Wind Mitigation Homework for the Buyer (Miami, Naples: to rent, house insurance, how much)

[SnowBird64]

Here's a great thread from a few years ago that today's buyer should definitely take in to account prior to making an offer. Wind Mitigation is all based on "When" and "How" the house was built. Which, will dictate a portion of your insurance costs & deductible.


Do your homework prior to making and deciding the value/offer. Have the owner provide you his/her Wind Mitigation & Insurance information up front.


Contact the owners Insurance Company and have a long talk regarding rates. Pending what year the house was built will usually dictate the Building Code used and the cost of the mandatory insurance.


Just another piece of the "Homework" you should do before offering/buying.


//www.city-data.com/forum/saras...uyers-new.html

[photoman_6]

good luck getting a seller with providing you their insurance and wind mitigation information before you make an offer.
. The year of construction dictates the housing code existing at the time and the level of regulations in place.

[motordavid]

No arm wrestle, but when we were selling our built in '05 Naples Escape Winter house 3 years ago, I always pointed out that we would be glad to supply a pdf doc of our WindMit and to share what our house insurance cost and coverage was...

The serious lookers vs the tire kickers, appreciated it, as did their RE agents, and the eventual buyer did also.
GL, mD

[TamRE]

I always ask for a copy of the wind mitigation and elevation certificate from my sellers if they have it. I put it in the MLS as an attachment. I don't always get a copy of insurance but ask what they currently pay. What they are paying might not be what a new buyer would pay because insurance rates differ by how much coverage and whether you are a full time resident or are buying the home as a 2nd home or seasonal resident, or plan to rent it out. It is best to get a current quote from an insurance agent.

[Travelassie]

Originally Posted by photoman_6

good luck getting a seller with providing you their insurance and wind mitigation information before you make an offer.
. The year of construction dictates the housing code existing at the time and the level of regulations in place.

Oh, I don't know. If I were a seller who had put as many of those wind mitigation items in place in a house, I think I would be happy to tell a potential buyer about them. The shape of the roof would be apparent anyway, but I think it is fair to tell a potentisl buyer the age of the roof, whether or not there are shutters or other approved opening protection, extra bracing and extra hurricane straps no the trusses, and so on. I'm not sure how much all these items add to the price of a house, but they may well appeal to a knowledgeable buyer.

[Travelassie]

Originally Posted by TamRE

I always ask for a copy of the wind mitigation and elevation certificate from my sellers if they have it. I put it in the MLS as an attachment. I don't always get a copy of insurance but ask what they currently pay. What they are paying might not be what a new buyer would pay because insurance rates differ by how much coverage and whether you are a full time resident or are buying the home as a 2nd home or seasonal resident, or plan to rent it out. It is best to get a current quote from an insurance agent.

I know we gave all that information to our agent when we sold our house in Miami several years ago. Although they didn't ask what we paid for homeowner's, flood insurances, and I figured they'd have to get their own insurance anyway and their cost would vary. The buyers were local residents anyway so I suspect they already had a good idea of the co $t $$$$.

[froglipz]

Originally Posted by SnowBird64

Here's a great thread from a few years ago that today's buyer should definitely take in to account prior to making an offer. Wind Mitigation is all based on "When" and "How" the house was built. Which, will dictate a portion of your insurance costs & deductible.


Do your homework prior to making and deciding the value/offer. Have the owner provide you his/her Wind Mitigation & Insurance information up front.


Contact the owners Insurance Company and have a long talk regarding rates. Pending what year the house was built will usually dictate the Building Code used and the cost of the mandatory insurance.


Just another piece of the "Homework" you should do before offering/buying.


//www.city-data.com/forum/saras...uyers-new.html

Great advice!

[d4g4m]

A good starting point for wind mitigation is 1994 as to what a house does and doesn't have. 1994 is the year of major building code up grades re: hurricane protection. Two examples- Wall lintel is concrete poured with straps for truss, solid concrete pour every eight feet with re-bar from wall lintel to footer re-bar. Gable roof- pre 94 is part of the roof. Post 94, if gable, it is faux built extra on a hip roof. A pre 1994 house insurance premium will be higher no matter what trivial mitigation items are added.

[TyVincente]

Heck, I just let the potential buyer do discovery on insurance costs ! what I pay for coverage has nothing to do with what kind of quote the new buyer might get, besides my insurance coverage is not public record either. If the buyer needs accurate info about his own level of coverage, let them get a quote on their own, none of my business....I had one jackazz of a tire kicker who wanted to see 2 years of FPL bills, I told the jackazz that my usage has no bearing on what his personal usage might be..furthermore I told him that if he was looking at buying a 3800 sq ft house with a heated pool, and 4 car garage and worrying about FPL bills, he might be looking at the wrong house for him..lol

[TyVincente]

Buyers should get their own inspector to come up with this stuff.