Home Buying in 77554>Question Details

Chris, Home Buyer in Galveston, TX

I have heard that insurance costs in Galveston Tiki Island is a mortgage payment each month. Is that true?

Asked by Chris, Galveston, TX Sun Jul 29, 2012

Help the community by answering this question:


Unfortunately, living on the coast does carry some extra costs. Mortgage companies will require you to carry all three policies...home, wind and flood. Shop around for home and wind insurance to find the best price. Flood insurance is regulated and won't vary from company to company to much.

Whether or not it is worth it is up to the individual. I love being able to walk along the beach every morning to the additional cost is well worth it.

Best of luck to you Chris.

0 votes Thank Flag Link Sun Feb 1, 2015
It depends on the company you go with. I recommend shopping around a bit. I think that would be the best way to get an idea of price. I hope you find a great deal Chris. http://www.idrisinsurance.com/insurance.htm
0 votes Thank Flag Link Thu Nov 6, 2014
I am considering buying a home in San Leon flood zone A12 what does that mean in terms of insurance needs and mortgage?
0 votes Thank Flag Link Thu Mar 13, 2014
To add to my last comment,, like I said we only owe 79,000 but no insurance company will let me insure it for 100,000. They use their formula multiplied by your square footage. Nobody would write a policy for less than 356,000 coverage on my house. I couldn't sell it for 150,000, I tried. Looks to me like that would be insurance companies committing insurance fraud against themselves. When you stand to gain 272,000 dollars if a hurricane takes your house away something's wrong! Our house is not in a flood zone and we have elevation certificate to show that, so it doesn't really matter.
0 votes Thank Flag Link Wed Jan 15, 2014
I think they are calculating replacement value.....That might be why they are pricing it that way.
Flag Wed Jan 15, 2014
We owe 79,000 on our house, the principle and interest is 347.00 and the total payment is 974.00 after insurance and taxes are added to the payment. COMPLETELY STUPID! Insurance companies OWN America and it keeps getting worse.
0 votes Thank Flag Link Wed Jan 15, 2014
I think Tom makes a good point above. They are calculating replacement value at the current value to build at CURRENT CODE. That's why it's so expensive.
Flag Thu Oct 9, 2014
I recently tried to by a home at Tiki. I called it off when I was quoted $7,198 for flood $3,600 for wind & hail, $1,547 for Home owners. Total of $12,345 a year. The agent that has insured this house for last 2 owners told me to expect the premium to DOUBLE OR QUADRUPLE WITH IN 2 YEARS. That would make the insurance and taxes in the $45k to $50k a year. You people are in for a shock when your insurance comes up for renewal in 2014. The elevation makes no difference, The deductible increase only saves you a couple of hundred. Fema will only allow you to go to $5k deductible.
0 votes Thank Flag Link Fri Dec 27, 2013
I own a house on Tiki and yes - the property tax plus insurance are just a bit more than the mortgage payment each month. I have owned there since 2001 so the mortgage is probably smaller than if buying today. The upsides are no TX state income tax (which is why prop tax is so much) and properties are much cheaper than other areas I have lived (NY, CA, HI etc)
0 votes Thank Flag Link Sat Aug 11, 2012
It depend on the Property, There are a few homes that may be considered in the flood zone A12, Most are in the V20 zone. It also, depends on the elevation of the house, the amount of enclosure down and the use of the enclosure down. Flood is currently the most expensive part of the insurance cost. Windstorm is next and the price of those policys can be cut in half by doing higher deductables. Last is the Homeowners and it is the least expensive.. So, you have to pick a house, check the tax's and ins cost owner is paying currently, you can also request an elevation certificate and have an insurance agent est policy costs. Everyone in Galveston County pays Windstorm, Homeowners. So yes you will pay in addition the cost of flood insurance on a home on Tiki, if you have a lender it is required. Hope this helps? - do you have an agent?
0 votes Thank Flag Link Mon Jul 30, 2012
Not that much.
But it is quite a bit more than us land locked folks.

Pick a house..... Call an insurance agent.... Price it out!!!

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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0 votes Thank Flag Link Sun Jul 29, 2012
Insurance for homes along ANY coastal location will be expensive due to potential damage to the home based on weather events.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

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0 votes Thank Flag Link Sun Jul 29, 2012
Although insurance in the coastal areas is somewhat higher, it certainly isn't as much as a morgage payment. I just sold a home on Tiki Island to an Insurance Broker. What I learned from him is that it is crucial to shop around. Some quotes were twice as much as others for the same coverage. And if you want a comparison, his new home was in the $300,000 range and his coverage for Windstorm, Flood and home Owners was approimately $6200 a year. However, you should not use this as an indication as to what yours may be. The same home with ground level additions or at a different elevation could be drastically different. The best way to see if a particular homes insurance cost is to obtain the elevation certificate for that property and take that to the insurance broker of your choice. With that certificate they can give you a comprehensive quote. I hope this answers your question. I am attaching a link (you may have to copy and paste from this site) that should answer many of your questions about the incorporated Village of Tiki Island. Let me know if I can help you in any way.


Terry Custer
0 votes Thank Flag Link Sun Jul 29, 2012
Chris, if you're interested in a particular home, call a local insurance agent and they will happily give you a quote. Rates vary greatly, so be certain to call several companies. If you'd like to see a particular home or would like me to assist you in searching, please feel free to contact me anytime, I'd be honored to work with you.
0 votes Thank Flag Link Sun Jul 29, 2012
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