Merritt Island and insurance (home, construction, costs)

[athomemoms]

I haven't seen any recent posts on "Insurance costs on Merritt Island" ? We are looking to relocate and it would be nice to know what the expenses will look like. Is the island in a flood area? What if next to a canal or nearby? Thanks in advance.

Lately flood insurance has become a major issue with rates taking large jumps.

What is a typical Flood insurance cost for a $250,000,00 to $300,000.00 home. I know current owners get it a bit easier as the rates come up over a couple of years, but if I bought a home tomorrow on the Island what is insurance likely to be since the whole island is in a flood zone?

[Nypafl4u]

That depends on many many variables. If you are directly on a canal, you likely now need flood insurance. If you do, you need to have an elevation survey done (cost around $250). That will dictate height of property and allow for huge discounts when compared to not doing the elevation certificate. Any survey company can do this for you. Dealing local in Merritt Island may be good to do, but not a necessity. My rates went from $5,000 a year to $861 on a recent rental. $600 a year seems to be typical.
Getting your wind-mitigation and 4 point done will also dictate what discounts you can get on your regular homeowners policy. This can range from $100's to thousands of dollars per year. Construction material (block vs. frame), roof design, roof age, replacement value and even proximity to a fire department all factor in when quotes are issued.
So there is no easy answer. I pay from around $1,500 to $3,000 a year on my various properties based on all of the above (and more) items to consider. Best thing to do is get several quotes and you can get an idea with the address alone, best and worse and case scenarios.

[athomemoms]

Thanks for the reply.