Condo Insurance in Miami, Florida

Life in Miami, Florida, has its own kind of magic. The ocean breeze, sunny skies, and those sleek condos lining the coast make it easy to see why so many people choose to call this city home. Whether you’re living in a high-rise in Brickell or a beachside condo in South Beach, owning a place here means you’re part of a vibrant, fast-paced community.

However, Miami living also comes with its share of risks. From tropical storms to the occasional hurricane, protecting your condo is just as important as enjoying it. That’s where condo insurance in Miami, Florida comes in. 

Condo insurance (also known as an HO-6 policy) is designed to protect your personal unit, belongings, and liability in situations where your condo association’s master policy doesn’t cover the damage.

Key takeaways

• Condo insurance isn’t legally required, but often necessary: While Florida law doesn’t mandate condo insurance, most owners end up needing it. Mortgage lenders typically require HO-6 coverage, and many HOAs may make this coverage mandatory to protect unit interiors and personal belongings not covered by the master policy.
• Condo insurance differs from home insurance: Condo insurance typically only covers your unit’s interior, personal belongings, and liability. Homeowners insurance (HO-3) typically covers the entire property, including the structure and land.
• Policy covers interiors, belongings, and liability: HO-6 policies protect your condo’s interior (walls, flooring, cabinets), personal property (furniture, electronics, clothing), liability (if you cause damage or injury), and loss of use (temporary housing). However, typical exclusions can include earthquake, flood, sewer backups, normal wear and tear, and tenants’ property.
• Ways to lower condo insurance premiums: Miami residents could cut costs by installing safety features, disaster-proofing units, raising deductibles, and comparing quotes across insurers.

Is condo insurance (HO-6) mandatory in Miami, Florida?

In Miami, condo insurance is not required by law; however, HO-6 insurance may be required by your HOA or mortgage lender:

• Mortgage requirement: If you’re financing your condo through a bank or lender, they may require you to have an HO-6 policy. Lenders typically want assurance that their investment – whether it’s residential or commercial – is protected.
• HOA requirement: Many Miami condo associations require owners to carry their own condo insurance. While the HOA master policy provides coverage for common areas such as roofs, hallways, elevators, and exteriors, coverage does not extend to the interior of a unit or to personal belongings. Many associations set this rule to help prevent disputes over financial responsibility when damage occurs.

Coverage requirements may vary. Consult with a licensed insurance producer before making determinations.

How is condo insurance different from home insurance?

Many first-time buyers assume condo insurance is the same as home insurance. However, this isn’t the case. Here's how the two differ:

• Home Insurance (HO-3): Homeowners insurance in Miami, Florida typically covers the entire property – interior, exterior walls, roof, foundation, and often detached structures such as garages or sheds.
• Condo Insurance (HO-6): Condominium insurance typically focuses on the interior of your unit (walls, flooring, cabinetry, appliances), plus your personal property and liability. The HOA’s master policy typically covers the rest.

In Miami, where many condo complexes may feature shared amenities like pools and gyms, this division could be important to know. 

You don’t have to worry about insuring the elevator or lobby chandelier – that’s the HOA’s job. However, if your hardwood floors get damaged by a burst pipe, this is where your HO-6 policy typically steps in.

How much is the average condo insurance in Miami, Florida? 

The average cost of condo insurance in Miami is $2,280 [1] per year (or $190 per month). 

Several local and personal factors come into play when insurers calculate your premium. Here's a look at what could influence your HO-6 insurance quotes in Miami, FL:

• Location: Where your condo sits on the Miami map matters a lot. If you live in an area of Miami prone to natural disasters (such as floods or hurricanes) or with higher crime rates, you may have higher insurance premiums.
• Building Type: Older buildings or luxury complexes with expensive fixtures may drive up    premiums.
• Coverage limits and deductibles: Your choices for coverage and deductibles can affect what you pay. Higher coverage limits may increase your premium, while selecting a higher deductible can sometimes lower it. Adding optional coverages, such as flood or earthquake protection, may also raise your overall cost.

Coverage can vary depending on the underwriting carrier. Consult with a licensed insurance producer to determine your eligibility and explore available options.

What does condo insurance cover in Miami, Florida?

Condo insurance in Miami helps protect you in multiple ways, such as:

• Dwelling (Interior Structures): This part of your policy covers the interior of your condo – walls, built-in cabinets, countertops, and flooring. For example, if a kitchen fire damages your cabinets or a pipe bursts and ruins your hardwood floors, this coverage may help cover the cost to repair or rebuild.
• Personal Property: This part of your policy helps cover personal belongings inside your condo. It can include furniture, clothing, appliances, and your heating or cooling systems. If you own expensive items such as jewelry, fine art, or collectibles, you might need to purchase extra coverage to fully protect them.
• Personal liability coverage: Liability coverage helps protect you financially if someone is injured on your property and pursues a claim or lawsuit. It could help pay for legal costs, settlements, and medical expenses.
• Loss of use (or additional living expenses): If your condo becomes unlivable after a covered event, this coverage helps pay for temporary living expenses, such as hotel stays or meals. 

Miami condo insurance coverage exclusions

Every insurance policy, whether residential or commercial, typically comes with exclusions – things the policy doesn’t cover. In Miami, the most common residential or commercial condo insurance exclusions are:

• Hurricane and wind damage: Standard HO-6 policies typically don’t cover hurricane and wind damage. As Miami is at high risk for hurricanes and other severe wind storms, residents may want to explore additional hurricane and wind damage coverage.
• Flood damage: If your condo is near the coast, you may want to look into flood insurance. Flood insurance is a separate policy, often recommended for coastal residents.
• Sewer or water backup: This add-on coverage can help protect you if sewage or water backs up into your condo or if your sump pump overflows. It may help with cleanup and certain repair costs,  including repairs to the sewer line within your property boundaries.
• Wear and tear: Insurance covers named perils, or events that are typically outside of your control, and are often clearly named in your policy. Outdated plumbing, old wiring, or gradual deterioration won’t typically qualify for claims.
• Tenant’s property: If you rent out your condo, your policy won’t cover your tenant’s belongings. They’ll need their own renters insurance.
• Pest infestations: Damage caused by termites, rodents, or other pests is typically excluded and often requires preventive maintenance rather than insurance coverage.

Add-on coverage options

While standard condo insurance covers the basics, there are some important add-ons worth considering:

• Scheduled personal property: Items such as heirloom jewelry, camera equipment, or vintage collectibles may need separate scheduling to be fully covered.
• Umbrella insurance: This insurance policy offers extra liability coverage beyond your typical condo, auto, or other insurance policies. It may apply when claims exceed the limits of your underlying policies, offering additional protection against large liabilities, lawsuits, and judgments.
• Loss Assessment Coverage: HOAs sometimes pass special assessments to cover building repairs after a loss. This add-on could help you pay your share.

Tips to lower your Miami condo insurance premium

Condo insurance in Miami doesn't have to break the bank, especially if you know a few tricks to keep your premium low. Here are some smart and simple tips that may help lower your condo insurance policy.

• Don't just auto-renew; shop around: It's easy to let your policy auto-renew every year, but that could cost you. Instead, obtain at least three quotes when your renewal date approaches. Different insurers weigh things such as Miami ZIP codes, proximity to a fire station, or your condo’s age in different ways, so shopping around could reveal a lower rate for the same (or better) coverage.
• Raise your deductible: Consider raising your deductible, which could lower your monthly bill. However, make sure you could cover that amount out of pocket if a covered event happens.
• Install preventive devices: Smoke detectors, carbon monoxide alarms, water leak sensors, and smart locks could help you qualify for discounts. Eligibility and qualifications for these programs might vary by insurer.
• Use storm-resistant upgrades: Adding impact windows, reinforced doors, or roof straps could reduce damage during storms. Insurers in Miami may offer lower rates for condos with these safety features.
• Strengthen your credit: In Miami, your credit score could influence your premium. Pay bills on time, keep balances low, and avoid new debt before policy renewals.
• Ask about hidden discounts: Many discounts aren't advertised. Don't be shy – ask your agent if there are any extra perks you might qualify for.

Still have questions?

Are condos in Miami more expensive to insure?

Yes, condo insurance in Miami tends to cost more than in many other cities1. Miami’s higher rates are mainly due to its coastal location and the increased risk of hurricanes.

Do condominiums in Miami hold their value?

Most Miami condos hold their value well, especially those in desirable areas near the beach or downtown. However, value differs based on market trends, building maintenance, and neighborhood development.

How much should you save before buying a condo in Miami?

It’s best to have enough saved for a down payment, closing costs, and emergency repairs. Typically, buyers aim for at least 10 to 20% [2] of the condo’s price plus extra funds for maintenance and insurance.

Does condo insurance cover water damage?

Condo insurance usually covers water damage from sudden events like burst pipes or accidental leaks. However, it does not cover damage caused by flooding or poor maintenance. For that, you would need to buy a separate flood insurance policy.

Is it better to own a condo or a house in Miami?

The answer depends on your lifestyle and budget. Condos can offer convenience, shared amenities, and typically less maintenance. Houses often provide more space and privacy but can come with higher upkeep and insurance costs.

Sources

1. Information from NerdWallet. 
2. Information from First Citizens Bank.

Figures reflect averages from publicly available sources as of November 2025.

This article is for informational purposes only and was compiled from sources not affiliated with Hippo. While we believe this information to be reliable, we do not guarantee its accuracy or completeness. For any insurance-related decision, please consult your licensed insurance producer.