[Meandb12]

Tell me, if you buy a stucco home (approx. 1600-2000 sq. ft.), let's say, less than 5 years old, not in an official flood zone, would anyone say that their insurance rates are still affordable (less than $1500/yr) - is there a more affordable way to go regarding insurance depending on what type of house you buy & when? Is it automatically higher if the home you buy had previous damage/claims? All these threads I'm reading about insurance hikes are scaring me off, but what I don't know is if maybe these people are living in older (pre-Andrew) homes, wood homes, or are possibly on the coast/waterways. I know everyone is experiencing a hike, but what can I expect to pay 30- 40 miles inland - I don't know how to play with a mortgage calculator if I don't know the rates...

My inlaws and parents have both moved to Florida in the past 6 years, and now that we may be re-locating back to the US from Europe (after 10 years away), we so want to be near them, but are afraid we won't be able to afford it - looking at $50,000/year income in a home office (pretty much guarnateed) plus I'm a nurse, and could go back to work in 8 years or so (would rather wait until my kids are older - elem. age now). Is this a bad idea? Someone tell me they still like Florida!

[GatorGirl]

Most homes are block and stucco, which are pretty good in hurricanes.

I think it depends on the part of Florida you are looking at.

My home is much larger than the square footage you quoted, but otherwise similar in year and location and my insurance is $1200.00/yr. It has gone up in the past couple of years from $700.00. It depends on the company and your personal qualifications. I've heard some companies are not writing post-Katrina/Wilma.

Deductibles are high. You control your basic deductible to get a break on your cost if you like, but my MINIMUM windstorm deductible is $3000.00 and flood insurance is separate. Not mandatory if you are not in a flood zone, but probably a good idea, as rising water (even from a heavy rainstorm) is considered flood damage.

[CURT]

Originally Posted by Jennifer Parschauer

Tell me, if you buy a stucco home (approx. 1600-2000 sq. ft.), let's say, less than 5 years old, not in an official flood zone, would anyone say that their insurance rates are still affordable (less than $1500/yr) - is there a more affordable way to go regarding insurance depending on what type of house you buy & when? Is it automatically higher if the home you buy had previous damage/claims? All these threads I'm reading about insurance hikes are scaring me off, but what I don't know is if maybe these people are living in older (pre-Andrew) homes, wood homes, or are possibly on the coast/waterways. I know everyone is experiencing a hike, but what can I expect to pay 30- 40 miles inland - I don't know how to play with a mortgage calculator if I don't know the rates...

My inlaws and parents have both moved to Florida in the past 6 years, and now that we may be re-locating back to the US from Europe (after 10 years away), we so want to be near them, but are afraid we won't be able to afford it - looking at $50,000/year income in a home office (pretty much guarnateed) plus I'm a nurse, and could go back to work in 8 years or so (would rather wait until my kids are older - elem. age now). Is this a bad idea? Someone tell me they still like Florida!

ive been here in the orlando area for 15 years. i have a 2000 sf block home in a non flood zone area. my h.o. insurance is around 1000.00/year. my house just turned 20. my taxes are 1600/year and my car insurance with 2 vehicles is around 1900.00 per year. i came from nj. even with high h.o. insurance, its a major savings. homes along the coast have been hit hardest with insurance costs.
i have 2 seasons,,,spring and summer. i am an outdoors kind of person ans am outside whenever i please without ever being cold.
I STILL LOVE FLORIDA.

[suzmyers]

Jennifer,
Nurses and teachers can obtain low interest rate mortgages in Florida. Today the Wall Street Journal prime rate is 7.75% and there is rumor of it climbing. I wouldn't recomend getting one tied to prime. Fix rate mortgages average 8.75% for excellent credit and low "loan to value". Shop for a mortgage company or go with one of the larger banks to get the best rates. Some insurance companies give discounts on homes with hipped roofs (sloped on all sides). There are state requirements in the lower FL counties requiring you to obtain additional hurricane coverage on your existing policy. I deal so much with people who absolutely refuse to get flood insurance. It doesn't have to cost much (especialy if you aren't required to get it) but it must be on a separate policy. Keep in mind, ANY water damage is considered "flood" and only a flood policy will pay. My mom lost everything (and I mean everything) in Katrina last year when her home (not in a flood zone) was hit by an 11 foot wave, luckily she was insured. Most of the Florida counties have county tax assessor websites. I know Seminole and Orange have good sites. You can see there on the map searches home sales and flood areas. Check them out: http://www.myflorida.com/dor/property/appraisers.html (broken link)

[sheilaramos]

Hi

We currently live in a 2100+ sq foot home about 15-20 minutes from the ocean. We live in Pembroke Pines Florida. However, we are not in a flood zone.

BUT since we have had all the hurricanes (Wilma effecting us the most - no power for 3 weeks) the insurance rates have been rather high. I work for an law firm who litigates against insurance companies, and have found that alot of companies and deciding not to write policies for Florida anymore.

My Insurance premium before the hurricanes was around $1600 to $1800 per year. Last year my premium was $3074.00 and this year its $3200.00. Also the property taxes are very high. And due to the increased home value and sky rocketing sale prices of homes here, our properties are being appraised/valued higher....which in turn increases the property taxes. My property tax last year was $2217.00. This year $4493.00. Not to mention the high cost of automobile and health insurance.

My husband and I have 3 children and a yearly income of about $75,000+ before taxes.... and we are struggling. We dont have that much debit and only one car payment.

With that said.... we are getting out. We are moving to south carolina where the property taxes average $600 - 1200 per year and the insurance averages $600 - 1000 per year for a nice home on an acre of land.

However like the other posters have stated - I assume it depends where you live in Florida. But we have had enough and are hoping to make a better future for our family and ourselves.

Good Luck to you and your family.

p.s. In my opinion... you will have to work here. It is very difficult for a family with two incomes to survive... must less one income.. (just my opinion)

[decodobb]

If you think it is cheap to live here, Think again! I hear it from people everyday [moderator CUT]. Why is Homeowners insurance and taxes so high??? It is hard to explain when we have government officials that don't even have the answers. It is sad to see what is happening. Home sales have dropped. [CUT] The state officials keep saying that they are working on this issue, but we have seen no such progress. I am not trying to scare people away from moving here, but you sure the heck be wealthy and know what to expect when deciding to make the move here. Everytime you blink your eyes there is a new increase in taxes and insurance. % years ago my insurance was at 400 a year and after the storms hittin(mostly mobile home damage) my insurance in the last 5 years raised to 1900 a year and another 1800 a year for flood and on top of that my taxes are at 1600 a year. That makes a monthy payment of 441.00
My mortgage os only 378. WHAT IS WRONG WITH THIS PICTURE???

[rootseye]

I have had enofugh of Florida The attitudes, heat ,lousey food, rude people , crime, not to mention the cost of living! and traffic.
There are 2 seasons here....hurricane and tourist, I prefer hurricane!

[cdrako]

Hi Jennifer - the last 10 years or so has spawed high construction codes to withstain hurricanes. Block / Stucco construction is a definate plus, although you can still find wood framed homes. My insurance is under 1000 for a 2000sf 3 BR and Charlie, Ivan & Frances all came through here. The newer construction made a big difference.

[OcalaTom]

I rent so Insurance is one Headache I dont deal with. In about 8 years in Ocala I've never seen anything that resembled a Flood... even after the Hurricanes Jeanne and Francis passed over... and one of those( I forget which) sit over ocala for a couple days. We did have damage from the Storms but mostly Uprooted Trees broken Signs and Power outages... Whatever Damage occoured..it didnt take long for Most Everyones lives to get back to normal. We live in A mobile home that theoretically should have blow away but it was totally undamaged....We stayed with Friends who had Block houses during the 2 hurricanes... theres plenty of warning that they are coming... You have to live under a rock to not be aware of the hurricanes and thier projected paths. I've lived Denver Colorado, 5 Places in Maine, West Virginia, Maryland, Pennsylvania, Missouri, And Florida... If you handed me a Billion Dollars and I could live anywhere in the World I wouldnt Leave Florida. Theres lots of Places I'd Visit..and I would move into a nicer Home but it would still be in Ocala. I Still Love Florida.

PS... I sont know if this info is helpful or not and it is a few years old... I dont totally understand Cost of living indexes but if I read this thing correctly Most of the places in Florida are below the National Average...

http://haas.uwf.edu/accra.asp (broken link)

[Adamesq]

Jennifer - you might be able to save more money at the closing table than you're hearing One of the companies I work with had rates for the last few days (right through today) under 6.625% for good credit (not just excellent). Brokers and loan advisors don't have a fiduciary duty to act in YOUR best interest. Even many big banks tack on points and miscellaneous other fees for what are known as "junk fees" because you're going through their loan department. These fees would bring you into the range that SuzM mentioned. The company I mentioned earlier doesn't charge junk fees. Good Morning America recently had a segment on "junk fees" and the extra thousands of dollars people are paying for their mortgage - right from the get go. Bottom line, the brokers and big banks are not likely your best bet. This is one of those areas where spending a little on an attorney so that you have someone watching out for you and helping you size up a mortgage offer can save you quite a bit at closing.