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Old 12-31-2009, 07:40 AM
 
150 posts, read 406,983 times
Reputation: 74

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i was wondering what avg homeowners insurance would be. if anyone knows average let me know. i am getting research to help me in my trip to port charlotte-north port.thanks.
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Old 12-31-2009, 08:53 AM
 
Location: Palm Island and North Port
7,511 posts, read 21,842,363 times
Reputation: 2858
There's no way to give an average. It really depends on many things that can swing it either way. How old is the home? What kind of roof does it have-hip, gable, etc? How close is it to a natural body of water or fire hydrant? Is it block or frame? What year was it built? How is the roof strapped on? Does it have hurricane shutters? Is it in a flood zone? If so, what zone is it in? These are some things that will need to be answered to give an accurate quote.

I can tell you that my home is valued at $128,200 and if I cut that in half it would be $64,100. My home was built in 2003, no pool, close to a natural body of water, hip roof, hurricane shutters, not in a flood zone, located in North Port, is block construction. We pay $727 per year for insurance. If you cut that in half it would be $364 but that's a good way to figure yours.

What you need to do is go and look at a few homes then pick out your top three and have your Realtor get quotes on them. This will give you a more accurate picture of what you might be looking at. There are so many variables that there is no way to "ball park" the figure. For example, one person could be paying $500 per year and on the same street another could be paying $1500 per year because a tip of there lot fell into a flood zone. This situation and similar ones happen all the time so as you can see it is wise to pick a few homes and get a quote.

This website might help you a little: Compare Homeowner's Insurance Rates

You would also want to get a wind mitigation survey done on your home. It usually costs around $150 and some home inspectors include it in their home inspection. It can save you ton of money. My insurance before the inspection was $1987 and after it is $727. Here's the website for more information: http://www.mysafefloridahome.com/
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Old 12-31-2009, 09:14 AM
 
Location: Marion, IN
8,189 posts, read 30,233,398 times
Reputation: 7320
Price of the home does not have any bearing on the insurance rate, cost to replace it if it is a total loss does. The house I just bought is over 50 years old and nobody but the state run Citizens will insure it. The offered less coverage than I wanted and it is just over $2K for the year.
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Old 12-31-2009, 10:02 AM
 
16,761 posts, read 36,305,210 times
Reputation: 22196
Quote:
Originally Posted by Racelady88 View Post
Price of the home does not have any bearing on the insurance rate, cost to replace it if it is a total loss does. The house I just bought is over 50 years old and nobody but the state run Citizens will insure it. The offered less coverage than I wanted and it is just over $2K for the year.
This is correct. We are in the same boat (up here in Manatee). Home over 50, in flood zone, HOI with BIG deductibles almost $1,800, and another $1,000 for mandatory flood. Unreal.
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Old 12-31-2009, 10:06 AM
 
Location: Florida
4,862 posts, read 13,521,233 times
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Right on....sales price has NOTHING to do with your insurance rates....
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Old 12-31-2009, 12:24 PM
 
Location: Ohio
1,217 posts, read 2,668,361 times
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Plus you are not insuring the land which is part of the sales price, just insuring the house.
Although with that low price I think you have to figure what replacement cost is and how could it be less than 60,000?
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Old 12-31-2009, 02:05 PM
 
Location: Palm Island and North Port
7,511 posts, read 21,842,363 times
Reputation: 2858
If you cut that in half it would be $364 but that's a good way to figure yours.

Opppsss I meant to say that's NOT a good way to figure yours. Yes, what I was trying to explain was that the insurance looks at replacement value as well as many other factors-roof, age of home, construction, etc. To give you an example I bought a duplex for $30K but the replacement value is $175K. You really need to find the house and run it by the insurance company. Gypsy and Racelady are prime examples of this.
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Old 12-31-2009, 03:38 PM
 
Location: Upstate NY, Cape Cod
15 posts, read 55,981 times
Reputation: 15
Default It pays to shop for the HOI

Hi CD Posters,
I view the postings quite often.
I learned a lot about Sarasota by lurking around CD
Thank you
In 12/08, I bought a fixer-upper bungalow in Sarasota, (liveable, but needed TLC), a bank foreclosure, 1935 wood-frame, metal roof (not hip), no hurricane shutters, 3 blocks from the bay but not in flood zone, and got a wild range of quotes for my homeowner's insurance. I found a great agent who is very knowledgeable, and got me the best premium with Citizens, $842. I paid a little under $40K for my place in the sun to escape upstate NY winters, no condo fees or HOA fees. That suits me fine, as the assessed value before I bought it was almost 3X what I paid for it.
So, it pays to shop, and not just take the first quote you get.
Happy New Year to you all.
I look forward to getting to Sarasota mid January, working on the house, and enjoying the sunshine, warmth, beaches, and sunsets.
Contact me if you would like the name of my insurance agent.
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Old 12-31-2009, 03:55 PM
 
Location: Palm Island and North Port
7,511 posts, read 21,842,363 times
Reputation: 2858
Quote:
Originally Posted by CNYJAKE View Post
Hi CD Posters,
I view the postings quite often.
I learned a lot about Sarasota by lurking around CD
Thank you
In 12/08, I bought a fixer-upper bungalow in Sarasota, (liveable, but needed TLC), a bank foreclosure, 1935 wood-frame, metal roof (not hip), no hurricane shutters, 3 blocks from the bay but not in flood zone, and got a wild range of quotes for my homeowner's insurance. I found a great agent who is very knowledgeable, and got me the best premium with Citizens, $842. I paid a little under $40K for my place in the sun to escape upstate NY winters, no condo fees or HOA fees. That suits me fine, as the assessed value before I bought it was almost 3X what I paid for it.
So, it pays to shop, and not just take the first quote you get.
Happy New Year to you all.
I look forward to getting to Sarasota mid January, working on the house, and enjoying the sunshine, warmth, beaches, and sunsets.
Contact me if you would like the name of my insurance agent.
Nice job on the score! I'm a big fan of the older homes as well. Just not so much with the insurance. Sounds like you got a pretty good deal on the quote Welcome to the neighborhood!
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