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Hey all, I've been throwing around the idea of purchasing a home in Coral Gables, which is right outside of Miami. I'm pretty much looking at a 3/2 around 1800 sq ft thats been built in the 1950's or around there, the house is also west of US-1. Does anyone know an estimate of what hurricane insurance would be? Thanks!
The only insurer that will write a new policy for a home that old is the state run Citizen's. I want to say it is anything built prior to 1960. By law they are required to cost more than any private insurer. They will require multiple inspections done at your expense for the roof, wind mitigation, and plumbing/electrical/hvac before they will issue a policy. If the inspector says that systems need to be updated or replaced that must be done to have coverage.
I sold a similar home in FL in December. Slightly smaller, concrete block, all updated. They quoted me $1,220/yr for $120,000 worth of coverage. That was the highest amount of coverage they would offer on that particular house.
Also keep in mind that flood insurance is not included in general hazard/hurricane insurance and must be purchased separately.
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