Homeowner's Insurance rates in Sarasota (Punta Gorda: sales, home owners insurance, mortgage broker)

[granger123]

Say, I want to buy a $395,000 house in Turtle Rock, Palmer Ranch. The house is built 1995 and has flat tile roof (majority hip type), newly installed in 2008. Does anyone give me some idea about what homeowner's insurance rates I can expect?
Thank you in advance.

[Oobie119]

Im guessing insurance will run about 1000 a year on average. I have a FABULOUS person for you to work with. We just had our home insured and we close on the 16th- it's an 03, however, we have a large inground pool and an older roof and she got our quote down to $831 for the year with very good coverage!! Just a tip though, you have to act fast, once a storm gets into the "window" you will not be able to get insurance. Also, you definitely want wind mitigation with your insurance, it costs a bit at inspection time but will save you TONS on your policy. If you want her number let me know, she is a broker via Allstate but really, so worth it!

[SRQ_Sioux]

Can you send me that person's name?? I pay 2K for an older home. Is that the major diff?? my roof is newer too! 831?? really????!!!

(yes I know will have to wait until next year after hurricane season)

[lovewholeself]

SRQ_Sioux, I also got quote of $2,300 for older home. Yes, that "older home" is real drawback as well as if it's not CBS (see post I did last month below--$1,000 more than other).

In Ooobie119's $831, I can't imagine that includes all three (flood, wind and contents), does it??? I got quote for $1,000ish (wind and contents) and $300 additional (flood) through an Allstate agent on a small, 1,400 sq ft house buying for only $80Kish (these two factors--sq ft size and cost--weigh in on premium determination too).

Heads up on wind mitigation inspection. Here's things I learned as a buyer:

1) Not always necessary to do separate wind mitigation inspection from traditional home inspection. My guy, Larry from Harbor View Home Inspection (Punta Gorda 941-625-7835), was awesome in many ways. One was by telling me that my roof was asphalt shingles stapled down--not up to 2001 code. This, and the fact that the house was built in 1980, made it clear I'd get no wind mitigation discount on insurance. Thus, there was no need to pay for a separate wind mitigation inspection. He charged only $270.

2) When I called for insurance quote, they asked handful of questions. They agreed that a wind mitigation inspection wouldn't give them any information to cause them to discount my insurance (I had to tell them it's construction was "wood frame, stucco" and not concrete block stucco (CBS) which, along with the "old" age of 1980, is hell on the insurance premium. My quote for flood and hurricane, which is combined with home contents, was $1,000 more year than a house I got quote on built in 1996 with CBS.

[Oobie119]

Yes, that quote was with wind mitigation on our policy and our contents-- $265,000 dwelling coverage and $130,000 personal property. Our personal liablity is at $300,000- House is 2200 sq ft, with a shingle roof- built in 2002 (not 03).We did not get flood insurance yet, there is some law trying to be passed and current flood insurance customers can renew, but the state of Florida is not writing new customers for flood at this time. We worked with a fab broker with Allstate and have our insurance through St Johns. They only work with top companies- AND you can still get insurance now. As long as their is no storm in the gulf (watch out for Alex..). If anyone wants her number DM me : )

[Floridaa]

Then you have a really good price.Esp.considering the age of your home.

Our realtor told us not to touch a home that wasn't built after 2003.
We bought a new home with the newest code,that was in 2006. Perhaps since then there are new codes?

[Oobie119]

I believe the new codes started in '04- we previously were trying to buy an 04 and wind mitigation was not necessary as it was up to date on hurricane standards..

[loves2read]

frankly you should check the older posts for one with link to rating insurance companies in FL for financial stability
some of them are woefully underfunded and if there is major storm season--or even a minor one--some insurers might not be around to pay out what they owe--
in that case people might have saved nothing by getting cheaper insurance...

and what has the lack of flood insurance through FEMA done in FL????
read that there are thousands of mortgages that can't close because Congress has not funded FEMA for new policies--and mortgage companies won't close those sales without flood insurance on the homes
FEMA has the least expensive premiums and people can't afford sometimes to buy more expensive policy from other/private insurer...

[Oobie119]

Our mortgage broker said we don't have to have flood in order to close.. we are not in a flood zone he says.

[loves2read]

just remember that rising water counts as flooding--if there is big hurricane and the streets in your area are awash in water coming on to your proerty or if your patio area floods back into your house because you have a pool and the relief plumbing won't vent the accumulation--that is flooding
and your home owners insurance won't cover it...

at least that is what my understand is...
you might be far enough from the beach not to be in stated flood zone
you just have to assess your own particular situation and see whether or not it is LIKELY that a serious storm could do rising water damage to your home...

you might be fine...