Taxes and Insurance costs in Florida are only going to go up. If your budget is stretched at the existing insurance rates you really need to re-evaluate your situation.
A lender will not grant a mortgage without insurance. A lender will foreclose if the insurance is allowed to lapse. Insurance is IMPORTANT. I believe your lender will make insurance a condition for obtaining financing.
The good news is insurance is available. Most of us are covered by Citizens.
Please be aware, your credit score does influence the insurance rate you receive. This makes it difficult to compare your insurance coverage and cost to that of the existing owner.
To further complicate the process, historical data included in your CLUE or A-Plus report can result in non-comparable rates.
CLUE, which stands for Claim Loss Underwriting Exchange
A-PLUS, which stands for Automated Property Loss Underwriting System
If you ever made a claim, or not, someone is keeping track of it and reporting it to the insurance companies.
You will need home owners insurance to obtain financing.
Wishing you success in your home purchase,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727. 420. 4041