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Old 02-08-2016, 11:29 AM
 
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I am thinking of moving to either Fort Lauderdale or Miami. I hear flood/storm insurance is very expensive there. I'd be very grateful if those of you who live there or nearby would share some information on the cost of insurance there. Thank you.
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Old 02-08-2016, 11:58 AM
 
Location: Myrtle Beach
1,498 posts, read 1,188,667 times
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I would repost this in the Florida forum
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Old 02-08-2016, 12:02 PM
 
Location: Boca Raton, FL
5,164 posts, read 8,687,150 times
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Smile I live here and also....

Quote:
Originally Posted by ibelieu View Post
I am thinking of moving to either Fort Lauderdale or Miami. I hear flood/storm insurance is very expensive there. I'd be very grateful if those of you who live there or nearby would share some information on the cost of insurance there. Thank you.
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!!
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Old 02-08-2016, 12:31 PM
 
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The insurance will be all different costs based on age, proximity to ocean , roof type , concrete or frame home etc...my HOA is in the middle of a owner insurance update and I've seen most of the paperwork for townhomes and single family homes here in port St Lucie , east of Us 1 and the costs range from 800-1500 dollars per year ...
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Old 02-08-2016, 01:34 PM
 
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I live in Boca Raton, FL east of 1-95. Where I live in Palm Beach County, the land east of I 95 is more costly to insure as being only 3-4 miles inland; the land east of Federal (1 1/2 mile or so) is even more costly.

In SE FL, the road Military Trail, which was the ridge the US army found high enough to be dry during the nineteenth century "Seminole wars," is a boundary, too: Military is among the more elevated places in the county, so the houses there (about 5 miles inland) are less subject to storm surge in a bad storm.

My Citizens premiums for Windstorm only is $2913 this year. Flood insurance, which I buy though I am not required to as I am on a mini-ridge, was an additional $430. Homeowners insurance for loss, damage, etc. for elements other than wind is in addition to that.

Insurance costs are so high here, and so tenuous (the State is always touting under capitalized new insurance cos for windstorm) that it is a reason I am not as worried as I might be otherwise about the higher COL in moving to Mass or VT. Insurance (car and house) in VT esp. is very low, which could offset some higher costs in taxed income by the state.

It could be another 20 years before the horrible storms of the millenium and just after recur, but when they do, FL will not be ready. They do not take in enough to fully cover a disaster on either of the coasts.
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Old 02-08-2016, 04:50 PM
 
Location: Florida
4,357 posts, read 3,692,049 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!!
Not an expert but seems very low if you are on the coasts. I guess you are excluding, sink hole, hurricane and flood insurance.
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Old 02-08-2016, 06:18 PM
 
Location: Boca Raton, FL
5,164 posts, read 8,687,150 times
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Smile Sorry, just quoted flood

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!!
Depending on location, wind would be around $2000 per year. For my own home, we pay around $3000 yearly for both hazard and wind; no flood required but we pay it anyway.

Just west of I-95.

I'll be glad to send you the names of a few agents.
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Old 02-08-2016, 07:54 PM
 
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Thank you all for the very helpful information. I do really appreciate your help!
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Old 02-09-2016, 03:52 AM
 
Location: R.I.
970 posts, read 603,310 times
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Quote:
Originally Posted by ladyalicemore View Post
I live in Boca Raton, FL east of 1-95. Where I live in Palm Beach County, the land east of I 95 is more costly to insure as being only 3-4 miles inland; the land east of Federal (1 1/2 mile or so) is even more costly.

In SE FL, the road Military Trail, which was the ridge the US army found high enough to be dry during the nineteenth century "Seminole wars," is a boundary, too: Military is among the more elevated places in the county, so the houses there (about 5 miles inland) are less subject to storm surge in a bad storm.

My Citizens premiums for Windstorm only is $2913 this year. Flood insurance, which I buy though I am not required to as I am on a mini-ridge, was an additional $430. Homeowners insurance for loss, damage, etc. for elements other than wind is in addition to that.

Insurance costs are so high here, and so tenuous (the State is always touting under capitalized new insurance cos for windstorm) that it is a reason I am not as worried as I might be otherwise about the higher COL in moving to Mass or VT. Insurance (car and house) in VT esp. is very low, which could offset some higher costs in taxed income by the state.

It could be another 20 years before the horrible storms of the millenium and just after recur, but when they do, FL will not be ready. They do not take in enough to fully cover a disaster on either of the coasts.
Since you are considering relocating to New England I thought I would share my numbers with you which be may helpful in your relocation plans.

I live in Bristol, R.I. which is listed as a high risk hurricane zone and has experienced 37 hurricanes since 1930. The town is located on a peninsula with Narragansett Bay on the west and Mt. Hope Bay on the east where my home is located, so pretty much every resident is within walking distance to the water. Since my home is up a hill from the bay I don't have to carry flood insurance. R.I. taxes all income.

Assessed Home Value - $338,000 - Rate - $14.02 - No Exemptions
Property Tax - $4,753.36
Sewer Tax - $440
Vehicle Tax - $181
Home Owner's Insurance - $1,500
Car Insurance - 2010 Ford Escape - One Driver - $1,500
Income Tax which will drop by about 1/3 in retirement - $4,868
Heat - Gas - $2,208
Electric - No A/C - $1,392
Water - $840
Cable/Internet/Land Phone - $1,740
Home Alarm - $600
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Old 02-09-2016, 04:37 AM
 
2,626 posts, read 4,949,307 times
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I live in Homestead, Fl ~ 12 miles inland. I have a home built in the 1950's. My homeowner's insurance premium is $4,200.00 for 2016. My flood insurance for this year is $513.00. Small house (1345 sq. ft). This is one of the reasons that I am moving out of Florida. Way too expensive for me! My property tax $715.00.
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