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Old 07-28-2008, 09:23 AM
 
128 posts, read 424,068 times
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Can someone advice me on the best options regarding house building insuance and house contents insurance please. Is these a broker I contact or do I have to search each insurance company for the best deals.
Also, what do you normally include in your house building insurance. I have heard it should include hurracaine and flood. Do I need to consider anything else. Many thanks for your help.
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Old 07-28-2008, 12:54 PM
 
Location: Sarasota FL
6,864 posts, read 12,069,407 times
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You will have to visit insurance companies and insurance brokers to get estimates. If you have a mortgage, you will be required to have personal liability, medical coverage for injuries. These two coverages are not that expensive. The big cost is hurricane coverage which is also required. Your damage deductible is based on the cost of replacing your home. If the house [not including value of land] costs $180000 to replace, your deductible will be 2%/$3600 If you are in a flood zone, you will be required to have flood insurance which is a separate policy. Your home owners insurance does not include flood damage. If you are in an area where insurance companies are not writting policies, you will have to get insurance with the Citizens. [very expensive]
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Old 07-28-2008, 04:39 PM
 
414 posts, read 1,244,886 times
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Quote:
Originally Posted by Janet2007 View Post
Can someone advice me on the best options regarding house building insuance and house contents insurance please. Is these a broker I contact or do I have to search each insurance company for the best deals.
Also, what do you normally include in your house building insurance. I have heard it should include hurracaine and flood. Do I need to consider anything else. Many thanks for your help.
Hi Janet 2007,
When we bought our house I got a few quotes and I was very happy with the service provided by Hyde Park Insurance Company Hyde Park Insurance Services - Welcome (http://www.hydeparkinsure.com/homeowners.html - broken link) The agent was Briana Sisler. Very easy to work with.
On the advice of the people on this forum and other people, I would add flood insurance even if you are not in a flood zone.

Best,
smiledoc1
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Old 07-29-2008, 01:03 AM
 
128 posts, read 424,068 times
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Thank you for the informatin re insurance. Smiliedoc, I will contact Hyde Park Insurance. Regards Janet
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Old 07-29-2008, 05:42 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,080,854 times
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Quote:
Originally Posted by Janet2007 View Post
Thank you for the informatin re insurance. Smiliedoc, I will contact Hyde Park Insurance. Regards Janet
Janet, the flood insurance pricing will be based on flood elevation certificate that you will need to provide if you are in a flood zone. The cost can vary greatly if you do not have that certificate. This has to be disclosed to the insurance company, even though they can provide pricing based on history. If they don't have the certificate, you are at risk to some hefty increases down the road.
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Old 07-29-2008, 09:05 AM
 
128 posts, read 424,068 times
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Hi Big House. As we are buying a new build house we have not closed yet. Should we be provided with this certificate when we close?
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Old 07-29-2008, 09:37 AM
 
17,533 posts, read 39,100,783 times
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We just bought a house in Sarasota in a flood zone, our insurance agent knew which zone it was in without the certificate and issued a policy accordingly. We got the official certificate when we purchased the house and a survey was done.
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Old 07-29-2008, 10:03 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,080,854 times
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Quote:
Originally Posted by Janet2007 View Post
Hi Big House. As we are buying a new build house we have not closed yet. Should we be provided with this certificate when we close?
They should be able to give it to you right away. Worst case it can be done for =/- $150 dollars - all that is involved is having a licensed surveyor verifying the dwelling area and garage slab elevations. It usually doesn't take more than a day or so to get it done.

In our case we recieved current quotes for flood insurance at +/- $950 -$1000, but the renewal would have been $8,000 -$10,000. per year. There was a problem with one house we were looking to get insurance for. It caused us to not contract. The insurers will verify the certified elevation (which the surveyor provides) with the flood map. They then check with FEMA and provide your quote. It is definitely worth the peice of mined by getting the certificate and getting the quotes in hand before you contract.
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Old 07-29-2008, 10:11 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 15,080,854 times
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Quote:
Originally Posted by gypsychic View Post
We just bought a house in Sarasota in a flood zone, our insurance agent knew which zone it was in without the certificate and issued a policy accordingly. We got the official certificate when we purchased the house and a survey was done.
You can do it that way. But our experience was not very good, and the cost exposure was too great. We actually recieved quotes that were $7,000 - $9000 apart (higher than the lower quoted price), and the certificate was necessary to mitigate our exposure. I turned out badly for us, so we did not propose - we are going to be heading down and find a place in another month or so. If you figure, ((in our case)) we could be required to pay that much more per year - when added over 5 years or so - that is a big chunk of change - so we are still looking. In our case the elevation certificate that gave us - it was clearly wrong - it showed the garage higher than the dwelling unit slab. No harm - no sale - we will find something nice soon. It's not like all those empty houses are going anywhere - ((unfortunately for those looking to sell)).
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Old 07-29-2008, 10:57 AM
 
17,533 posts, read 39,100,783 times
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Quote:
Originally Posted by Big House View Post
You can do it that way. But our experience was not very good, and the cost exposure was too great. We actually recieved quotes that were $7,000 - $9000 apart (higher than the lower quoted price), and the certificate was necessary to mitigate our exposure. I turned out badly for us, so we did not propose - we are going to be heading down and find a place in another month or so. If you figure, ((in our case)) we could be required to pay that much more per year - when added over 5 years or so - that is a big chunk of change - so we are still looking. In our case the elevation certificate that gave us - it was clearly wrong - it showed the garage higher than the dwelling unit slab. No harm - no sale - we will find something nice soon. It's not like all those empty houses are going anywhere - ((unfortunately for those looking to sell)).
Big House - I don't understand the reason for such a high quote? Where was the house and how low was it? I'm not understanding the difference between what you said were the "current quotes" and the renewal. Is this an expensive home? Now I am getting concerned and have a call in to my insurance company!

ETA: Just talked to my agent and found out because my house was built before 1974, it is grandfathered in and didn't have to meet elevation requirements (although I still had to purchased flood) WHEW!

Last edited by gypsychic; 07-29-2008 at 11:10 AM.. Reason: Additional info
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