going to buy a home in the "acreage" in Palm Beach. How much is homeowners insurance ??? (buying a house, buying)

[heydade]

I called State Farm and they quoted me 5,794 for a 3/2 worth 220K ! I can't believe it is that high. Is it ? Can people in Palm Beach please tell me what they are paying ??

Thanks !

[Pebbs78]

Does that area flood? My mother lives in WPB proper, by I-95, and she pays about $5000, and her home is worth $250, 3/2. State Farm also, but she has been insured from them for years.

[heydade]

no..the acreage area is way west...it does not flood...thank god

[graywolf73]

I was paying almost $4000/yr for my house in The Acreage (we just sold it a few months ago) It had been going up $800/yr for the last 3 years thanks to all the hurricanes. It is not considered a flood area and you are not required to carry flood insurance. All of the houses are built on pads. That is extra dirt that is higher than the rest of the property. We lived through El Nino which poured about 6 feet of water on us in a few months, and we weren't even close to being flooded. But insurance anywhere in the South Florida area is going to cost you an arm and a leg. BTW we were with Liberty Mutual.

[Wehatewinter]

http://www.floir.com/pdf/HouseInsura...on03242008.pdf
I don't live in Florida yet, but have been researching the state, and yes, that sounds right. The state needs a reserve to help rebuild in the event of hurricanes, and currently that reserve is EXTREMELY low. Most of the insurance companies pulled out of the state as they are afraid of having to pay claims. There is a lot of interesting reading on the subject if you surf around the internet. Correct me if I'm wrong native Floridians, but I think legislators are trying to help the situation and take some of the burden off the residents. The insurance companies are a bunch of crooks - they are always willing to take your money, as long as the chance of them having to pay out is low enough. There were some interesting blogs from people saying that if people are stupid enough to live in an area where they know they have a chance of getting hit by a hurricane, then they should have to pay high premiums, just like smokers have to pay higher health insurance.

[Bette]

I will PM you with 2 agent's names that write for a lot of companies. I have State Farm myself - on a home with dwelling coverage of $378,000 - I only pay $2900 per year.

If the home costs $220,000, remember you do not pay for the land, only the dwelling replacement cost.

I looked up 2 old files I did in The Acreage - one was $2894 in May 2006; the other was just a little higher (August 2006).

[SKB]

Originally Posted by heydade

I called State Farm and they quoted me 5,794 for a 3/2 worth 220K ! I can't believe it is that high. Is it ? Can people in Palm Beach please tell me what they are paying ??

Thanks !

Why are you buying a house in Acreage at this time? The prices are just starting to come down.
Check list listing out: Single Family Home - 17747 Orange Grove Blvd, Loxahatchee, FL, 33470 - Realtor.com

This is just a start on the decline in this area of zip 33470.

[PBCboy]

It depends on how old your home is, the size of your yard, type of home you have, etc. It'll be more than what a new suburban home with a zero lot would be.

[compelled to reply]

Originally Posted by SKB

Check list listing out: Single Family Home - 17747 Orange Grove Blvd, Loxahatchee, FL, 33470 - Realtor.com

I'll take it!

[graywolf73]

Originally Posted by SKB

Why are you buying a house in Acreage at this time? The prices are just starting to come down.
Check list listing out: Single Family Home - 17747 Orange Grove Blvd, Loxahatchee, FL, 33470 - Realtor.com

This is just a start on the decline in this area of zip 33470.

What do you mean "just a start on the decline"??? The Acreage area including Loxahatchee 33470 has been steadily declining for 2 years now. I know for an absolute fact because I lived there for 10 years and my father is a Realtor there. In fact my bro-in-law has a 4-2.5-5 (yes 5 car garage) he originally had on the market for $550K over a year ago and is now on the market in 33470 for $399K because that's what the market dictates. There are tons of deals to be had in 33412 and 33470 and now is the BEST time to buy.