Homeowners · Miami
Home insurance for high-value houses in Miami.
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What a high-value house needs from its policy
A high-value house in Miami is insured on its own, with no association policy in between. What deserves a closer look is the cost to rebuild it, the hurricane deductible the policy carries, how far a flood policy reaches, and what changes if you rent the house out long-term or short-term.
Rebuilding a high-value home: limits and the hurricane deductible
The number a house policy starts from is what it would cost to rebuild the house today, with its materials and finishes, which can be far from its market price. That figure sets the dwelling limit, and on a Florida policy the hurricane deductible is usually a share of that limit.
Under section 627.701 of the Florida Statutes, insurers have to offer hurricane deductibles of $500, 2%, 5% and 10% of the dwelling limit, with fewer required options on higher-value homes. On a $2 million dwelling limit, a 5% deductible is $100,000. How the hurricane deductible works on a Florida policy.
Flood: the limits of the federal program
Flood water takes a policy of its own. According to FEMA, the National Flood Insurance Program covers a single-family home up to $250,000 for the building and $100,000 for contents, which on a high-value house can leave much of the rebuilding cost and the contents beyond its reach. What a separate flood policy adds.
Citizens and the flood requirement
If your house is insured with Citizens, section 627.351 of the Florida Statutes phases in a flood requirement by the dwelling's replacement cost: $600,000 or more for policies effective from January 1, 2024, $500,000 or more from January 1, 2025, $400,000 or more from January 1, 2026, and every other home from January 1, 2027.
Art, jewelry, wine and collections
In a house, valuables tend to be spread through rooms that face the same storms and humidity as the rest of the structure: art on the walls, a wine room, a safe with jewelry. A standard home policy usually sets lower limits for those categories, so pieces of real value are typically scheduled one by one, each with its appraisal or receipt. An up-to-date inventory, with photos, is what makes that list possible.
Pools, docks and liability
A house brings exposures a condo unit doesn't: a pool, a dock, guests on the property and people working on the grounds. Weigh the liability limit on the home policy against your assets; an umbrella policy adds a layer above your home and auto policies.
Renting it long-term
A homeowners policy is written for a house you live in. When the house is leased, owners usually move to a dwelling policy written for rented homes, often called a DP-3, and the tenant carries their own renters policy. Tell your insurer before the lease starts.
When a covered loss keeps tenants out of the house, the lease income usually stops until the work is done. Whether a policy replaces that income depends on how it was written, which is worth confirming before the lease is signed.
Renting it short-term
Florida treats a house rented to guests more than three times in a calendar year, each time for less than 30 consecutive days, or advertised as available that way, as a vacation rental, and requires a license from the Division of Hotels and Restaurants (Florida Statutes, sections 509.013 and 509.242). Miami-Dade also asks owners to register for tourist taxes on stays of six months or less, and your city may have rules of its own.
Short stays change what the house is exposed to: guests who don't know the pool or the neighborhood, furniture and linens that stay behind, and local rules that fall on the owner. Before the first booking, tell your insurer how the house will be used and ask how the policy treats a loss during a guest's stay.
What it usually covers
- Usually covered: The house and the other structures on the lot
- Usually covered: Your belongings
- Usually covered: Liability if someone gets hurt at your home
- Not covered: Flood water. That takes a separate flood policy.
Coverage depends on the carrier and the policy you choose.
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Questions from homeowners
What hurricane deductibles will I be offered on a high-value home?
Is federal flood insurance enough for a house like mine?
Does Citizens require flood insurance on my house?
What changes if I rent my house out long-term?
Do I need a license to rent my house short-term?
How do I insure art, jewelry or a wine collection?
More answers on our insurance blog.