Home Insurance in Sarasota>Question Details

bobmarch725, Other/Just Looking in Sarasota, FL

Home owners insurance for condos in Sarasota--Can anyone give an estimate? 2/2 1000sqf

Asked by bobmarch725, Sarasota, FL Sat Apr 20, 2013

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Brian McGreevy’s answer
FYI:

I stick with my original statement of between $450 and $600 per year. One of the properties I own is a 1,256 sq. ft condominium with a one car garage. It is a rental income property that is block construction, sprinkled, is ground floor and has a tile roof covered by that association. It was built in 2002.

After receiving a bill last month from my insurance company which included a large increase bringing my yearly cost to $624/year, I shopped the coverage. I had 5 insurance quotes from various companies. All were between $475 and $550. After speaking with my agent she felt we were a little high on interior coverage so we decided to lower it to $45/square foot. Remember, condominium association covers all exterior construction, in wall electric and plumbing. The end result was a yearly cost of $450 without a wind mitigation inspection and with rental coverage in case the tenant has an accident and tries to make a claim against me or the property.

So, my suggestions are as follows. Talk to an insurance agent about the property. If it is not block construction, does not have sprinklers, is a high rise ( the building I speak about is 3 stories), is not is a gate development, you desire higher levels of coverage.... (you get the picture), then expect to pay more. Otherwise, budget for $600 and shop to get the best policy for your needs.

BRIAN A. MCGREEVY
Broker/Owner, REALTOR, MBA, GRI, ABR, SRES, RRS, AHWD
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 Sun Apr 21, 2013
Some condo communities provide flood and building insurance and you provide interior and content coverage. Your best option is to contact local insurance companies and ask for a quote.

Here is some general information on 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
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remax-florida.com/
0 votes Thank Flag Link Sun Apr 21, 2013
There are a number of factors that have an impact on insurance rates, some more than others. The age of the building, the construction type (block or frame), the age of the roof, if the condo association has had a wind mitigation inspection done and qualifies for discounts (or not), whether the building has a sprinkler systems and even how you plan to use the condominium (ie rent it out, live in it full time or leave it vacant for 6 or more months of the year) can impact the rates you're quoted.

Location can also impact the insurance rates. For instance, is the building located within a flood zone? A wind zone?

Depending on the above factors, the rates can vary widely. I've seen some under $500 per year and others as much as $1000 per year.

The best suggestion I can give you is to call several local insurance companies for quotes. Most will be willing to give you a close estimate as to what you would be paying for a particular condiminium based on the condo, your insurance needs and how you plan to use the condo.

I am very familiar with many of the condo communities in our area as I have worked with both condo buyers & sellers over the past couple of years, so if you have other questions regarding purchasing a condo, please feel free to give me a call or email me at the address below.

Regards,

Diane Christner, Realtor, GRI, SFR
Realty Executives Solutions
Sarasota, FL
cell: (941) 726-7109
email: DianeMC21@aol.com
http://www.DianeChristner.com
0 votes Thank Flag Link Sat Apr 20, 2013
depending on the unit it will cost about $600 to $800 I have 2 and that's what it is running depends on how old the unit is it block or frame. How old is the unit and so on. I use Allstate they have been good for me every once in a while I go shopping to see if they are right with the price. Dakkak Allstate 941-921-6630.

Michael Beninato
RE/MAX Alliance Group
cell: 941-479-2777 (2SRQ)
email: michaelb1@remax.net
0 votes Thank Flag Link Sat Apr 20, 2013
As long as the roof is covered by the condominium regular condominium coverage will run between $450 and $600 per year. Items that affect cost will be: year built: type of construction, location, whether it has sprinklers and amount/levels of coverage desired.

BRIAN A. MCGREEVY
Broker/Owner, REALTOR, MBA, GRI, ABR, SRES, RRS, AHWD
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 Sat Apr 20, 2013
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