Home Buying in Sarasota>Question Details

Roth Ritter, Home Buyer in Sarasota, FL

What rough insurance estimate should I initially use on, say a $220k-ish home in Sarasota when estimating my monthly cost? (before I find "the one")

Asked by Roth Ritter, Sarasota, FL Thu Jun 13, 2013

Help the community by answering this question:


I would be happy to send you some homeowner insurance companies to contact for quotes.

Homeowner insurance – Insurance rates vary by age of home, size of home,
conditions of home, and location of home. Insurance is more expensive if you live
near any type of water – pond, lake, river, Gulf. Insurance is more expensive if
home was not built to current hurricane standards. You can get discounts the home
qualifies for by having a wind mitigation inspection done at the same time as your
home inspection. Discounts are available for building features that reduce damage
during high wind events. Overall discounts include things such as age of home, style
of roof, how close the home is to a body of water, how close to a fire hydrant, how
the roof is tied down, if the home has hurricane shutters or impact resistant
windows, frame or block home, etc. If the home is in a flood zone, the insurance
company will require a flood elevation certificate. That can be obtained by paying a
survey company to prepare it. To check Flood Zones go to http://www.floodsmart.gov and
type in the address of the property. It will give you the flood zone, rates, and
insurance companies

Tammy Hayes, Realtor
RE/MAX Palm Realty
1 vote Thank Flag Link Thu Jun 13, 2013
Roth Ritter,

Your best source regarding a rough insurance estimate would be a licensed insurance provider. Why? The location, the age, the construction, the type of structure, replacement cost etc. Discounts can help to reduce the overall cost of your annual premium.

As an investor, I have utilized a factor of 10% of the purchase price to estimate several cost projections. This has been for my own personal use. I am able to adjust my estimates according to my desired gains. However, this does not replace obtaining a quote. There are so many extenuating factors involved with responding to your question.

Best regards,

Lynn Brock
Brock Realty Inc.
0 votes Thank Flag Link Thu Jun 20, 2013
There are so many variables, that an insurance agent needs to get a lot more detail on the property before you can expect an answer that is close.

The age of the home, location, construction type all play a part.
A hip roof is cheaper to insure than a gable roof.
Newer homes built to higher construction code cost less to insure.
Block construction as opposed to wood frame.
An older home may have had improvements made that would reduce the costs.
Even your credit score will affect the insurance prices.

You can call an insurance agent and give them the property ID number. They then pull the tax records and county data to determine original construction and improvements. Depending on the age of the home, a wind mitigation and/or a four point inspection will be needed.

All the Best,
Jim Sweat
0 votes Thank Flag Link Sat Jun 15, 2013
Like others have stated, each home is different and the best thing to do is to contact an insurance agent who can give you a quote based on year built, location, construction type, etc.

Best wishes.

Jen and Mark Bowman
Keller Williams Realty
0 votes Thank Flag Link Thu Jun 13, 2013
Many agents have given some very good advice and they are correct.

Fact is that there is no "rough estimate" to use for a $220K home in Sarasota. Best thing to is contact an insurance agent, provide them the address/details about the home and have them provide you a quote based upon your specific insurance needs.

Five Year Winner - Five Star Award- Best in Client Satisfaction
Sarasota Home Realty
2100 Constitution Boulevard
Sarasota, FL 34231

Website: http://www.SarasotaHomeRealty.com
E-mail: SarasotaReal@gmail.com
Phone: (941) 544-6763 FAX: (941) 866-7588
0 votes Thank Flag Link Thu Jun 13, 2013
Wow that is a lot of feedback and I very much appreciate it. I couldn't be as specific as I wanted given 2 lines to enter a question. I currently live in NM where we don't have the same complex insurance factors making it difficult to know where to begin. For starters I was considering a typical 3/2 home in the Southgate area, circa 1960s block, no pool. I'm sure the way to go is a quick call to one of the agencies listed here will give more insight, but the other comments here have been helpful as well.
Flag Thu Jun 13, 2013
Just quoting insurance on a florida home isn't as easy as a simple quote. It’s really too tough to make an assumption (or even a range) of what the cost might be, in particular when you factor in Wind Mitigation Discounts, Distance to Water, Age of Construction, Type of Construction, and A, V, or X Flood Zone, etc. We always recommend calling a local insurance group. Call Jason Nestlerod at MGA Insurance. 941-907-3828

Jim Soda ... TheSodaGroup.com
Keller Williams Realty
Sarasota-Lakewood Ranch
0 votes Thank Flag Link Thu Jun 13, 2013
Hi Roth,

I wish that question was easy to answer but as my colleagues have pointed out, every home is specific and rates between homes can vary significantly even if the homes cost the same. The only way to estimate monthly costs is to get a quote for a specific property from an insurance agent. You might try calling a few agents for quotes on several addresses and see if you come up with a middle of the road amount. I suggest estimating high on your monthly costs so you don't short change yourself.

My best,

Teresa M. Fellows
ERA Waterside Realty
0 votes Thank Flag Link Thu Jun 13, 2013
Your best bet is to call an insurance company and get a quote it can be done over the phone. You just have to give them the address, they will know what to do. I use Allstate been good 941-921-6630 There are things you can do to lower the bill, hurricane shutter dropped my premium $600 per year. Cost was $6000 over time it will be a good thing. Having a wind mitigation helps to get the price lower.
Another check up is called a 4 point inspection, these can be done by Real estate inspectors and not expensive at all I use AAA 941-792-9595. Call me anytime, Michael B.

Michael Beninato
RE/MAX Alliance Group
cell: 941-4179-2777(2SRQ)
email: michaelb1@remax.net
0 votes Thank Flag Link Thu Jun 13, 2013
Two waterfront homes of identical size can be insured for $1,800 and the other for $5,8000.
Why the difference?
Insurance rates are based on the specific home to be insured.
A 1972 block contstructed home will insure at a MUCH HIGHER rate than a 2010 constructed home at three times the value. Why? the newer home meets all the inclimate weather requirements.
You have been provided a few agencys to call. They will however, need an address to find it on the FEMA map and may choose not to have their time and resources wasted if you are not actually in the process of buying.
Remember, it is the surge that does the real damage, not the wind.
For a high and dry location, at 200K I would budget $2,000. It may be less but, not to worry, the price is gauranteed to go up.
0 votes Thank Flag Link Thu Jun 13, 2013
There are too many variables involved for anyone to give an estimate. When you say that you are looking for a home in "Sarasota," that covers a wide area, There are geographic factors involved within the region that might cause the insurance premium for two nearly-identical homes to be quite different. Other things to consider include the age of the home, roof structure, wind mitigation report results, hurricane protection, wood frame vs. concrete construction, etc. I think that I can safely say that you might find a $220,000 home somewhere in Sarasota that might cost $1500 or less to insure, while another one could cost three or four times that amount.

When shopping for a home, an educated Realtor can give you a general idea of what factors might influence the insurance cost for specific properties. A wise Realtor will, however, always recommend that you get specific information from more than one experienced insurance agent before you write an offer to purchase.

If you are not already working with a Realtor, I would be happy to provide you with access to all suitable property listings in the Sarasota area. I would welcome an opportunity to help you to find your new home.

Charles Offer
423 St. Armands Circle
Sarasota, FL 34236
(941) 321-9664
0 votes Thank Flag Link Thu Jun 13, 2013
Roth, If you need realtor assistance please email or call me at 941.320.9795 or johnaugust@michaelsaunders.com.

Here are some Sarasota based insurance agents that you can contact:
510 Bay Isles Road Suite E. SunTrust Bank Building
Fax: 941-383-6363
Bill Bay
Tropical Bay Insurance LLC
395 Commercial Ct Suite C
Venice, FL 34292
Cell: 941-266-2835
Tel: 941-266-2683
Fax: 941-244-2684
Joseph M. Sikora, AAM, CIC
BB&T Insurance Services
1111 8th Avenue West (34205-7711)
PO Box 9029
Bradenton FL 34206-9029
Fax (866) 242-0807
Brieann Szklarek
Hyde Park Insurance
5660 Marquesas Circle
Sarasota, FL 34233
Office (941) 921-7400 ex. 107
Fax (941) 487-1888
Bob Fowinkle
Lori Anderson
Moore Fowinkle & Schroer Agency Inc.
120 - 53rd Ave W
Bradenton, FL 34207
Phone: (941) 755-2628 | Toll Free: (800) 541-8256
John August, Realtor
Michael Saunders & Co - Licensed Broker
61 S. Blvd of the Presidents - St Armands Circle - Sarasota FL
Cell: 941.320.9795
Email: johnaugust@michaelsaunders.com
0 votes Thank Flag Link Thu Jun 13, 2013
Much appreciated!
Flag Thu Jun 13, 2013
Why not call an insurance company in that area and ask them for a rough quote. Its free. We don't know.
0 votes Thank Flag Link Thu Jun 13, 2013
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