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Old 03-26-2011, 03:21 AM
 
1 posts, read 1,425 times
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Could anyone advise what sort of building insurance budget I need to bear in mind when considering buying an SFR/townhouse in the West Palm Beach area please?

For example, would it typically be 1%, 2%, or 3% of the assessed value?

I'd also like to find out how much installing a standard security system would cost. I don't intend to store my collection of Van Goghs there!

Obviously I'll get a more detailed quote after I've narrowed down my purchase, but for now I just need a 'one size fits all' figure to help me assess my budget.

Many thanks.
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Old 03-26-2011, 10:51 AM
 
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There is no "one size fits all" figure, unfortunately. There are too many variables that affect insurance rates. A friend of mine who lives in very western county has a house double the size of mine, and pays less, but I live 2 miles from the beach.
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Old 04-03-2011, 08:21 PM
 
1,111 posts, read 1,733,752 times
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Quote:
Originally Posted by SteveThomas View Post
Could anyone advise what sort of building insurance budget I need to bear in mind when considering buying an SFR/townhouse in the West Palm Beach area please?

For example, would it typically be 1%, 2%, or 3% of the assessed value?

I'd also like to find out how much installing a standard security system would cost. I don't intend to store my collection of Van Goghs there!

Obviously I'll get a more detailed quote after I've narrowed down my purchase, but for now I just need a 'one size fits all' figure to help me assess my budget.

Many thanks.
Like TriMT7 said, There is no "one size fits all"

If in a townhouse complex that has a HOA you will only need to insure the inside as the HOA has a master policy for the building.

SFH, that is a different story. If you have all the goodies, (hurricane panels, alarm that includes fire/heat, close access to a fire hydrant), yadda, yadda you can find a decent rate.

I currently pay 1% (100% replacement) for a wood frame house in the western communities. That is less than my neighbor who has the same sq. footage block house. Need to get a inspection done or you will pay 3% easily. Just a upgraded garage door (140 mph+) can save you hundreds.

Houses are cheap, taxes and insurance isn't.
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