actual home insurance cost is likely to differ from the average rate listed above. This is because prices are based on several factors such as the following. 

  • Your home’s age, value, and size in square feet
  • The type of home you are insuring (e.g., single family detached house, condo, townhouse, rental property, vacation home, etc.)
  • The crime rate and weather risks in the ZIP code where your house is located
  • Your claims history and credit score
  • The size of your deductible
  • Whether you are bundling your coverage with other policies like car insurance or boat insurance

Reviewing an assortment of customized homeowners insurance makes it possible for you to choose the policy that offers the coverage you want at the best price.

What Hazards Does Miami Lakes Homeowners Insurance Cover against?

Your home insurance policy is designed to cover losses related to most of the risks you are likely to face as a property owner in Miami Lakes. You can expect a typical policy to reimburse you for property loss and damage caused by the following problems.

You will want to be certain that your coverage limits are high enough to enable you to fully rebuild your home and replace all of your belongings if your home is destroyed by a major disaster like a hurricane or a tornado. It is a good idea to review your coverage limits every few years to ensure they are sufficient.

A Word about Flood Damage in Miami Lakes, FL

Homeowners insurance does not cover flood damage. This is true even if the flood is the direct result of a covered hurricane. According to FEMA, just one inch of rainwater in your house can cause as much as $25,000 in property damage.

FloodFactor.com has identified 7,157 properties in Miami Lakes that have a significant risk of flooding. That’s 92% of all properties in this town. Miami Lakes currently sustains an average of $133,400 in flood damage a year, and FloodFactor expects that number to rise to $347,200 million by 2050.

Fortunately, you can supplement your home insurance with a flood insurance policy through the National Flood Insurance Program (NFIP). These policies enable you to purchase up to $250,000 in structural coverage and $100,000 in contents coverage so you are shielded from financial losses caused by floods.

Flood insurance policies take 30 days to go into effect, so do not wait until a hurricane is brewing to purchase your policy.

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What Is Loss of Use Insurance?

Miami Lakes has been impacted by 75 hurricanes since 1950 and 229 tornadoes since 1930.

Damage from disasters like hurricanes and tornadoes can render your house uninhabitable until repairs are made. If this happens, the loss of use coverage in your homeowners insurance policy can pay for your temporary living expenses.

If a covered event makes your home unlivable, loss of use insurance is designed to cover things like the following.

  • Hotel or rental home accommodations
  • Meals if your accommodations do not include a kitchen
  • Pet boarding fees
  • Temporary storage fees
  • Moving expenses

Your loss of use insurance coverage can continue until your house is brought back up to code and you can return to it, or until you have found a different permanent home to move into. It is, however, usually limited to 12 months.

How Does Having Liability Coverage Help Miami Lakes Homeowners?

Accidents happen. That is why in addition to covering your property, your homeowners insurance provides you with a significant amount of personal liability protection.

Homeowners liability insurance is designed to cover expenses like court costs, legal fees, mediation fees, settlements, and judgements if you or someone in your household is unintentionally responsible for someone else experiencing injuries, property damage, financial loss, or other harm.

Examples of covered incidents include dog bites, injuries sustained by visitors while they are on your property, and accusations of libel or slander.

If you have a lot to lose and want even more liability coverage than your home insurance can provide, you may want to consider supplementing your coverage with an umbrella insurance policy. This is an affordable way to boost all your liability coverage.

What Is the Burglary Risk in Miami Lakes, FL?

The burglary rate in Florida is lower than the national rate; and in Miami Lakes, the risk is even lower.

  • Number of burglaries per 1,000 homes in the US: 3.76
  • Number of burglaries per 1,000 homes in Florida: 3.38
  • Number of burglaries per 1,000 homes in Miami Lakes: 1.07

Residents of this city reported 34 burglaries in one recent year, which accounts for the relatively low rate shown above. However, it is worth noting that this rate has been steadily declining in the last decade, since it peaked at 140 burglaries.

If you are the victim of a burglary, the first thing you should do is make sure that you and your family are safe, and then notify the authorities.

Once you have a copy of the police report you will be able to file a claim with your homeowners insurance company so that you can be reimbursed for your property losses as well as for any damage the burglar may have caused.

Why Work with an Independent Insurance Agent?

Independent insurance agents are available to help you find the best and most affordable policy to cover your Miami Lakes home. These agents are not tied to a specific insurance provider so they can shop around to find you the coverage you need at the most competitive price.

It doesn’t cost anything to talk to an independent agent. Arrange a consultation with an insurance agent near you to discover how easy it can be to obtain and compare customized homeowners insurance quotes.

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http://www.city-data.com/city/Miami-Lakes-Florida.html
https://www.homefacts.com/hurricanes/Florida/Miami-Dade-County/Miami-Lakes.html
https://www.homefacts.com/tornadoes/Florida/Miami-Dade-County/Miami-Lakes.html
https://floodfactor.com/city/miami-lakes-florida/1245100_fsid
https://www.fema.gov/flood-insurance