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Old 02-09-2016, 07:52 AM
 
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I was thinking about moving to Florida, but after reading about property insurance there I've more or less put the state at the bottom of my list. Not only are the rates outrageous, but if you have a claim, what are the chances that the insurance company will actually live up to their end of the bargain? Why should I set myself up to be another victim of the insurance companies?
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Old 02-09-2016, 08:07 AM
 
2,626 posts, read 4,952,863 times
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Quote:
Originally Posted by John7777 View Post
I was thinking about moving to Florida, but after reading about property insurance there I've more or less put the state at the bottom of my list. Not only are the rates outrageous, but if you have a claim, what are the chances that the insurance company will actually live up to their end of the bargain? Why should I set myself up to be another victim of the insurance companies?
A very smart decision!
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Old 02-09-2016, 09:22 AM
 
Location: Boca Raton, FL
5,174 posts, read 8,696,248 times
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Smile Question

When is the last time you had a wind mitigation report done? You can get valuable credits and the cost of one is around $75-$125

That can help lower your insurance.
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Old 02-09-2016, 10:02 AM
 
18 posts, read 17,032 times
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Again, I want to express my gratitude to all of you who have offered helpful information here.


We have been thinking of buying an apartment/condo, 1500 to 2000 sq. ft., close to the beach around the Miami/Fort Lauderdale area. The plan is to spend winter in Florida and summer somewhere else, like in California where my son is.


My other candidate location is Las Vegas (or maybe Phoenix), which is close to California.


After reading some stories about alarmingly high insurance cost in Florida, and getting information from you kind folks here, we are leaning toward the west.
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Old 02-09-2016, 10:48 AM
 
536 posts, read 631,961 times
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Thanks so much for the info, Nightengale! I was just looking at Tiverton RI yesterday. Some very charming houses. I'm just beginning to consider RI. Looking at Povidence, too.

Your car insurance is comparable to what I pay in FL (horrible drivers here contribute to high costs). The homeowner's insurance is a fraction of what I pay overall, though I don't have a state income tax here as in RI, so it's more or less a wash.

There are very, very low auto and home insurance costs in Maine and Vermont, but then there is winter heating to provide for.

Since my family is in New England and I miss them, I'll try to get up there somehow but figuring out the budget is like playing 3-dimensional chess. Real info helps a lot--
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Old 02-09-2016, 11:40 AM
 
Location: SW Florida
9,759 posts, read 7,038,572 times
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Quote:
Originally Posted by Bette View Post
I'm also a mortgage broker. I deal with this every day.

Give me an address and I'll run it for you.

Usually around 400-500 per year.

The west coast of Florida is dealing with higher premiums!!
I've lived on both coasts of Florida (Miami for 36 years, SW FL for the last four full time), and must disagree with you regarding these insurance premiums. In general, the premiums depend on a number of factors, including the location, the age of the property, the population density where the property is located, the mitigation factors for the property that make it more resistant to damages by hurricane winds. In general, insurance premiums on the east coast of FL, especially in Miami-Dade, Broward, and Palm Beach counties-the most densely populated areas in the state, and Monroe county (FL Keys) are higher than premiums on the west coast of FL. Although because of the population density of Hillsboro and Pinellas counties ( Tampa and St. Pete), as well as potential sinkhole activity in some locations ther, premiums may be as high or close to it as they are on the east coast. But just to compare, on our house in Miami, we had to buy separate windstorm and homeowner's policies which cost us a total of about $6000 a year, and we also had a mandated flood insurance policy which cost another $800 a year, and climbing. Our homeowner's policy in Punta Gorda for our waterfront house has run about $1300 yearly, includes windstorm coverage. The decrease in those premiums is due to the age of construction (2008), location in a lower population density area, and the mitigation items ( type of roof, county approved hurricane impact windows, and extra truss bracing).
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Old 02-09-2016, 12:51 PM
gg
 
Location: Pittsburgh
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You don't have to carry that crap if you don't have a dumb mortgage. We all know it is a scam anyway.
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Old 02-09-2016, 01:55 PM
 
Location: Fargo ND
809 posts, read 652,897 times
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Quote:
Originally Posted by rjm1cc View Post
Not an expert but seems very low if you are on the coasts. I guess you are excluding, sink hole, hurricane and flood insurance.
standard homeowners insurance and flood insurance are 2 different things, you need both if in a flood zone
she was quoting the cost for flood ins
the homeowners policy for fire,theft,hurricane, liability, sink hole etc would typically be higher

flood zone = you need both, your mortgage company will require it
non flood zone (B or C) = you are fine with just standard homeowners ins for a mortgage

not all coastal areas and lots are in a flood zone... but they may still be very expensive to insure

the standard policy cost will vary wildly depending on zip code, flood zone, distance to water, previous claims, credit, sfla, const type, lot size, age, dogs, swimming pool, fireplaces $400-$4,000 a year

Bette is right

the flood add-on is about $400-$500/yr (Required in Zone "A" optional in "B" and "C")

Last edited by azsportpilot; 02-09-2016 at 02:24 PM..
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Old 02-09-2016, 02:15 PM
 
32 posts, read 107,069 times
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Quote:
Originally Posted by azsportpilot View Post
not all coastal areas and lots are in a flood zone
Many areas in the three coastal counties of Mississippi were not in flood zones when Katrina hit. Many homes and families were destroyed because "flood insurance was not required".

That was one of the things on our list when we were looking for a home in Gulfport/Biloxi. If flood insurance was required we were not interested. Several homes in areas we seriously considered were wiped off the map down to their slabs. We were fortunate the home we chose was in an area that really did not need flood insurance. Unless the flood maps are very current I wouldn't put much faith in them.
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Old 02-09-2016, 02:45 PM
 
Location: Boca Raton, FL
5,174 posts, read 8,696,248 times
Reputation: 6189
Default Only spoke about the flood here

Quote:
Originally Posted by Travelassie View Post
I've lived on both coasts of Florida (Miami for 36 years, SW FL for the last four full time), and must disagree with you regarding these insurance premiums. In general, the premiums depend on a number of factors, including the location, the age of the property, the population density where the property is located, the mitigation factors for the property that make it more resistant to damages by hurricane winds. In general, insurance premiums on the east coast of FL, especially in Miami-Dade, Broward, and Palm Beach counties-the most densely populated areas in the state, and Monroe county (FL Keys) are higher than premiums on the west coast of FL. Although because of the population density of Hillsboro and Pinellas counties ( Tampa and St. Pete), as well as potential sinkhole activity in some locations ther, premiums may be as high or close to it as they are on the east coast. But just to compare, on our house in Miami, we had to buy separate windstorm and homeowner's policies which cost us a total of about $6000 a year, and we also had a mandated flood insurance policy which cost another $800 a year, and climbing. Our homeowner's policy in Punta Gorda for our waterfront house has run about $1300 yearly, includes windstorm coverage. The decrease in those premiums is due to the age of construction (2008), location in a lower population density area, and the mitigation items ( type of roof, county approved hurricane impact windows, and extra truss bracing).
You are correct, however, when I wrote that, I was focusing on only flood.

Now, I see the OP was thinking of a condo and those require an HO 6 policy (think contents insurance) because in a condo, your master insurance (held by the HOA) covers the exterior, roof, etc.

The flood policies I've seen were in the Fort Myers, St. Pete and Tampa areas. Those were higher than on the East Coast of Florida.
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