Property Insurance in Florida (Port St. Lucie, Vero Beach: foreclosures, HOA, condos)

[back to tennessee]

We are considering purchasing a condo in Port St. Lucie and would like to know how much property insurance costs?

[TriMT7]

Originally Posted by back to tennessee

We are considering purchasing a condo in Port St. Lucie and would like to know how much property insurance costs?

Condo fees generally include property insurance rolled into it. You will then need to take out an "interior" or "contents" policy, which can be maybe a couple hundred bucks a year.

[runswithscissors]

I just bought a condo in Vero Beach, Indian River County....and pay 590 per year for the interior with replacement value of 50000. I don't have hurricane shutters yet but the rate will come down when I get them. The company is Universal Prop and Casualty.

I found an auto insurance policy that saved me 200 a year over Pa.

My taxes would be around 619 per year based on what the previous people paid/assessed but that's the OLD assessment and I think it will even come down more. That also includes homestead, if you are not a resident it you dont get that exemption. The previous people paid 1360 in tax without homestead. Based on 14.7499 mills.

I recommend looking somewhere other than PSL especially if you are not living there full time. There are too many foreclosures and vacancies down there and you can't keep an eye on things.

My realtor just had to move out of her condo because the people upstairs moved out without telling anybody and they had a leak that caused toxic mold downstairs in her unit. Not something to mess around with when shopping in Florida for a condo. Now she has to negotiate with the association for the cleanup. Which is a pain because even if the HOA pays the cleanup it's actually her money anyway...and everyone else's. Therefore, the HOA just enacted an inspection rule whereby all condos will be inspected starting with the known vacancies.

I'm surprised Florida doesnt have that rule anyway. Where I used to live in Pa our township had a safety inspection of all multi family dwellings once a year. It was a pain but I thought it was a good idea even if it sounds a bit fascist lol.

[lipps]

Condo prices have gone down on the beach, insurance is covered in the association fees, expect those fees to range from 500 to 800 per month if you live on the beach.
Not sure of the prices away from the island but I would hope they are lower.