I put an offer on a home - 5736 Flamingo Drive, Cape Coral. Just under 2500 square feet. Built in '73.Cost of wind, flood, home insurance?

Asked by Darrell, Cape Coral, FL Mon Aug 6, 2012

I'm Canadian. Does that make a difference in insurance costs. Will be using house for our family and possibly as a vacation rental. Thanks. Darrell.

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Marc Comisar, Agent, Bonita Springs, FL
Tue Aug 7, 2012
Speak with your Realtor

0 votes
Terry McCarl…, Agent, Cape Coral, FL
Tue Aug 7, 2012
Being from Canada has nothing to do with your cost of insurance. Speak with your buyers agent - they can direct you to insurance agents that can give you the information you are looking for.
0 votes
Carolyn Gian…, , Cape Coral, FL
Mon Aug 6, 2012
Sometimes I think TRULIA posts questions just to see who will answer them.
Call an insurance agent for an insurance quote.
Call a realtor for a Real Estate quote.
0 votes
Capt. Mick J…, Agent, Fort Myers, FL
Mon Aug 6, 2012
The best thing to do is to contact a local insurance agent. There are many, as your realtor, they should have a list of agents they regularly refer their business and insurance questions to. From my experience with other quotes in the Yacht Club area, you will be looking at a Flood Insurance requirement. The age of the home, may allow it to be rated PRE FIRM as it may be grandfathered in, otherwise your lender may require that you also have to home surveyed and issued an elevation certificate. Either way, for that area, Im going to guess an elevation of about 7 feet, and an annual flood policy of about $1600 a year. Depending on the upgrades on the home, and how recent it has been re-roofed and or re-plumed, or if it has updated windows and or hurrican protection, the home may now meet the modern codes, and therefore qualify for discount credits on your insurances. This is what the recommended Wind Mitigation inspection referred to earlier by the other agents is all about. It may also involve an additional inspection called the 4 point inspection which focuses more on the workings of the home. The typical home in that area is going to probably go for about $3200 for home owners insurance...more if its a second home or a vacation rental. Keep in mind there are things you can do to lower these rates, such as dealing with some of the points discovered during the wind mit inspection. One can also pay for a higher deductible, which will inevitably lower the premium. It may be a good idea to shop your insurance with multiple quotes as certain Insurance Agency's open up their services to certain zip codes during certain times of the year, so you might find different rates depending on the company providing the coverage. Flood is a national agency so that quote should be the same no matter the agency quoteing it. Do be sure to shop based on what the coverage is, not just what the quote is. The least expensive is not necessarily the best one to get. Also be aware when you get insurance. IF you purchase the home with CASH, then there is no immediate urgency to bind insurance, unlike when taking out a loan for a purchase, as the lender will require a bound policy by the date of Closing. Again, if CASH, be sure to bind insurance within the first month of closing, as binding afterwards may limit the options, as some Insurance Companies may not cover you after that point. Some companies also only take you only as a new policy and will not do a re insurance, in other words take your policy after you have been bound elsewhere. CITIZENS insurance is often where your options run out...and this may not be ideal. Work with your REALTOR to make contact with some reliable Insurance agents to speak with for the specifics on 5736 Flamingo. I can also assit in referring some Insurance professionals if you would like, my cell is 239-222-3727
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Ynotchet, Agent, Cape Coral, FL
Mon Aug 6, 2012
You will want to get a wind mitigation done on the home to possibly save money on the homeowners insurance. You will have to call a inspector who is licensed to do that, not all home inspectors are licensed to do wind mitigations.
0 votes
Lilo Clacher, Agent, Cape Coral, FL
Mon Aug 6, 2012
If you rent the property as a vacation rental a special insurance is required.
You need to get quotes from an Insurance agent. on home owners, flood and wind .
Good luck
0 votes
John Martin, Agent, Naples, FL
Mon Aug 6, 2012
The face that you are Canadian will make no difference, however, the fact that's it's a second home/vacation rental will raise your insurance rates. Give me a call with any other questions: 239-246-3004.

John Martin
Sun Realty
0 votes
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