Homeowner insurance is a complicated formula, based on the value of the property, the value of the things inside -- in other words, your stuff -- the condition of the property (especially the roof), where the property is located -- flood risk zone? what is the elevation? -- claim history, etc., etc., etc. It's less about how many beds and baths than what it would cost to replace. There's no "ball park" because no two properties are alike. Even two houses next door to each other with exactly the same footprint, in the same condition, etc., could have vastly different insurance costs. Pick a property you are interested in purchasing, then call an insurance broker for an estimate -- which could end up being much more, or less, following the insurance inspection results.
You ask about condo insurance in Snell Isle, parts of which are in a higher risk flood zone than other parts. Many condo associations provide insurance, at least for the building. You might need only to cover content and liability. But this varies form property to property. Again, you will need to pick a specific address to get an estimate.
I'd be happy to recommend a reliable insurance broker if you contact me. Let me know if I can help you find a great property.
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all the above mentioned variables are correct. would need to know more about the house and location. Remember you are insuring the cost to replace/repair the home. ie: you can buy something for $100 that has a market value of $500 but would cost $1000 to replace.... more
I recently had a situation with a buyer of a townhouse where the insurance company wanted my buyer to insure the building. Since the building is insured by the HOA the request was out of line. It was finally resolved and the coverage was considerably lower than the bank originally requested. So many insurance companies pulled out of Florida several years ago that many of my clients use the state insurance company, Citizens. You should shop insurance the way you shop for a mortgage. It is amazing the differences I have received for clients. If you want references on insurance companies any of the realtors you are working with or those responding in this forum would be able to provide names of insurance agents and companies that provide coverage in the area. Remember, insurance rates are based on your credit rating the same as mortgage rates so your final rate may be higher than quoted.... more
Annette, you said "Of course if taxes are a major consideration for purchasing a home, perhaps the budget is way too tight. "
As a potential buyer I am seriously looking at ALL taxes in the 4 states I am considering buying in. If it so happens that state #2 has the best taxes for me overall I will buy there. It is NOT about not being able to AFFORD more taxes, it is about not WANTING to pay them. After all, why should I move to a place that I know will tax me 3 times what another place would cost?
Many of us are not so foolish as to throw away money knowing that a certain place will cost to much. Look at new york and new jersey. Their high taxes, property and income have driven over 1 million people away. Taxes are a REAL concern. People do not feel they should have to pay tons of taxes and get almost nothing in return.
How many people buy some property and get nothing but roads and fire protection? It is hard to say I should pay $5,000 a year in property taxes when all I get this year is the same roads that my car registration pay for. The school systems almost everywhere use about 3/4 of the tax base. And most of the people do not have kids in school. So that is no help to those owners is it?
The states need to learn this lesson and keep taxes reasonable.... more