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Old 11-17-2007, 05:20 PM
 
Location: imprisoned in chicago
326 posts, read 467,062 times
Reputation: 52

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I read quite a bit about how pricey homeowner's insurance can be in Florida, therefore I would like to know; is homeowner's insurance optional for homeowners in the state of florida? also, is hurricane insurance separate from regular insurance? if so, isn't it the hurricane insurance that is the "big pricey" of homeowner's insurance?
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Old 11-17-2007, 05:28 PM
 
847 posts, read 3,509,558 times
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As far as it being mandatory, I would say yes and no. I do not think you will be qualified for a mortgage on a home that is uninsured so that would essentially make it yes, mandatory. I am not the insurance purchaser in my home but from what I remember it is the wind insurance (basically hurricane insurance) that is more and separate. You will need basic homeowners, wind and flood.
Someone correct me if I am wrong, I very well may be.
Also, please think of what you are saying, it is like health insurance, you do not want to pay for it but what would you do if you get sick. You need homeowners insurance.
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Old 11-17-2007, 05:39 PM
 
2,313 posts, read 3,160,206 times
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Quote:
Originally Posted by novanative75 View Post
As far as it being mandatory, I would say yes and no. I do not think you will be qualified for a mortgage on a home that is uninsured so that would essentially make it yes, mandatory. I am not the insurance purchaser in my home but from what I remember it is the wind insurance (basically hurricane insurance) that is more and separate. You will need basic homeowners, wind and flood.
Someone correct me if I am wrong, I very well may be.
Also, please think of what you are saying, it is like health insurance, you do not want to pay for it but what would you do if you get sick. You need homeowners insurance.
You should have fire and liability but windstorm is a toss of a coin. I have no problem going without windstorm. I don't plan on renewing next year
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Old 11-17-2007, 05:42 PM
 
2,313 posts, read 3,160,206 times
Reputation: 471
Quote:
Originally Posted by novanative75 View Post
As far as it being mandatory, I would say yes and no. I do not think you will be qualified for a mortgage on a home that is uninsured so that would essentially make it yes, mandatory. I am not the insurance purchaser in my home but from what I remember it is the wind insurance (basically hurricane insurance) that is more and separate. You will need basic homeowners, wind and flood.
Someone correct me if I am wrong, I very well may be.
Also, please think of what you are saying, it is like health insurance, you do not want to pay for it but what would you do if you get sick. You need homeowners insurance.
My insurance is $7200. $1700. is for the basic policy the rest is windstorm.
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Old 11-17-2007, 06:17 PM
 
Location: Fort Lauderdale, FL
518 posts, read 2,218,714 times
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This answer also falls into the "correct me if I'm wrong" category, but I think the mortgage companies require you to carry windstorm insurance, at least in "high-risk" South Florida. Once your mortgage is paid off, windstorm coverage can be dropped.
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Old 11-17-2007, 07:02 PM
 
1,775 posts, read 8,072,848 times
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Banks do require you to show proof on insurance before your mortgage is approved and finalized. Recently refinanced ourselves. Depening if your in a flood zone determines if you need flood insurance. We live across the street from a lake but are not in a flood zone. Most policies include hurricane coverage but carry a separate deductible. Also keep in mind, i just experienced this just yesterday, but what the bank appraises your home, they want the balance of mortgage covered, HOWEVER, this new insurance i have says it's under insured (even though we insured for the appraised value) so they increased my premium another $200. They say appraisal (which is the banks figure) vs. cost of replacement (which is the insurance figure including removal of debris in the worse case scenario that my house is complete destroyed) is what caused the increase. Heck my house isn't even worth what the bank appraised it at yet my insurance company increased our value another $25,000.
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Old 11-17-2007, 11:29 PM
 
Location: Jax
8,200 posts, read 35,340,143 times
Reputation: 3441
Quote:
Originally Posted by triton1 View Post
is homeowner's insurance optional for homeowners in the state of florida?
Yes, it's optional as far as the state is concerned. As pointed out above, the mortgage lenders will require it though.

So......if you have no mortgage, it's your decision to make. If you have a mortgage, you must carry insurance.
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Old 11-18-2007, 12:13 AM
 
Location: Jupiter FL
61 posts, read 267,014 times
Reputation: 33
Default Insurance

If you are going to have a mortgage you must have whatever insurance the lender requires and this can even include flood.

In some areas windstorm is separate from normal homeowners but in other places (usually more inland) they are tied together and you have to have it all or nothing.

Lots of people pay off their homes and go bare....
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Old 11-18-2007, 12:38 AM
 
Location: Heartland Florida
9,324 posts, read 26,651,377 times
Reputation: 5038
No mortgage, no insurance. I did have a liability policy but the company dropped it when they left Florida. I have never had windstorm insurance on my home and never will.
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Old 11-19-2007, 12:52 AM
 
Location: Vero Beach, Florida
7 posts, read 68,658 times
Reputation: 12
If you buy new construction you will find the insurance rates to be much less. Block construction, tougher building codes, and hurricane panels make a big difference now. Shop around, prices are getting more reasonable.
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