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Old 09-22-2012, 08:33 AM
 
323 posts, read 580,441 times
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I know, I know....another topic that's been done to death, resurrected and, well, you get the idea. Here we go anyway:


We've settled on a general area in Pinellas county we really like; Safety Harbor/North Clearwater/Palm Harbor(really just Indian Trails in PH). Emphasis being on Safety Harbor/Clearwater in Del Oro Groves, Bay Woods, or Northwood estates. All of the homes we like in these places are either in a no-flood zone, or at the very minimum, a flood zone D.

Built 1983-1995, listing price $250K-$300K
Sq. footage approx. 2000-2400 with an in-ground caged pool
3-4 bed/2-3 bath
Attached 2 car garage
Construction: Block,stucco,slab
Roof: almost all have been shingle, though a few have been tile.

Here's my question; 3 of the 4 loan officers I've been in contact with have assumed $2,500 as the yearly premium in their cost estimate. Given their profession, I have to assume that's fairly accurate, but I have to admit feeling some sticker-shock. I had estimated around $1,500. Does anyone here have a similar home to what I've described above, and what is your yearly premium and deductible(s)?

Any other insight regarding HOI is appreciated. If my estimate was ridiculous, please say so and tell me why. $1000 is quite the difference and will obviously need to be factored in if we want to keep our payments reasonable.

Last edited by druthb00; 09-22-2012 at 09:38 AM..
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Old 09-22-2012, 09:29 AM
 
Location: Hernando County, FL
8,488 posts, read 17,938,707 times
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Year the home was built is a big factor. Need to know that and you are better off just picking one of the most likely homes you will buy meaning age, size, price, flood zone, location and then contact an insurance agent to get a quote.

I am not in the same area but because my home is newer I pay less than $800 yr for $300K in coverage and house a block away pays almost $2000 for $120K in coverage because the home is 12 years older than mine.
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Old 09-22-2012, 09:37 AM
 
323 posts, read 580,441 times
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Quote:
Originally Posted by Mike1306 View Post
Year the home was built is a big factor. Need to know that and you are better off just picking one of the most likely homes you will buy meaning age, size, price, flood zone, location and then contact an insurance agent to get a quote.

I am not in the same area but because my home is newer I pay less than $800 yr for $300K in coverage and house a block away pays almost $2000 for $120K in coverage because the home is 12 years older than mine.
Whoops, I forgot to include that. Most have been 1983-early '90s. Listing prices $250K-$300K.

I'd be ecstatic with $800/yr, but I know that's completely out of the question for us lol. Thanks for your input regarding the premium disparity with regards to age of the home.
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Old 09-22-2012, 09:40 AM
 
Location: Hernando County, FL
8,488 posts, read 17,938,707 times
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Quote:
Originally Posted by druthb00 View Post
Whoops, I forgot to include that. Most have been 1983-early '90s. Listing prices $250K-$300K.

I'd be ecstatic with $800/yr, but I know that's completely out of the question for us lol. Thanks for your input regarding the premium disparity with regards to age of the home.
When you are having the home you pick out inspected you may want to have a wind mitigation inspection done at the same time. I know there are some inspectors in Pinellas that add the wind mitigation to the inspection and will only charge you for it if they are going to be able to save you money on your insurance.
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Old 09-22-2012, 11:41 AM
 
Location: Not the end of the Earth, but I can see it from here
3,585 posts, read 3,694,020 times
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What Mike said. A big effect on the cost is going to be the age and construction of the roof. If it's been re-roofed (and I would hope it has) hopefully the previous owner had the decking redone and wind clips/strapping added.

These are important questions when you consider a house. If the seller can't answer them, you might want to reconsider.

A wind mitigation survey, which will add about $75 to a home inspection, can save you big bucks depending on what is found. The insurance company will insist on one before writing a policy, so do it when you do your home inspection and save some money in the process, as it will cost you more if done separately.

I don't know that exact area, but based on homes I have owned around here I would say that depending on the roof age and construction $2500 a year sounds about right.

Welcome to Florida. Wait until you find out what your car insurance is going to cost....

RM
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Old 09-22-2012, 12:53 PM
 
323 posts, read 580,441 times
Reputation: 270
Quote:
Originally Posted by MortonR View Post
What Mike said. A big effect on the cost is going to be the age and construction of the roof. If it's been re-roofed (and I would hope it has) hopefully the previous owner had the decking redone and wind clips/strapping added.

These are important questions when you consider a house. If the seller can't answer them, you might want to reconsider.

A wind mitigation survey, which will add about $75 to a home inspection, can save you big bucks depending on what is found. The insurance company will insist on one before writing a policy, so do it when you do your home inspection and save some money in the process, as it will cost you more if done separately.

I don't know that exact area, but based on homes I have owned around here I would say that depending on the roof age and construction $2500 a year sounds about right.

Welcome to Florida. Wait until you find out what your car insurance is going to cost....

RM
Thanks for the input (and the welcome, but we've been here for almost 3 years actually ). Trust me, if I'm going to buy a house built in the 80's, the roof sure as heck better have been redone by now or we'll be talking some serious price deductions. Not to mention I'd have to wonder if other routine maintenance and/or repairs have been neglected so I'm not sure if I'd consider the home at that point anyway.
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Old 09-22-2012, 09:32 PM
 
Location: Pinellas Park Florida
210 posts, read 505,197 times
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I like most HI include wind mits and 4 points with a home inspection. Not all insurance brokers insist on wind mits so be careful.
Get multiple quotes...you will be surprised by the difference from one broker to the next.
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Old 09-23-2012, 08:38 AM
 
Location: Not the end of the Earth, but I can see it from here
3,585 posts, read 3,694,020 times
Reputation: 3369
Absolutely.

I had been with State Farm for years, left the state, then returned a few years ago. When I got ready to buy a house last year, the quote from State Farm was over twice what other insurers quoted, and the SF coverage was not as good.

I took this as a "If you want us to insure it, we're going to make sure we're covered." In other words, SF doesn't want to write policies down here, but to stay in the state they have to. So if you want insurance from them you're going to pay dearly for it.

We found this to be the case with their auto coverage as well. 30+ years of business with them, gone in seconds. And they seemed totally fine with that. Too bad.

RM
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Old 09-23-2012, 08:47 AM
 
Location: Myrtle Beach
3,378 posts, read 7,892,657 times
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The loan office is grossly underestimating your premium. Call an insurance agent/broker and letthem know you are house shopping. Use this agent and get a quote before putting a bid on the house. An agent will be happy to do several bids for you. You may want to try 2 or 3 different agents to see which one consistently gives you the best price. DO NOT PUT A BID ON A HOUSE UNTIL YOU HAVE AN AGENT QUOTE IT OUT FOR YOU.

For the house you describe and where is it located you're probably looking around $3K/yr or so. Yeah - these rates shocked me too!
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Old 09-23-2012, 01:23 PM
 
323 posts, read 580,441 times
Reputation: 270
Thanks everyone so far. I guess I'll have to contact a couple of agents this week to get an idea of what we're looking at. This is the website I've seen in the past that had me thinking maybe our premium wouldn't be too ridiculous: CHOICES - $150,000 Value - Pre-2001 Construction, it's amazing how different the rates are with "max. wind mitigation."

I know there are plenty of variables not factored into the example, but we plan on keeping deductibles relatively high and maximizing wind mitigation where reasonably possible (obviously down the road, not immediately.) I'm hoping staying in a non-flood zone and sticking with block construction will make a big difference.
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