COST of Homeowner's Insurance (Boca Raton: refinancing, credit, lender)

[thitzler]

I am preparing a budget for a move to Florida and need help estimating homeowner's insurance. Assuming a home built in the late 1980's with a value of approximately $350,000 and a location in Boca Raton about 2 miles from the ocean, what could I expect to pay for full, comprehensive coverage?

[ssclulow]

You are asking a very difficult question without giving enough info. Insurance is not a one size fits all. Much depends on the construction of the home. Anything built in the 1980's will cost you a bundle. There have been at least 6 hurricane code upgrades since then regarding windows, how roofs are attached and stud walls are attached to the slab, roofing materials and fasteners, roof piIches, and i could go on and on. The type of construction is a huge factor: wood frame with or without brick, concrete block, poured concrete, wood studs, metal studs?? Hip roof or gable roof? Does the home have storm shutters and what are the shutters made of? The distance from the ocean is a factor but so is the elevation of the home (height from sea level) and how close to a flood plain it is located. Who you use for an underwriter can amke a difference in getting the best price. Independent underwriters can do a better job for you because they aren't locked into a brand name.

[rusty78]

Insurance is one of the big problems/expenses when moving to Florida...and any policy you get that covers hurricane insurance will require a 2% deductible...which basically translates on a 350K home to $7,000.00 which you pay first before your insurance kicks in...and that's each occurance...so if Florida starts getting as many hurricances as NY is getting snow storms...it could be a very expensive season...and that's if you can even find a policy for a house more than 10 years old...

[firsttimer99]

You can get insurance from Citizens if nobody else will insure you because of how close you are to the ocean. Call around for quotes but to get truly accurate quotes, you will need the 4 point inspection report on the home.
It's a lot to do with the roof, are there hurricane shutters? That sort of thing.

I would expect upwards of $2000/year easily for the policy. Just my guesstimate.

Good luck! If you need an agent, let me know. I got quotes from about 10 different people when we moved here and found a guy who knows this stuff inside and out.

[thitzler]

Thanks everyone for the helpful information. I guess I should have realized that a newer house that is up-to-date with current building codes would cost less to insure and be more easily insured than an older, less compliant home (some things - like insurance - are so simple and cheap here in the Midwest).

Thanks FIRSTTIMER99 for the offer. I may take you up on that when the time comes.

[BillieUSA]

I would like to add... you might need 2 homeowners' policies, or even 3. For fire, thefts, etc., you will need a standard company, and you should get quotes keeping in mind all the other advice. Do not go to a company that has one office on each block. I have AAA, and I like it. The second policy would be from Citzen's for windstorm / hurricanes, and yes, it is expensive, but less expensive if you have good hurricane protection. I know someone who opted out of windstorm, and set up a savings account with the premiums she would have paid, in case of a major hit. If you have a mortgage, though, you must have this insurance. The third policy would be for flood insurance. Keep these in mind before you buy.

[hdaddy]

Agent here with 10 years experience. With older homes you want to make sure the roof has been completely replaced within the last 4-8 years. A majority of the credit you can receive towards your hurricane premium is how secure the roof is. When looking at opening protection don't forget to consider whether the entrance doors, skylights, and garage doors have been replaced and are up to code, not just the windows. All openings have to be protected to receive a credit. Have a wind mitigation inspection performed on the home you choose so you can supply agents with this documentation and a firm quote can be obtained. Newer homes, 2002 and newer are easier to quote because they would have had to meet the current code. Lastly don't be shocked if you never heard the name of the companies that write business down here. Most of them only write in the state of Florida because the big names don't want to.

[dive77mmwet]

As said,Good luck!
I have to self insure living on / near the ocean but that's the price to pay for a slice of heaven! It's like playing Crap's my pal a retired TV executive rolled the dice several years back and well he lost out several million.
That said great question to ask most folks move down and never think about it! and as you have found out no agents will even give you a idea over the phone,, Insurance in Florida is like the DMV or Unemployment office real busy but no money! tons of calls and little to no policies underwritten,Personal property is a BIG one to check out too,
GOOD LUCK!

[rntnursesgreat1s]

I am in the process of refinancing my home. I wa told by the lender that I am paying about two and a half times as the average homeowner with Traveler's Insurance which is approximately $3,200 a year. I live in Colorado and have an approximately 2,800 sqaure foot house. I phoned the company responsible for handling my insurance, Dodrill, and the only thing they did was send me a brochure for a re-quote after I asked them why I was paying so much.

[MrTudo]

We just put an offer in on a house in west boca and that's something I need to get a quote on asap. I also need to find a reliable and fair lawn service in Loggers Run. Can anyone suggest any? Or Pool cleaners?

Thank you