Homeowners Insurance cost in Florida?

anonymous

2009-03-30 05:00:23 UTC

The first thing I'd like to do is suggest that you don't let anyone rush you through this process. Yes you are meeting with your real estate agent on Monday but you have until the closing or settlement date to come up with an insurance policy that has been paid in advance for one year. So don't let anyone rush you with this, including the real estate agent. Take your time and do your homework on these newer, smaller companies.

Also, don't buy this house unless you can confirm that it has updated electrical, plumbing, HVAC, and a new roof that is going to be acceptable to your new insurance company. If any of these aren't up to current standards you are going to face a nasty surprise when you try to get Florida home insurance for this residence.

A home built in 1940 at age 69 is going to be one of the most difficult to find coverage for - even in an inland county like Orange.

My estimate for a home of this age is around $1,700 per year - driven mostly by the age of the home - but it will depend on the insurance company's view of the upgrades that have been completed. Use an independent Florida homeowners insurance agent to help you with this and answer all of your questions.

I'm not against the online quote generators for Florida insurance but the problem I have with them is that they don't show you all of the companies that are writing new homeowners insurance business in Florida. Here is a site that I saw in every single Florida newspaper after the announcment that State Farm Florida was leaving the state:

http://www.homeinsurancebuyers.org/

http://www.homeinsurancebuyers.org/FindingPrivateInsurance

http://www.homeinsurancebuyers.org/PurchasingTheBuyersGuide

It helps you find, screen, and contact all of the companies still writing new business in your county and is the only way I know of in this crazy market to make sure that you are getting a quote from each and every company that wants to insure your home.

And the best part is that the site provides a rating to each of these companies so that you get a much better idea of the newer, smaller, shakier companies to avoid.

I suggest that you check it out.

In the meantime, don't let anyone rush you with this home purchase. And make sure that you get a good inspector to check that home out. If anything in that inspection around the major systems come up short like the roof or the major systems - don't buy it!

Best of luck to you!

Anonymous

2009-03-28 20:07:16 UTC

OK, insurance isn't based on the appraised (market value) of the house. It's based on the cost to REBUILD it.

It's going to be really, really hard to find an online quote. Very, very few companies will write a policy in Florida. Your house is borderline old enough that most companies won't want to write it based on age.

Your credit score is ALSO important.

Online quoting systems are only for agents. You will need to see a real live agent, to actually get a real live quote.

Replacement cost for your house is PROBABLY going to run around $150,000 to $175,000. You will have to buy your wind and flood coverage, seperately. If I had to pull a number out of the air, I think the homeowners, wind, and flood policies will probably cost you around $4,000 a year. But maybe more.

In Florida, it's not about who has the lowest rates. There are, maybe TWO insurance companies that I know of, writing homeowners in Florida, that are rated by AM Best. There are a bunch more new ones, that aren't rated - and don't have much track record.

If you can find an agent who can GET you more than one quote, you're doing better than most. In Florida, it's about who is WILLING to write you. Citizens, the state fund, writes MOST of it. Anyone else who gives you a quote, you probably haven't even heard of them.

So find a local agent, and get your quotes - and be prepared for the sticker shock on the insurance.

Alexus T

2009-03-29 03:44:57 UTC

For car insurance the quick way to get a low quote is do a policy comparison. Be sure to choose the same coverage amounts, you can get an fast quote to compare against others. Use the same coverage area, car make/model, mileage and driving history to ensure you get accurate comparison. To get easy auto insurance quotes, go to http://www.multipleautoinsurancequotes.com/Florida-Car-Insurance-Quotes.html and you can compare all the major auto insurance companies.

anonymous

2009-03-30 20:06:07 UTC

I wrote to Govenor Charlie Crist and this was his reply. Read down and there is a site that he sent. I have not checked it out yet. Also if you listen to Avia Maria radio fm (catholic radio station there is a McDonald Inaurance Co. that I called and they only insure in the state of Fl. I just called them. I don't know the phone # off hand. I am calling them back next week with my information. I am Insured with State Farm right now. I hope this will help you.

Thank you for writing to Governor Charlie Crist regarding State Farm's recent announcement they will discontinue selling property insurance in Florida. The Governor is concerned about the impact this will have on the property insurance market in Florida. He understands the challenges that the property insurance market and Florida's homeowners are facing and is actively working to ease the financial burden on all Floridians.

As you know, property insurance is one of the critical issues facing our state today. Two unprecedented back-to-back hurricane seasons in 2004 and 2005 - with eight hurricanes and four tropical storms - caused $36 billion in insurance claims. Predictions of more catastrophic hurricanes making landfall in the U.S. have triggered significant increases in insurance premiums to cover potential losses. Many insurance companies have dropped or restricted new policies to avoid high risk areas and reduce overall exposure in Florida.

It is important to know that great strides have been made in reforming the property insurance industry. The Governor has worked with the Legislature to provide property insurance reform and more options for Florida's homeowners. These long-term, systematic reforms were necessary to repair the underlying problems that exist in the insurance market and are now showing successes. Since the Governor took office, 40 new companies have been licensed to sell property insurance in Florida. New companies mean competition in the property and casualty insurance marketplace - competition which will lead to more consumer choice.

State Farm, by law, submitted a plan to the Office of Insurance Regulation that describes how it plans to withdraw from Florida. The transition will take about two years. There are many new companies within the state that are looking to grow their businesses and will welcome the opportunity to add new customers. Impacted policyholders have an opportunity to shop for affordable rates available in their area at http://www.shopandcomparerates.com.

It is important to Governor Crist that property insurance is available and affordable. Governor Crist will continue to work closely with the Office of Insurance Regulation and the Legislature to ensure that State Farm's withdrawal from our insurance market does not adversely impact progress and efforts in our state to provide access to affordable property insurance for Florida's homeowners.

Thank you again for taking the time to contact Governor Crist. To receive Governor Crist's weekly newsletter, "Notes from the Capitol," please visit www.flgov.com and click on "Subscribe to Notes from the Capitol."

Sincerely,

Julie A. Jordan

Office of Citizen Services

?

2017-03-08 08:43:15 UTC

I would recommend one to visit this site where you can compare quotes from different companies: http://INSURECOMPAREQUOTES.US/index.html?src=5YAGFFICIeIa1

RE :Homeowners Insurance cost in Florida?

My husband and I just got an acceptance for a house we put an offer on. The house is in Orange County Florida, 82810 and has 2 beds 1 bath and 1005 sq ft. It was made in 1940, updated plumbing and electrical in 1989, House (not the land) was appraised at 55,000 in 2007, but i'm sure this has gone down in this economic weather. No pool, no garage tell me if you need more info to help me out on how much you think it could cost.

I can't seem to find anywhere online for quotes for home owners insurance, just numbers to call and we need to find someone by Monday morning. I'm going to call in the morning but i don't know how much time I'm going to have before we go into the Real Estate office. My questions are:

Do you know of online homeowners insurances in Florida that have an online quote system?

How much do you think insurance for a year would cost on a house this size?

What homeowners insurances generally have the lowest rates?

Thank you so much for your help!!!

Follow 4 answers

anonymous

2015-02-16 03:19:56 UTC

Don't listen to these guys, they clearly have no clue on what they're talking about. Do not overpay for your insur ance, because you can save a lot of money with one trick, you should compare the insur ance planns as per your requirements.I hve a apolo hundai and the ins urance costs me only few bucks monthly. https://insurusa.club is the best place to get the information about average insu rance pri-ce in your city in USA.

anonymous

2009-03-29 14:47:13 UTC

Hi,

I was looking into my insurance also a couple of months ago. This site contains a great deal of helpful information:

http://wahhealthanddentalinsurance.blogspot.com/

anonymous

2009-03-29 01:21:50 UTC

Get your doubts about Insurance program procedure solved here. http://theinsurancegroup.blogspot.com

anonymous

2016-08-03 04:42:58 UTC

Sure thing

anonymous

2016-08-31 17:19:13 UTC

Well, it depends..