NJ to Florida...me again lol (Miami: rent, homeowners insurance, how much)

[NikPik]

HI Everyone,

In NJ the houses are more expensive than those in florida and the property taxes are high too. Example my mother has a 3 Bedroom 2 bath she paid 350k(not even updated , updated would have been around 400k) and her taxes are 13k a year. In florida taxes and houses are less right now. BUT Im assuming that the homeowners insurance, flood ins, hurricane ins is much much higher. My fiance and I will be looking into buying a small home in south florida(plantation, fort lauderdale or surrounding area) for around 150k. First we will rent when we get there and take our time to find the right house in the right area. How much are you currently paying for all the insurances needed for your home? What should we estimate when budgetting and planning to buy our first homer? The housing prices are great right now and very affordable for us but the insurance is what could really make it expensive.

Any comments would be very helpful.

Thank you

[tankev]

As far as home insurance goes when you are looking for a home look for 2 things: a roof that is at least 50% hip and hurricane shutters that are DADE County approved. The shutters need to have been made after 1994 and have a stamped code on them.
In 2010 the Florida govt. changed the home inspection reports concerning roofing and shutters. From what I understand before 2010 only 10% of perimeter of the roof had to be hip and there was no code enforcement on the shutters. As long as the house had them, you would receive your discount.
In June of this year I was notified through Universal Insurance that my home would be re inspected. We purchased in 2008 and our homeowners along with flood insurance cost close to $2,700.00 a year. After the inspection I was notified that my roof is no longer hip, it is hip and gable. And that my shutters have no stamp therefore no discount. My homeowners it is now $5,623.27 a year! That is a $3,000.00 dollar difference a year all due to changes in the inspection forms. Just make sure when you are looking for a home in FL that you look for a roof that is at least 50% hip and that the hurricane shutters were made after 1994 and are Miami Dade approved. You can always buy new shutters, you can't change your roof!


Concerning your other post, where in NJ are you from? I came from South Jersey. I know the prices are different from north to south. My NJ home sold in 2005 in the 330's and we paid $6000.00 in taxes a year. When we moved to South FL in 2008 we paid in the high $400's and my taxes are over $8,000. I have a smaller home and a much smaller lot her in South FL.
But for what it is worth, I enjoy living here. I grew up in FL and am used to it. I really miss the north but this was a great move. We are very happy we are here. Dispite the price differences! Just be prepared that almost everything will be more expensive down here. Gas is much more (and you pump your own) and food is outragious compared to South Jersey. Good luck!

[Swimmom32]

We too lived in NJ although we had a house there, here we are renting for a while as we have no desire to be homeowners right now..anyhow, I can tell you food is outrageous here compared to NJ and the Gas is much higher too....My utilities are less here, and my car insurance is lower here too but not by much....in your budgeting always be prepared for things to go up especially when you own a home...Good Luck

[alfbroker]

The newer the home, the less insurance will be in general because it will have been built to tougher codes. Flood zone is the other big factor. A major re-write of this coverage may happen in the future and the increases could devastate budgets.

[TW2009]

Originally Posted by alfbroker

A major re-write of this coverage may happen in the future and the increases could devastate budgets.

alf, when is the increase in flood insurance going to happen? any specific areas? Thanks !