When my nieghbor has a newer 3/2/2 1400 sq. feet plus a screened lanai. There house is 3 years newer and they are paying just over 1500.00 per year.
My mortgage company states i have to have a minimium of 166,000 for the dwelling when the house is valued at 60,000.00. Also states i must carry 83,000.00 for personal property when i could replace all the contents for less than 7,000.00 and that is high. Yet they insist i have to keep this coverage.
So lets say god forbid something happens and my house were destroyed and its contents. There is no way that the ins. co. is going to pay me the 166,000.00 plus 83,000.00 along with the 16,610.00 for the other contents which would be my shed and the items in it. I could buy a brand new 3/2/2 with patio, repace all of my valuables, including my car. The house is not valued at that price nor are the contents. So they are charging me a high rate of which they would never pay out as all of my assets would not valued as such. Why charge me for something they could nor would ever have to pay out?
Tammy Hayes, Sandals Realty, Punta Gorda, FL firstname.lastname@example.org
We use 3 local insurance companies and are always on the look-out for new ones with a good rating (solvent/strong). Keep in mind that homes in a flood plane may need flood insurance, especially if the home is being financed. Other considerations are wind mitigation features and velocity zones. The age of the home can sometimes affect rates along with type of construction.
If the home does not meet the latest codes and is not structured to handle 130 MPH wind, you may want to consider adding shutters, suring up the roof and tie-downs etc. (Gable roofs for example have to be sured up with certain bracing installed when positioned a certain way.) This easily done and a Wind Mitigation Report can check to see what may or may not need to be done. This will substancially reduce the cost of the insurance. Of course the value of the home comes into play as well.
Perhaps I raised more questions than I answered however if you use a good, experienced Realtor, they can help guide you through the process. It's simple really and don't be intimidated by it.
Good luck and you are wise to be buying right now.
The According To Hoyle Group
The official website for the State of Florida is http://www.shopandcomparerates.com
Trust this will give you a starting point. If you need an agent I am sure your Realtor will be able to point you in the right direction. If not call or email me and I would be very happy to help.
Broker Associate / RealtorÂ®
Thomas Ryan Associates, Inc
252 West Marion Ave
Punta Gorda, FL 33950
Toll: 866-866-7926 X 206
Tel: 941-833-4777 X 206
The Office of Insurance Regulation for the State of Florida has a great website, where you will find loads of information and links to other informational sites and News. Just us the link below to take you to Their official site.
The state of Florida offers an official website that provides people like yourself with rate quotes for the area you are located in. Consider visiting: http://www.shopandcomparerates.com
Florida's home insurance is quite different from northern states. In Florida there are three phases of coverage: windstorm, hazard, and flood.
If you would like additional insurance information we would be happy to put you in touch with an area insurance broker.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors