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Old 04-19-2013, 04:41 AM
 
18 posts, read 31,761 times
Reputation: 19

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We have decided to go with a new construction in Windsor Park a part of Abacoa - now I have moved my sights to finding homeowners insurance. I picked this home because of the build - all concrete with even a concrete 2nd floor - trusses strapped to the concrete block reinforced with rebar (I hope my WIFI works....) and hurricane impact glass throughout the home.

My first quote is for 3900 per year - seem outrageous. I am worried that I will spend just as much time looking for home owner's than I did looking for the right home.

I figured that I have had previous luck on this site and would throw it out there and see if anyone had a great secret.

If this is a previous thread I apologize the search function was down and I knew it would be months before I remembered to do this again (as I will likely be in communication with insurers for the whole summer...)
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Old 04-19-2013, 07:59 AM
 
2,091 posts, read 7,152,436 times
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Find an office that deals in multiple companies, then let them get quotes. Try multiple offices.

Florida insurance is way out of whack expensive. I'm at $2200 per year on a 750sf, worth less than 100k rental house. The house has been standing since 1934, has plenty of new stuff in it, and was in the direct path of frances and jeanne and didn't lose more than a shingle, yet I have to shell out thousands of dollars just for insurance since the mortgage requires it. I'd have almost 10k in savings towards potential damage repairs if I didn't have to pay for the damned insurance.
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Old 04-19-2013, 08:21 AM
 
1,759 posts, read 1,965,915 times
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We got a good, reasonable quote on a home built in PBG 2007. Pm me.
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Old 04-19-2013, 08:23 AM
 
Location: Palm City
95 posts, read 211,972 times
Reputation: 35
Wireyourworld gave good advice, call an insurance broker instead of doing the leg work yourself and do try a couple different brokers. We found with our first broker here we were "over insured" and we are now paying $1000 less after changing brokers and the plan is with the exact same company as it was with the first broker.........
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Old 04-19-2013, 10:02 AM
 
Location: Jupiter
1,108 posts, read 4,018,544 times
Reputation: 640
My wife and I are buying in Rialto and have been given quotes for $1500....new construction is apparently cheaper to insure...one of the quotes was from the builder's insurance company(Lennar) and the 2nd from another...a 3rd quote was for $1700...

Guidelines prohibit posting who..but if you send me a message I'll send you the contact info...we were given the agent's name, etc....as a referral from someone who has lived in jupiter for the last 15 years...

Last edited by rusty78; 04-19-2013 at 10:05 AM.. Reason: addition
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Old 04-19-2013, 10:34 AM
 
37 posts, read 76,309 times
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You're not getting hit with Windstorm coverage also, are you? I think you need to be west of I-95 and Alt. AlA to avoid it.
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Old 04-21-2013, 03:34 PM
 
1,111 posts, read 1,637,912 times
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Quote:
Originally Posted by wireyourworld View Post
Find an office that deals in multiple companies, then let them get quotes. Try multiple offices.

Florida insurance is way out of whack expensive. I'm at $2200 per year on a 750sf, worth less than 100k rental house. The house has been standing since 1934, has plenty of new stuff in it, and was in the direct path of frances and jeanne and didn't lose more than a shingle, yet I have to shell out thousands of dollars just for insurance since the mortgage requires it. I'd have almost 10k in savings towards potential damage repairs if I didn't have to pay for the damned insurance.
Ouch! But I believe you.
I'm paying $2,800 a year for 2,400 sq. wood framed 100% rebuild at a $260k value.


@chickendoc53
Did you get a FL. Mitigation inspection? If so, the only thing is to pass on the standard "windstorm deductible" and choose a higher one. I'm in a wood framed 2,400 sq home with everything double tied down and the inspector was surprised. I passed everything and it (the mitigation form) when submitted to the Ins Co. lowered my rate by 60%. That might not hold true any longer though as they saw a huge loss in revenue as homeowners took to protecting their homes better.

Yeah shop around but like car insurance they all will be close.

EDITED: As a retired Insurance Repair Contractor I can assure you that the Insurance Co's hate to pay.
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Old 04-21-2013, 07:42 PM
 
14,399 posts, read 17,473,726 times
Reputation: 22894
Quote:
Originally Posted by rusty78 View Post
My wife and I are buying in Rialto and have been given quotes for $1500....new construction is apparently cheaper to insure...one of the quotes was from the builder's insurance company(Lennar) and the 2nd from another...a 3rd quote was for $1700...

Guidelines prohibit posting who..but if you send me a message I'll send you the contact info...we were given the agent's name, etc....as a referral from someone who has lived in jupiter for the last 15 years...
Rusty, I don't want to rain on your parade but $1500 for a 500K house isn't realistic. I strongly suspect that you didn't ask specific questions....like you asked what is my homeowner's insurance going to be? I would bet your homeowners insurance is $1500, but then windstorm will be another $2000 then if you want flood it will be another $300 for a total of $3800.

The math doesn't add up based on the value of the property and Lennar wants to sell houses so if they "accidentally" misquote before your closing then oh....sorry for the mistake. There are only a handful of companies writing policies in the Dade, Broward, Palm Beach corridor (not exactly competitive market) and just based on a 500K value it will easily be double what you quoted.
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Old 04-21-2013, 07:45 PM
 
14,399 posts, read 17,473,726 times
Reputation: 22894
Rusty, look at the guy with a $2800 quote on a 260K value......even after good construction discounts.
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Old 04-21-2013, 08:48 PM
 
8 posts, read 15,446 times
Reputation: 12
I work in the mortgage business and know several great insurance agents. If you want to know who I would call, pm me. I have seen differences in premiums of up to $2,000 depending on who someone has gone with. Newer construction certainly brings better rates but other factors exist as well. Let me know how I can help.

BTW, as others have mentioned, there are multiple factors that can influence rates.
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