Harryosburn, Home Buyer in Indian Rocks Beach, FL

Is flood and wind insurance required if you pay cash for the home?

Asked by Harryosburn, Indian Rocks Beach, FL Wed Feb 13, 2013

Help the community by answering this question:



If no lender is involved, a homeowner is not required to have any insurance whatsoever. However, beware that you are totally at risk if something were to happen.

If I can be of service to you, please feel free to call me direct at 813-716-3997.
1 vote Thank Flag Link Mon Sep 30, 2013
You may wish to see 42 Gulf Blvd #C and # F, Indian Rocks Beach, FL as multiple units on one deed make it very unusual for income and residing in this beach to bay Old Florida condotel complex.
I have several units listed. Please call me directly to answer any of your questions or to submit offers at 727-688-8885 or 1-866-888-4565 Thank You! Helen Marie Lee Keller Williams Realty Suncoast, Search and Save anytime at http://www.HelenMarieLee.com ( This market area information is given in response to question posted, if you are already working with a Realtor please disregard and please have your excellent agent contact me. If you are not working with an agent, I do accept new customers. Thank you.)
0 votes Thank Flag Link Tue Apr 23, 2013
This is a great question and certainly one to explore if considering the purchase of any of the areas 'original' homes. The exposure to risk is obvious. However, as you can see, there are thousands of 'original' homes able to go another 50 years or ready to be replaced by more contemporary structures. More than 700 waterfront homes have replaced original structures in the 'beaches' area.
The right waterfront (point) location would merit the risk. If the improvements exceed the land value, you should take care regarding your financial exposure. As others have stated, it is the lender who REQUIRES the insurance. Many who have paid off their mortgage do maintain home insurance coverage.
Need more 'beaches' information just give a call.
Annette Lawrence, Broker/Associate
Remax Realtec Group
0 votes Thank Flag Link Wed Feb 13, 2013
It is the mortgage company that requires insurance be carried to protect their investment in the home. If they are not involved, such as a cash sale, then it is optional to you.
0 votes Thank Flag Link Wed Feb 13, 2013
Flood and wind insurance would not be required on a single family home if you were paying cash and there were no mortgage. Of course you would have no coverage in the case of damage to the home from flooding or wind. When owning a home on or near the water or in a flood zone it is wise to have coverage for flooding and wind damage that can sometimes occur very unexpectedly. It doesn't take a major hurricane to cause such damages.

I live on the beaches and work out of our Indian Rocks Beach office and would be happy to be of assistance in your home search. Feel free to call me any time (727) 569-2785.

Tina Coggins
Century 21 Beggins Enterprises
1511 Gulf Blvd.
Indian Rocks Beach, FL 33785
(727) 569-2785
0 votes Thank Flag Link Wed Feb 13, 2013
It is not required on cash deals, but certainly is something I would suggest especially in the beach areas or high evacuations areas.
0 votes Thank Flag Link Wed Feb 13, 2013
If flood and wind insurance is necessary for the area, why not consider purchasing a policy regardless....
0 votes Thank Flag Link Wed Feb 13, 2013
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