U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Miami
 [Register]
Miami Miami-Dade County
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-03-2012, 11:25 AM
 
52 posts, read 293,402 times
Reputation: 68

Advertisements

Can someone please inform me of the types of insurance(s) required when buying a home/condo in S. Fla?

Homeowners
Windstorm
Flood

I've been able to gather these types but I don't know if they are one in the same or different. Are they bundled together or are they bought separately? Apart from these, are there any more?

Off topic, does the BANK require homeowners to have insurance if the homeowner pays for 100% of the home in cash? (ie. no mortgage)

Thanks in advance. Cheers
Reply With Quote Quick reply to this message

 
Old 06-03-2012, 02:31 PM
 
2,888 posts, read 4,690,905 times
Reputation: 1858
Sorry, but you are not making any sense. If the homeowner pays for the house in cash %100 like you say, no mortgage, than what bank is going to tell you that you need insurance. If it is payed for than you are not required by anyone to have insurance. It is up to you to make that decision.
Reply With Quote Quick reply to this message
 
Old 06-03-2012, 03:43 PM
 
Location: Jupiter
1,108 posts, read 3,679,118 times
Reputation: 623
Try this site www.floir.com a state run site where you can find insurance definations under Consumer resources...24 pages that you can download or print out that goes over insurance...it is called "homeowners insurance buyers guide"
Reply With Quote Quick reply to this message
 
Old 06-03-2012, 04:26 PM
 
6,966 posts, read 5,406,944 times
Reputation: 2768
Quote:
Originally Posted by Panam View Post
Can someone please inform me of the types of insurance(s) required when buying a home/condo in S. Fla?

Homeowners
Windstorm
Flood

I've been able to gather these types but I don't know if they are one in the same or different. Are they bundled together or are they bought separately? Apart from these, are there any more?

Off topic, does the BANK require homeowners to have insurance if the homeowner pays for 100% of the home in cash? (ie. no mortgage)

Thanks in advance. Cheers
If your home is paid for in full, no one can make you purchase HOI. If you choose to buy HOI, you can opt out of windstorm coverage. Likewise, you can choose to purchase flood insurance.

If you have a mortgage, you MUST have HOI with windstorm coverage. If you are in a flood zone, you will also have to purchase flood insurance.

HOI can be bundled with windstorm coverage. Flood insurance is purchased from FEMA and is a separate policy.
Reply With Quote Quick reply to this message
 
Old 06-04-2012, 06:58 AM
 
Location: Miami
6,853 posts, read 19,763,031 times
Reputation: 2906
Ray is right. If you own the home out right (pay 100% cash) then you are not required to have any type of insurance. If you have a mortgage, the bank will require you to have some type of insurance depending on its location. That can mean you will need to add wind, sinkhole, flood insurance on top of your regular homeowners insurance most likely, if it's not already included.
Reply With Quote Quick reply to this message
 
Old 06-05-2012, 11:39 AM
 
60 posts, read 111,518 times
Reputation: 29
Ditto to Ray's reply. HOI will most likely exclude wind which you may or may not be able to buy from the same carrier (most carriers won't underwrite wind in FL). If you are not in a flood zone, you can buy flood coverage inexpensively (<$200/yr); if you are in a flood zone, coverage will depend on the elevation of your home (if you are buying a new home, it will most likely meet the latest elevation specs; if you are buying an older home, flood insurance can be costly...mine is almost $2k/yr).
Reply With Quote Quick reply to this message
 
Old 06-05-2012, 11:59 AM
 
6,966 posts, read 5,406,944 times
Reputation: 2768
Quote:
Originally Posted by UnInspired View Post
Ditto to Ray's reply. HOI will most likely exclude wind which you may or may not be able to buy from the same carrier (most carriers won't underwrite wind in FL). If you are not in a flood zone, you can buy flood coverage inexpensively (<$200/yr); if you are in a flood zone, coverage will depend on the elevation of your home (if you are buying a new home, it will most likely meet the latest elevation specs; if you are buying an older home, flood insurance can be costly...mine is almost $2k/yr).
If you have a mortgage on a S. Fl home, you must have HOI with windstorm - not sure you can buy windstorm w/o also buying basic HOI.

We are not in a flood zone, but still buy flood insurance - we pay $360/yr.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Miami
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top