Home insurance cost in PG on canal (Miami, Punta Gorda: rent, homeowners insurance)

[saltydog920]

I'm looking for help to figure out insurance costs for budgeting purposes. The reason I haven't contacted an agent is because we're not looking to purchase for a few years from now and will rent before we buy; however, we need to get an idea on insurance costs for budgeting purposes because ultimately we want to own. Due to our price range, we will be looking in PG Isles at older pool homes located on a canal (depending on insurance costs).



From the information I gathered, there are 3 things to take into consideration: Homeowner's insurance, Flood insurance, and wind insurance. I admit that I have no idea where to begin (we are from the midwest where our home insurance costs are almost free ). I'm hoping someone in the area can give me an idea what the cost of insurance would be for what we're looking for. I don't know if all 3 insurance costs will be 8k a year or 25k a year. It makes it very hard plan a budget....



I'm hoping to get input or guided to information that will help me narrow down the costs of insurance.


Thanks!

[FLKitties]

You may want to check out https://choices.fldfs.com/pandc/homeowners. However, you indicate that you're not looking to purchase for a few years and what you factor in for pricing on things now in no way guarantees what prices (housing, insurance, etc) will even be a few years from now. I get that you're trying to get a better grip on whether it will be closer to one side of the range than the other on the whole 8k vs 25k scenario, but in that time frame housing costs would easily fluctuate higher or lower than that difference so all that planning could end up going out the window. In relation to the age of the home, there will typically be higher insurance costs due to the fact that building codes have changed and wind mitigation definitely factors in there. For example, you could have two homes of comparable size and price but the older house could end up being a few thousand more a year in insurance costs versus a brand new home, not to mention the associated repairs (roof, etc) that will come up. Long story short, there are a lot of variables and unexpected expenses can throw a wrench in even the best laid plans.

[pjcinmi]

As a recent buyer in PC there are so many variables. Many witch determined what homes we looked at, and which ones we didn't. Our Realtor REALLY helped us, and gave us a education on buying in Florida.

Flood Insurance can range from 800.00 to 8,000.00. It all depends on Flood zone and the Actual elevation of the home. Two homes next to each other. One built earlier, one built later. One NOW below current minimum elevation, One is above.

Wind is the same way. One has the roof at today's Code, one does not. Also percentage of roof style plays a big part. Hip's Flats etc. Tile or Shingled? Age of Roof.

The Size, Cost, or Replacement Cost. $400K or $1.5M?

There are then little add on, Dogs, Pool Cages, Liability limits,etc.

O Yea... Full Time or Part time matters too.

Deductibles are Really High. Not so by choice, more by law or Hurricanes.

All in, 2,500 sq ft on canal w/pool, built 2000, 1.5 ft above current elevation standards, all in about 3K a year, with replacement cost.

[daFrogMan]

FWIW, we are 9' above MHW (mean high water) on a canal, out of the flood zone (if you can believe that, 8' is flood where we are)
300K value of house, $2200/yr which includes wind. House built 1983 with clips on the roof. (need to have a wind mitigation done for discounts) 'Think we have 2% deductible on named storm but may be more. Can't remember right now. Hip roof, CBS construction. 10K rider on pool cage.
Flood, $250K value (if you go over 250K for flood, very $$$$) $420ish yr. 100K contents. Not required if we had a mortgage.
We have impact glass and shutters but do not receive any discount for this. We have them for protection, no discount.
full time, year round residents. If you are seasonal, insurance I hear can be quite pricy.


Others may vary for sure.
Luck

[JERSEY MAN]

In Punta Gorda on the water, not the Isles. Homeowners 1,600 Flood 1,100. Snowbirds

[SeaRay35]

Insurance pricing as well as home pricing can change dramatically in a few years. Yo many variables go into insurance pricing to even give a guestimate what it would be in a few years.

[saltydog920]

Thanks for the replies. I understand price can fluctuate dramatically, but I do feel like the responses have been helpful. We weren't sure if we should be planning for $100 home insurance or $25k insurance. This does give good insight and of course we over plan/budget for instances where the price would fluctuate.


I ended up contacting (and probably annoying) an insurance agent for input as well. We will see if they respond.

[logybogy]

When you are considering older homes, the important build date is 2001. There are automatic discounts for homes built after 2001 for wind/Hurricane portion of the premium because of enhanced statewide building code requirements for homes built after 2001. Homes built before 2001 can get discounts but you have to go through the wind mitigation inspection.

Your biggest issue in the future will be flood insurance. Flood insurance is controlled by Congress and has to be renewed periodically. It is a net loser for the federal government and many lawmakers are advocating drastic premium increases to make the program solvent. It is an x factor that is unpredictable. If you are on a budget and you need peace of mind, consider a non-flood zone property with proximity to a boat ramp so you can still boat but not paying the huge premiums.

But the Flood Maps can also be BAD! In Mexico Beach, homes were demolished by surge in areas during Hurricane Michael that weren't in flood zones. It's probably still a good idea to buy flood insurance even if you are in a non-flood zone in case of a catastrophic Cat 4/5 surge. I think the Flood Zones only use a 100 year surge event which is Cat 3.

The SLOSH maps have much of populated Charlotte County under 15 to 20 feet of water in a Cat 5 storm. That means if your home is built under 15 Feet, you are going to take on water in the worst case scenario storm anywhere that is "green" on the map below.

[Travelassie]

Originally Posted by daFrogMan

FWIW, we are 9' above MHW (mean high water) on a canal, out of the flood zone (if you can believe that, 8' is flood where we are)
300K value of house, $2200/yr which includes wind. House built 1983 with clips on the roof. (need to have a wind mitigation done for discounts) 'Think we have 2% deductible on named storm but may be more. Can't remember right now. Hip roof, CBS construction. 10K rider on pool cage.
Flood, $250K value (if you go over 250K for flood, very $$$$) $420ish yr. 100K contents. Not required if we had a mortgage.
We have impact glass and shutters but do not receive any discount for this. We have them for protection, no discount.
full time, year round residents. If you are seasonal, insurance I hear can be quite pricy.


Others may vary for sure.
Luck

Just wondering why your impact windows and shutters are not included as mitigation items eligible for discounts? Thinking it may be because they're not documented as meeting the current county codes for wind resistance-not that they don't provide as much protection as those meeting the codes, but the insurance company wants that documentation. We ran into this with our house in Miami, where we had shutters and panels we had purchased before the county created the code standards, and we were not about to replace the shutters and panels-too expensive.

I just mention this as we have impact windows that were put in when our house here was built (finished in 2008), and these are included in our mitigation discounts. Our contractor sent the pertinent information, including construction details and elevation certificate, to our insurance company when the house was completed.

As for insurance on our house, a hip roof 1900 sq foot (under air), around $300,000, our homeowner's insurance, including windstorm coverage, was around $1600/annually, including a rider for the lanai screen (we don't have a pool). We also purchased flood insurance, with the costs based on our elevation certificate at a tad over $600 annually. We're located on a canal just off the Peace River near the DeSoto county line, so it's waterfront but up river and the land elevation is some higher than closer to PG or PC. Wierd, but only half our property (and half the house), is located in a designated flood zone. Of course the insurance information and costs are based on being in an 8AE flood zone-which here is limited to the land just adjacent to the water.

[Pau Hana Daz]

Originally Posted by Travelassie

As for insurance on our house, a hip roof 1900 sq foot (under air), around $300,000, our homeowner's insurance, including windstorm coverage, was around $1600/annually, including a rider for the lanai screen (we don't have a pool). We also purchased flood insurance, with the costs based on our elevation certificate at a tad over $600 annually. We're located on a canal just off the Peace River near the DeSoto county line, so it's waterfront but up river and the land elevation is some higher than closer to PG or PC. Wierd, but only half our property (and half the house), is located in a designated flood zone. Of course the insurance information and costs are based on being in an 8AE flood zone-which here is limited to the land just adjacent to the water.

Wow, just goes to show you how much variation there is in the market and what an impact location and elevation can have. Our hip roof (barrel tile) house was built in 2003, located in South Gulf Cove, on the water, 10AE. $400k+ish, 1995 sq ft, dock and lift, caged lanai with hot tub but no pool. Homeowners insurance: w/$1k deductible (2% hurricane) is $809/yr. Flood (dwelling only, no content coverage and $5k deductible) is $386/yr.