Homeowner's Insurance in Area (Gulfport: rental, bad credit, new house)

[gulfporter]

New home buyer in Gulfport. House is apprx. 1800 sq ft. Insurance needed for 225K replacement value. Frame house. 2 blocks from Bay. 1K deductible. Little wind mitagation.

Have gotten 2 quotes; one for 4K, one for almost 5K. Still need to shop around.

But what do you pay for your single family home??

[spbbound]

You may have already done this, but check your FEMA flood designation:

Intranetix Viewer [12103C0277G.tif]

If you actually are two blocks from the coast line, and we're talking an old house, $4k sounds really low actually. It's pretty unlikely the house is built to the required flood elevation if it's wood frame since no one would build a new house to flood elevation out of wood; at least I would hope they wouldn't.

Most of Gulfport's areas within two blocks of the water are looking like they're A13 or possibly even worse, V15. If that's the case, and your first livable floor is not up to 13 feet (or 15) from zero (ground level is typically a few feet above zero), then you'd be paying the penalty rates that went into effect last year. There's a bill working its way through the house and senate to reduce this but long term you shouldn't hope it stays around forever to subsidize coastal dwellers' insurance premiums. If it's a V zone, then not only does it need to be up to elevation, but also needs knock down walls.

Anyway, to give you an idea of cost and why I found your quote to be low; I just knocked down a house in St Pete Beach that is in an A12 zone. It was 1200 sq ft and property appraiser value of $85k. I had to pay nearly $9k with the national flood insurance program. Maybe you're doing an all cash deal and getting your insurance privately instead of NFIP?

[gulfporter]

Elevation cert. is 12 feet and flood insurance (just got it today) is only 600 bucks a year. It's in AE, just barely.

But my q. is re: homeowners, not flood.

Built in 1946 but rehabbed in 2006; new roof in 2009.

[spbbound]

Wow, well that's pretty lucky it was built up that high then, the flood insurance would have been a killer. I misread homeowners in the original post. Assuming it doesn't have a flat roof, I pay $3248/yr for about $250k coverage with $5k deductible on a rental property. Flat roofs can really kill you in Florida on insurance. Insurance co is Amica on that one; they're picky on where they'll insure though, I have other properties they refuse to cover.

[kyle19125]

Originally Posted by gulfporter

New home buyer in Gulfport. House is apprx. 1800 sq ft. Insurance needed for 225K replacement value. Frame house. 2 blocks from Bay. 1K deductible. Little wind mitagation.

Have gotten 2 quotes; one for 4K, one for almost 5K. Still need to shop around.

But what do you pay for your single family home??

The rates you were given seem spot on. The chart attached shows for a 150K house without wind mitigation protection. Adjusting to 225K would seemingly land you with the rates you're finding.

CHOICES - $150,000 Value - Pre-2001 Construction w/ No Wind Mitigation

[BucFan]

Got this note w/ my annual home insurance assessment.....thanks Citizens and people living in high risk areas.........


You are paying more for your policy due to an emergency assessment from Florida
Citizens. FL Citizens is the state-run insurer that provides insurance to individuals
who are unable to secure coverage through other insurance carriers. These properties
are often in high-risk or coastal areas. This emergency assessment is necessary to
enable FL Citizens to pay the claims they received from past hurricane seasons.
Your emergency assessment charge is displayed in the Surcharges section of the
Declarations page.

The cost of your attached policy includes an assessment charge to reimburse USAA for
funds it paid to the Florida Insurance Guaranty Association (FIGA). USAA and other
insurance companies contributed funds to FIGA to pay the claims of insolvent
insurers.The FIGA assessment charges are shown on your policy's Declarations page.

[Occifer]

That "Citizen's Emergency Assessment" has been in effect since 2005. It's nothing new.

[EngGirl]

Originally Posted by spbbound

Insurance co is Amica on that one; they're picky on where they'll insure though, I have other properties they refuse to cover.

They actually can refuse to deal with people who has bad credit score. They are picky, but they offer great rates

[SeaSpur]

$275k coverage on 2,800 sq foot in 33607 zip code. Home built in 1950s with newer roof (part of it is flat), new windows, new A/C, and brand new plumbing.

$2,400/year without flood coverage through Florida Peninsula.

I switched from American Integrity a few months ago, even though they were cheaper...because they employ some really (and I never use this word to describe people) stupid folks at the agency I dealt with. So many odd conversations with them by phone that I never felt comfortable with them in case of a real need occurred!

[BucFan]

Originally Posted by Occifer

That "Citizen's Emergency Assessment" has been in effect since 2005. It's nothing new.

but it makes me feel better to complain about subsidizing my neighbor's home insurance.