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Old 07-21-2006, 11:59 AM
 
Location: Marion, IN
8,192 posts, read 19,002,242 times
Reputation: 6618
Your insurance will vary greatly based on your location, your mortgage, amount of your deductable, and your carrier.

I just sold in south Sarasota County. I was grossly under-insured (policy for the mortgage balance), and my premium was just under $1,000/year, not including my flood policy. Premium was about to jump 50%. What was really scary was the way I saw the carrier respond to claims after Hurricane Charley. Many, many friends and co-workers had this same policy. They contacted their agent the day after the storm and waited WEEKS for an appointment with an adjuster.

I realize that there was an overwhelming amount of claims during the time period in question. However, not one of the people that had my same carrier was happy with the resolution to their claim. Some had deductables they did not know about (hurricane deductable is always higher than your regular deductable), and some did not have enough coverage.

The real answer to this question will begin with research on your part. Once you find your location contact an agent & get a feel for the area as far as premiums.

To me, nothing beats owning your own home. Proper insurance is peace of mind.
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Old 07-21-2006, 03:07 PM
 
Location: Central Florida
799 posts, read 2,059,470 times
Reputation: 281
Evey, I had damage from Charlie. I photographed, called the insurance company BEFORE the storm was even over, and called the roofer and other contractors. I had the sense to call right away and got things fixed right away. I dealt with the insurance company later. I didn't have an issue with the claim, the took the photos as proof and paid the bills. Being proactive is good.

Many I know waited on the ins. co. to come out to see the house and incurred much more damage because of it.
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Old 08-08-2006, 04:22 AM
 
165 posts, read 476,389 times
Reputation: 56
Post house insurance...

I will assume that you want to live in Florida and will rent or buy here...... Renting right now is cheaper than owning a house and it is a good idea if you do not plan to stay in the area too long. It is also good for those who do not want to maintain a house and fix things. However for many, the idea for home ownership is the American Dream where you can set down roots and build equity. You are ahead if you like to do yard work and fix up. They price rents to get what the market will bear. Houses go for what people will actually pay. My house in a working class area of Saint Petersburg is insured for $100,000 (market value with land $160,000). I paid $1,400 in 2006 and may get a raise of $1,000 in 2007......The deductible is high too. At least you are warned.... many think the Florida lifestyle is too expensive yet do not want to leave. I hope I helped....see other threads on this theme.
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Old 08-08-2006, 05:00 PM
 
Location: Central Florida
799 posts, read 2,059,470 times
Reputation: 281
Quote:
Originally Posted by Tinabell
Can anyone give me an estimate on how much it costs for homeowners insurance ??? Iv'e heard it's outrageous! Is it better to rent or buy?? How do they determine the cost??



Thanks!!
Moderator cut: Solicitation Not Allowed

You can't tell home much until you have an address and all the pertainent details about the home.

I pay under $1000K for mine, I have 2800 sq ft in Longwood FL. $1000 deductible.

Last edited by doggiebus; 01-22-2010 at 09:40 AM..
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Old 08-18-2006, 07:16 PM
 
165 posts, read 476,389 times
Reputation: 56
Wink homeowners insurance

I have lived in more as well as less expensive places........and I was and am always broke anyway. Despite high insurance in my area--outrageous--I just spend my money anyway and I might as well be happy and content doing it. Even with my local costs and pitfalls, I just looove it here! Yea, I just droool over lower insurance, but I am sooo happy not to pay northeast (NJ) property taxes and heating bills..... For others, I do recommend looking into cheaper insurance areas first.......
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Old 01-17-2010, 04:44 PM
 
2 posts, read 4,405 times
Reputation: 11
Default Homeowners Insurance

I'd also be interested in hearing about the rates for the Sarasota, Port Charlotte or Cape Coral areas.
We've found quite a few homes we're interested in seeing, but I've heard insurance is very high?
I've e-mailed quite a few insurance places and no one ever replies back......very interesting.
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Old 01-17-2010, 07:49 PM
 
Location: Palm Island and North Port
6,699 posts, read 12,145,074 times
Reputation: 1991
Quote:
Originally Posted by Summer72Breeze View Post
I'd also be interested in hearing about the rates for the Sarasota, Port Charlotte or Cape Coral areas.
We've found quite a few homes we're interested in seeing, but I've heard insurance is very high?
I've e-mailed quite a few insurance places and no one ever replies back......very interesting.
My guess is that you will only hear back if you email info on a specific home. Here are some things that insurance agents take into consideration-the age of the home, style of roof(hip roof is best), how close the home is to a natural body of water or fire hydrant, how the roof is tied on, if the home has hurricane shutters or impact resistant glass, if the home has a Miami-Dade rated garage door, if the home is frame or block. These are just a few of the criteria they use to give an insurance quote. There are more but these are some of the biggies.

Another thing that's important to look at when talking insurance is the www.MySafeFLoridaHome.com program. It's important to have a wind mitigation report done on the home. This usually costs around $150 and some home inspectors include it in the home inspection for free. I'll give you an example of how this can effect your insurance. I live in North Port (southern Sarasota county). My home was built in 2003, has hurricane shutters, 2127 under air, hip roof, concrete block, close to a fire hydrant, no pool. Before the inspection my insurance was $1987 per year and after the inspection it was $727. Big difference.

Here's website that talks about insurance that may be of help: Compare Homeowner's Insurance Rates

Then you have flood insurance. 95% of North Port is not in a flood zone. There is a very specific area that is. The other areas of Sarasota and Charlotte county would be hit or miss. Generally west of US 41 and on the islands would be more likely to require flood insurance. The only way to determine the amount of the insurance is to have an elevation certificate. This would show the elevation of the home and what flood zone the home is in (if any). If the previous owner had home owners insurance and had a mortgage they probably have an elevation certificate. I always recommend getting flood insurance even if your home is not in a flood zone. If it's not, the price would be much cheaper for the insurance.

Good luck with your search!
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