Cost of Home Insurance (Merritt Island, Cocoa: 2014, homeowners insurance, mortgage broker)

[jghorton]

We lived beachside in Satellite Beach (both on the beach/condos and within two blocks of the beach). Basic insurance costs aren't as high as one might expect, but, the insurance companies significantly changed their formulas several years back.

Whenever shopping insurance rates, ask about deductibles for both hurricane and flood/rising water insurance. Many of the policies now also have a hurricane deductible that can amount to 2-3% of the total property value ... and may not even include 'rising water' coverage. On one hand, there hasn't been a serious hurricane in Florida for over 10-years. On the other, if a named hurricane rips the roof off a $400K house, you will likely pay your regular deductible, plus $8-$10K for the roof, before you get beyond your deductible. (IOW, one is pretty much self-insured, unless one has catastrophic storm damage).

[sapphos]

We're moving back to Florida and have owned in Miami back around Katrina and Wilma, but not since then. We'll be in Brevard and are looking at houses. I've been in the MLS and have been using the flood map overlays when searching properties. I'm wondering if those of you who are in the new flood zones have seen an increase in your insurance. And if there has just been a general increase of all insurances. I know that just as in Miami, some areas inland are more at risk of flooding than areas near the coast. So I've been trying to stay away from designated flood zones to start with. I've been looking at Palm Shores, the beaches, Merritt Island, West Melbourne, and Palm Bay (east of 95). Unfortunately my husband is already there but I'm stuck with what I can figure out via the computer.

Any thoughts on areas that are known flood areas or were heavily flooded during the last major hurricanes - I believe it was also Wilma and Katrina for this area?

Thanks

[Nypafl4u]

Maps change over time for flood zones. I think if there is a bad storm, it will be pretty bad anywhere near the water (just for the rise in water levels alone). Consult the latest maps, talk with a realtor that knows the area and get an insurance quote. That is the best you can do as you shop around.

[kayaker35]

We're building a new home in Palm Coast. We're about 3 miles as the crow flies from the ocean. Our insurance company here in Maine also writes in FL, so we asked for a quote from them. With a wind mitigation certificate the cost would be $600/yr for our 1570 sq ft home. Without the certificate it would be $1600. Needless to say, we're going for the certificate! From the questions the agent asked, our builder is doing all the things that would be required for the certificate, so the policy won't be all that expensive.

Karen

[mpafr012]

I found Insurance Co in FL have a roof requirement of either 15 or 20 life spans. Aluminum wiring on older homes can make it harder to find insurance coverage unless Alumiconns were installed. I am buying a home in Titusville about half way between Indian river and Interstate 95 and my home owners insurance with a low deductable (forget how much) will be $1,625 a year.

[Rabflmom]

Originally Posted by sapphos

We're moving back to Florida and have owned in Miami back around Katrina and Wilma, but not since then. We'll be in Brevard and are looking at houses. I've been in the MLS and have been using the flood map overlays when searching properties. I'm wondering if those of you who are in the new flood zones have seen an increase in your insurance. And if there has just been a general increase of all insurances. I know that just as in Miami, some areas inland are more at risk of flooding than areas near the coast. So I've been trying to stay away from designated flood zones to start with. I've been looking at Palm Shores, the beaches, Merritt Island, West Melbourne, and Palm Bay (east of 95). Unfortunately my husband is already there but I'm stuck with what I can figure out via the computer.

Any thoughts on areas that are known flood areas or were heavily flooded during the last major hurricanes - I believe it was also Wilma and Katrina for this area?

Thanks

A lot of streets in Palm Bay flooded in Francis, Jeanne, and in Tropical storm Faye when we got 20 inches of rain in 1 day. The deeper canals are what to look for in the area and a home that is not level with the street. Most lots are higher than the streets so not a lot of homes were flooded. Mostly just the inconvenience of getting through the flooded streets was the problem for most of us. Lamplighter Village(55+ community of manufactured homes )in Melbourne had a lot of flooding. Don't know if it ruined any homes, though. The river surges in hurricanes so homes there sometimes flood We were under curfew and had no power for weeks so didn't really see how bad it got in most areas just the street we evacuated to . By the time we got out after Jeanne (2 days after the hit) the water in most areas was already gone. Just remembered the 3rd day after, I worked. The police stopped me cause I was out after curfew. It was a spooky drive home because the main street in town was totally black out and there were still traffic lights hanging in some intersections. The homes that had damage from wind and flood had the hardest time getting either insurance to pay so repairs took a long time to get done for some.

[Indiana Beekeeper]

Originally Posted by sapphos

have been using the flood map overlays when searching properties.

I sure would appreciate a link to what you are using. I can't seem to find good link

[sapphos]

Indiana beekeeper I'm sorry I just saw this - if you go to the Brevard MLS site and do your searches or if your agent sends you the searches, you click on the maps function and there is a dropdown menu thta allows you to put in GIS overlays for everything from flood zones to school districts etc. If you have trouble let me know.

On another note - we price shopped insurance on a house on the beach. frame construction with a small second floor and no new roof - 1900 sq ft and estimate came in at 5800

[MetroMan76]

Wow!! I live in Oklahoma and I'm paying $3,500 a year with a 2% home value deductible for wind/hail damage. Based on what I'm reading here I'd gladly pay for homeowners + hurricane + flood insurance in Melbourne.

Btw, I'm looking at moving there hopefully this year.

[JerSkee]

I'm also an Okie planning to relocate to the area this year!