Insurance is based on the replacement cost for the dwelling you are purchasing. For example, if you buy a property valued at $600,000 and the land has a value of $350,000, the appraiser is assigning a REPLACEMNT COST of the dwelling of $250,000. The current Citizen's windstorm rate is around $14 for every $1000 in value. So using this $250,000 figure you would pay $3500 before discounts. You can amass discounts up to around 40% of the policy for things like shutters, roof straps, etc. You also get discounts for the age of the property. A new building will be cheaper than an historic one, in most cases. The flood insurance dpends on what flood zone you are located in. I would be glad to send you a map of the more flood prone areas if you e-mail me. Im some areas of Key West, flood insurance is not required and if you get it maybe a couple of hundred dollars and in other it is a must. In the most flood prone areas you could expect to pay up to a couple of thousand dollars. Homeowners has a lot of variables like contents coverage and deductibles but I think I pay around $1000. I would be glad to answer any other questions you may have and could give you a more concete price range with a particular property.
Ali Egeli, President
Olympia Title & Escrow