[triton1]

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?

[novanative75]

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.

[macguy]

Originally Posted by novanative75

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

[macguy]

Originally Posted by novanative75

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.

[chisoxfan]

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.

[daniellefort]

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.

[riveree]

Originally Posted by triton1

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.

[FHMullane]

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....

[tallrick]

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.

[KarenMathers]

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.