Justin Lowe, Home Buyer in Baltimore, MD

What's the cost of homeowners insurance or hurricane insurance in the Fort Lauderdale area?

Asked by Justin Lowe, Baltimore, MD Thu Apr 18, 2013

I have had a few people try to dissuade me and my family from relocated to the Fort Lauderdale area. Most of the things they say to us are silly and go in one ear and out the other, but recently I heard something that I need some confirmation on.

I was informed that that cause of homeowners insurance (relating to water damage due to hurricanes) can be so exorbitant that it can add close to a $1000 a month to your mortgage payment. I was hoping some locals and experts might be able to help us with this. We are looking to purchase a home around 200-300k and I have no idea how to research this as we are not planning to move for another year.

Any help would be appreciated.

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Answers

2
Justin,

I agree with Tim. $12,000 a year for a total homeowner insurance sounds excessive but maybe not for properties worth millions. Everything is relative to the cost replacement based on the value of your house and it.s contents. Say you have a newly built house over 3,000 sq. ft. with a $75K kitchen, marble flooring throughout, masterbathroom Worth $50K and what not plus you have about $100K + in furniture and electronics and another $100K + in artwork, than you would want to take premiums that would cover for those expensive losses; thus higher premium

The best way to find out about insurance in SE FLorida would be to call reputable insurance agents who could give you an idea of costs based on a home or condo value that you are planning to purchase and what would be your contents.
0 votes Thank Flag Link Thu Apr 18, 2013
How to research is to call a few insurance companies and ask. The numbers you mentioned are pretty high. Up here in NC, on the coast, the flood insurance is not all that expensive and covers up to $250,000 with FEMA flood insurance. To get a quote you need to know the value of the building (not the land it sits on) and the elevation above sea level - higher is better (aka cheaper). When looking at homes you can ask and find out what the owner is paying for insurance, the flood policy is assumable. $12,000/ yr for insurance is way to high for insurance here, and I would assume too high for there. It will depend what flood zone you are in and the elevation of the building. Around here, next to the ocean, a $250,000 house 8-10 ft above flood level would be around $3500/yr - total.
0 votes Thank Flag Link Thu Apr 18, 2013
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