Home Insurance in Palmetto Bay, Florida
Homes in Palmetto Bay carry a median value of $879,700 - 90% higher than the Miami-Dade County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Palmetto Bay was built around 1976. About 11% of homes were built before 1960, about 10 points below Miami-Dade County's 21%.
In Palmetto Bay, the housing stock is 84% single-family homes and 14% apartments in buildings with 5+ units.
63% of owner-occupied homes in Palmetto Bay carry a mortgage, and mortgage lenders require hazard insurance for as long as the loan is active.
The vacancy rate is 6%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 78% of occupied homes in Palmetto Bay are owner-occupied.
In Palmetto Bay, 87% of homes are primarily heated with electricity.
What's the biggest home insurance risk near Palmetto Bay? FEMA's National Risk Index points to hurricane (Very High) in Miami-Dade County and Miami-Dade County had 355,123 active NFIP flood policies as of September 2026. See the full Miami-Dade County home insurance overview for all FEMA hazard ratings and flood coverage details.
The statewide average premium for a standard HO-3 homeowners policy in Florida is $2,779 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $879,700 |
|---|---|
| Median year built | 1976 |
| Owner-occupied share | 78% |
| Share of owner-occupied homes with a mortgage | 63% |
| Top county hazard | Hurricane (Very High) |
| Active NFIP policies in Miami-Dade County | 355,123 |
| Home insurance premium | $2,779 - statewide average (NAIC, 2023 data) |
Nearby towns
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)