[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!!

[mich2fla]

The more north and more inland you go, the cheaper it'll be.

[hdaddy]

coastal counties= a ton of money.

I am an insurance agent in Palm Beach County and can tell you the average premium in our area for a single family home is approx. $5000-7000 per year. This is for an average home in Palm Beach County which runs around $400000-$500000.

Something in the Orlando area would be half the cost.

[rkumar3]

Insurance will depend upon the location, amount of coverage and deductables. I personally think owning is ALWAYS better than renting

[rkumar3]

hmmm.. Didn't see hdaddy's post earlier. But I can tell you that I own a home in Palm Beach county that I bought last year for 350K (current value about 500K) and my insurance bill last year was about $1500.

Now it is a different story that like most insurers my company has also decided to no longer do business in FL, so I am going to start shopping for HOI pretty soon.... based on personal knowledge expecting to pay somewhere between $2,000 - $3,000 a year.

Disclosure: I am active Realtor.

[BradyWetz]

What state are you wanting information about? I can help you if you are in Texas! Or I can give you names of agents in your state.

[Jammie]

Hi Tina, it sounds like it's just like Mich2Fl said, the further inland you go, the cheaper it will be. I have a bro that lives in Highlands Co. They built their house about eight years ago. Their insurance was $840 a year and with the 54% jump, they're figuring between $1200 and $1300 per year. They have a nice home with two bedrooms/two baths, a double garage, a shed in the backyard, and a pool. Some of the people that live near the ocean or in the southern part of Fla. pay up to $10,000 per year for insurance. Hope this helps you a bit.

[lulu]

Don't worry everyone, I won't get into the whole subject again though, State farm ins. announced that they are hiking their rates like 105% now. The film industry is considering leaving too as they are getting 500% increases - some want guarantees that there will be no hurricanes written into the policy (?), can you imagine??? I'm truly, concerned & worried about my hometown as a whole.

[Muggy]

Another problem (if you can get insurance... if you can afford it...) is the deductible; $25,000 is not uncommon.

Tinabell, in my unprofessional opinion, I would rent for a year. I am waiting to buy for two reasons: let the market cool, wait for the insurance crisis to resolve (it may not).

If you feel like paying $250k for an uninsurable P.O.S., dive-in.

[Dee2e]

Originally Posted by hdaddy

coastal counties= a ton of money.

I am an insurance agent in Palm Beach County and can tell you the average premium in our area for a single family home is approx. $5000-7000 per year. This is for an average home in Palm Beach County which runs around $400000-$500000.

Something in the Orlando area would be half the cost.

Im in the Orlando area and my insurance is well under a thoushand dollars and my house is in the low 4s.

Rates seem to be very related to your insurance company. Some here are unreasonable but there are many reasonable companies. Shop around! You'll find better rates that hdaddy quoted.