[cassarina]

I am planning to move to Sarasota,FL. I am hearing lots of stories about high insurance rates. I would like to know how much people are really paying for homeowners insurance in coastal areas of Florida.

[deckardc]

I live on the panhandle. My house is about 5 blocks from tidal water and is not in a flood zone (22 feet above sea level). The house is 3 bed, 2 bath, 1987 sq. ft., the replacement cost of the structure is estimated to be $156,000 and I pay $3100 per year for homeowners insurance. That's almost $260 per month on top of the mortgage and taxes. When I bought my house in 2004, my annual HOI was $850 so that gives you an idea of how much it has gone up since then. We have friends who live 4 miles from the water and they pay $2400 per year for a house that is similar to ours.

Most coastal city homeowners are holding their breath waiting to be canceled any time now. There is no way I would buy a house in this state right now, I would sell the one I do own if I thought anyone would buy it.

[riveree]

Originally Posted by cassarina

I am planning to move to Sarasota,FL. I am hearing lots of stories about high insurance rates. I would like to know how much people are really paying for homeowners insurance in coastal areas of Florida.

There are so many variables, Cassarina. I live 6 miles in from the ocean and I pay nowhere near the examples above.

So much depends on the structure and materials of the house itself, the age of the house, the exact location (not in a flood zone and nowhere near a flood zone is best), and your personal credit score. If any of these are beyond acceptable for the insurers, they'll hit you hard.

Most people in my area are paying $800/$900/$1000 for houses in the 2000 square foot range, more or less. I am in Jax though, and our lowered chances (statistically) of direct hurricane hits might make us a less expensive city insurance-wise even though we're coastal......not sure.

[Sarasota_Blues]

I live in Sarasota, in a downtown neighborhood about 1 mile from Sarasota Bay. I own an older 1200 sq ft home built in 1926. The home is solid, with plaster walls, and a new roof and decking in 2001. Due to the age of the home, Liberty Mutual dropped my wind coverage after 18 years, and never a claim. I was referred to Citizens (via Liberty Mutual), for the wind portion of my policy. LM still wrote the rest of the HO policy.

They estimated $140,000 for rebuild. I am not considered to be in a major flood zone. My home stands 3 ft off the ground anyway. My credit score is in the 790 range (if that really matters). My total policy was about $1700 ($600 LM; $1100 Citizens - approx. figures) this year. I found some quotes via out-of-town agents that was slightly less, but I stayed with LM and the Citizens offer.

I renew again in November, and am holding my breath. At $1700, that's about 3X what I was paying just a few years ago. I've heard stories a LOT worse than mine, especially up in Pasco county, and on the SE coast. This is becoming a major problem here!

[doggiebus]

Had to go with Citizens last year as our insurance company (those losers) pulled out of the area last year. Just got our new renewal notice with the new lowered prices from Tall, a savings of $600 our new cost is $5,300. We got flood just incase even though we are in flood zone x-500 which cost $300 extra a year. We are 8 miles inland Miami, 1,800 sq. ft., one car garage, pool, 3/2, 1969 home valued around 500k.

Like others have said it really depends on many things.

[macguy]

Originally Posted by cassarina

I am planning to move to Sarasota,FL. I am hearing lots of stories about high insurance rates. I would like to know how much people are really paying for homeowners insurance in coastal areas of Florida.

$1700, went to $4200 went to $7200. Good luck

[Obrero]

Originally Posted by cassarina

I am planning to move to Sarasota,FL. I am hearing lots of stories about high insurance rates. I would like to know how much people are really paying for homeowners insurance in coastal areas of Florida.

We were looking at a house in Harbor Acres. Cost was $899 (needed to be torn down). It was built in the 50's and was wood frame (I'm sure the worst for insurance). Just for kicks I called an insurance agent to get a quote on the house "as is". His rough estimate was around 7-8k.

[andystocks]

Can anybody tell me the insurance costs for a 3/2 in Lakeland please?

[riveree]

Originally Posted by andystocks

Can anybody tell me the insurance costs for a 3/2 in Lakeland please?

Again, there's no standard rate. The rate is going to be different house to house, owner to owner.

If there is a particular house you're interested in, call an insurance broker with the address and they can give you an idea of the rate.

Like I said above, the rate will be dependent on a number of factors including the age, materials and structure of the house, the lot it sits on (ideally not in a flood zone and nowhere near a flood zone), and yes, your personal credit score.

Your personal credit score is playing a bigger and bigger role with insurers whether it's homeowners insurance, car insurance, etc. It pays to keep your credit squeeky-clean .

When you're shopping for a house, look for things like a hip roof (4-sided), impact-resistant siding (brick, hardiboard, etc.), flood zone "X" - these factors tend to bring your insurance rate down.

[mainship]

Originally Posted by riveree

Again, there's no standard rate. The rate is going to be different house to house, owner to owner.

Add one more co to co.
Right now things are changing due to new laws.
I just got a quote for HO without wind, 235,000 at 750. Last quote with wind was 1700 with 23000 deductible for wind. Value same as citizens about double what I want to have. You can get appraisal from private co and submit to insurance if you don't like their esitmated worth, but should you have to prove lower value.