Florida Homeowners Insurance

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dlhanson

Recycles dryer sheets
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Apr 26, 2005
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We are thinking of moving to the Tampa area (Riverview or possibly Sun City Center) in 2010. We would most likely purchase something like a $200K single family single story home.

Can someone give me a likely range for the cost of homeowners insurance?

Can one purchase high deductible insurance - like 5% or 10%? (We would not have a mortgage.)

Thanks
David

P.S. We would be moving to Florida because of DW's health. South Carolina is still too cold for her. She has blood circulation problems in her hands and feet even in an upstate South Carolina winter.
 
dlhanson said:
We are thinking of moving to the Tampa area (Riverview or possibly Sun City Center) in 2010. We would most likely purchase something like a $200K single family single story home.

Can someone give me a likely range for the cost of homeowners insurance?

Can one purchase high deductible insurance - like 5% or 10%? (We would not have a mortgage.)

.
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A lot depends on the age of your house ,if it is fairly new and not in a high velocity zone it will be anywhere from $1,000 to $1,600 and yes you can get a high deductible policy which will lower the cost . I live in the worst velocity zone and have a real high deductible and my insurance actually went down this year to $ 1,600. My house is valued at $600,000 but most of the value is in the land .
 
dlhanson said:
We are thinking of moving to the Tampa area (Riverview or possibly Sun City Center) in 2010. We would most likely purchase something like a $200K single family single story home.

Can someone give me a likely range for the cost of homeowners insurance?

Can one purchase high deductible insurance - like 5% or 10%? (We would not have a mortgage.)

Thanks
David

P.S. We would be moving to Florida because of DW's health. South Carolina is still too cold for her. She has blood circulation problems in her hands and feet even in an upstate South Carolina winter.
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Good luck on your move to the Tampa area. I live in Riverview myself and like it very much. Sun City as you probably know is a big retirement community--really big. I'm 72 but even at this age, I'm not ready for that life style. Sold my home in Brandon in 2006 right before the housing plunge and bought into a manufactured home community. My wife knew a few people in this park and we like it real well. You must know somethng about the area to mention Riverview but the whole US 301 is being widended to a six land divided highway from Boyette/Gibsonton Rd to Rt 674 at Sun City Center. That will help all the traffic congestion now taking place. Its well under way and be complete in about two years. There is a lot of housing development going on the 301 corridor, some has halted because of the housing crunch. Let me know if I can help you in any way.
 
Florida's HOI has been coming down lately. I'm with Northern Capital Ins Co. but the other day received a quote via peoplestrustinsurance.com. the best quote I've ever gotten but it is a new company.

Including a 2% hurricane ded. and a $2500 ded. on everything else. 300K liability, 300K value, 75K contents, for $754 a year.

You can also take a 5% hurricane ded. but the diff. in premium is pennies.
 
JOHNNIE36 said:
Good luck on your move to the Tampa area. I live in Riverview myself and like it very much. Sun City as you probably know is a big retirement community--really big. I'm 72 but even at this age, I'm not ready for that life style. Sold my home in Brandon in 2006 right before the housing plunge and bought into a manufactured home community. My wife knew a few people in this park and we like it real well. You must know somethng about the area to mention Riverview but the whole US 301 is being widended to a six land divided highway from Boyette/Gibsonton Rd to Rt 674 at Sun City Center. That will help all the traffic congestion now taking place. Its well under way and be complete in about two years. There is a lot of housing development going on the 301 corridor, some has halted because of the housing crunch. Let me know if I can help you in any way.
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Forgot to answer your question about home owners insurance. I would just call a few agents to get ideas about cost and deductibles.
 
I've seen multiple negative references to SSC - as a place where you're overwhelmed w/ oldtimers, gomers, etc.

I think SSC is an outstanding community. I'd recommend you give it a chance - you can rent a place for a few months to see if its the place for you.

My grandparents moved there in the last 1960's (or very early 1970s). My parents moved there in 1990s. My uncle lived there for awhile, also.

So over the last four decades I've had the chance to visit, and I alway am impressed with the orderliness, the tranquility, how friendly and energetic the community is, and how safe you feel.

I think I know Tampa very well and can tell you that SSC feels like a utopia - and when you leave the area for Gibsonton, Riverview, Brandon, and beyond, you really appreciate it more.

I think you can find a great place for $200k. The HOA may be a bit high, but you get so much in return. I know at Kings Point (the gated part of SSC), the HOA covers h20, maintainence, exterior insurance, use of the fitness pool centers. The place looks like a resort area.

I'm going to highly recommend you visit the area - there's so much as far as community activities, social groups (travel, hobby, fitness, religious, you name it), that it is impossible to be bored.
 
What people who buy insurance should think about when they buy insurance, especially in Florida, more especially in coastal areas, is the solvency of the company. Instead, what most focus on is the price. In areas of the US which are not troubled by windstorms, or earthquakes, this is fine. A total single family fire loss in an area with fire hydrants and a fire department might occur 7 times out of 60,000 houses in a year. Even financially weak insurance companies can deal with this.

In areas where catastrophes are more common like Florida, this could be a very bad choice. Northern Capital has been writing HO insurance in Florida since 2004. Their web site doesn't even mention their Best's Rating.

Northern Capital

Instead it mainly provides info about their re insurers including the poorly funded Florida Hurricane Pool. There is only so much "capacity" for windstorm risk in the world, and Florida by itself is a larger risk!

State Farm, which is a very large, very safe company, like Allstate, and others have reduced their exposure in Florida.

If I had to live in a coastal area in Florida, I'd be more focused on getting a house that had the roof retrofitted to the new windstorm standards, steel window shutters, and was not exposed to the coastal surge that occurs when these storms come ashore. If you count on the insurance, especially new, small companies, you could be in for a rude surprise.
 
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Steve, many people in FL are pretty much stuck with whatever insurance they can get precisely because State Farm, Allstate, et al. refuse to write new policies in FL. And if you do manage to buy a policy from one of these big companies, you may be in for a nasty surprise in the case of a big catastrophe. Why? Because after hurricane Andrew all the big companies set up separate Florida-only subsidiaries that they can and will cut loose if the worst happens.

Unfortunately, this is a risk that seems to be one you have to accept if you wish to live in FL.
 
I just re-insured my place in St. Augustine. $1300 per year $350 Flood. House worth about $700k. (In this market).

I hope that helps.

SWR
 
There's a state-supported insurance company called Citizens which is available to anyone who cannot get traditional coverage. Most I know write with one of the major carriers or Citizens.

While you never know until you have to file a claim, I don't know of anyone personally who has had a major default situation, and access is not a problem (cost is).
 
Rich_in_Tampa said:
There's a state-supported insurance company called Citizens which is available to anyone who cannot get traditional coverage. Most I know write with one of the major carriers or Citizens.
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Citizens is unrealistically priced and is for those who are uninsurable elsewhere.

Not a good choice at all.

SWR
 
ShokWaveRider said:
Citizens is unrealistically priced and is for those who are uninsurable elsewhere.

Not a good choice at all.

SWR
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I went to Citizens when my insurance compnay raised my rates to $6000 (I live on the water ) from $2500 . I paid $2000 with citizens until recently when another company took me for $1600.
 
oma said:
I believe USAA doesn't initiate new homeowner insurance policies in FLA. Not sure how long that will continue.
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That is correct. They "grandfathered" current retired or otherwise a current policy holder but they will lose it if they move, even in FL. Not true however for Active Duty Military ON AD ORDERS to and in FL.
 
When I tried Citizens (2007 they were $3000 and change versus $1200 or so. I was looking for new coverage on a newly purchased home. I also live on water, not ocean though. I am exactly 2 miles from the beach (Ocean), 1000ft from the Intra Coastal and 9ft above sea level. I live on an island which is quite common in Florida. Citizens coverage was not as good at the time either (No Pool Cover Coverage and such like).

I am VERY happy with Tower insurance. But I think that insurance rates are coming down in Florida. At least the coverage is getting a lot better. I Also found car insurance to be very reasonable this time round.

Regards,

SWR
 
I had Tower for the 1st 4 years in Fla. and they kept raising me till I decided to shop around. Went with Northern Capital 2 years ago and so far so good. Big decrease after the wind inspection. Just don't know whether to use Peoples Trust who came in with a great quote. Gotta do some more research.
 
I also had Tower and they cancelled my insurance . I live on Sarasota Bay about 2' to the water . My house is elevated and fairly new so it does have all the hurricane protection .
 
OAG said:
That is correct. They "grandfathered" current retired or otherwise a current policy holder but they will lose it if they move, even in FL. Not true however for Active Duty Military ON AD ORDERS to and in FL.
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Very good points - and something to think about. As a 20+ member of USAA, tha was tough news to hear when they came up with that policy.
 
I live in North Florida (Jacksonville). My home is valued around $250,000.00. My homeowners insurance is currently $1,115.15 per year with a $500 deductible. I've been in this home for about 15 years now. About 4 years ago when he had back, to back, to back, to back hurricanes/tropical storms come through here my homeowners insurance just about doubled the following year. In 2004 I was paying about $550.00 per year for insurance. I felt very bad for people that lived closer to the ocean. They were getting cancelled left and right and had a very hard time finding insurance that wasn't extremely expensive. Florida used to be a "good deal" for living and raising a family in-expensively, it is quickly becoming a fairly expensive state to live in.

Mike
 
Even after getting hit by those back, to back, to back hurricanes my insurance was still less living two miles from the beach in Florida than it is now living about eight miles from the beach in Mississippi. I pay almost $1000 more now than I did then.
 
A month late but what the hell? I am considering dropping my homeowner's insurance ... I pay about $1010/year to insure a structure that is worth (maybe) $100K (ex-land). Probably won't drop it, but when State Farm dumps me, I may not like the alernative$. While I'd obviously be taking on a risk (of losing the home), I have $1000 more a year to spend on things i like instead of partly subsidizing those who want to live in a mansion built on a sand bar on the Atlantic :)
 
I just received my renewal from Northern Capital and guess what, up 60%. So I called People's Trust after I received a flyer in the mail. Half the price of Northern Capital with more coverage. My guess is this charge will only be for the 1st year as the scam in Fla. seems to be to get you signed up and after the 1st year hit you hard. I've been moving from company to company for the last 6 years.
 
73ss454 said:
I just received my renewal from Northern Capital and guess what, up 60%. So I called People's Trust after I received a flyer in the mail. Half the price of Northern Capital with more coverage. My guess is this charge will only be for the 1st year as the scam in Fla. seems to be to get you signed up and after the 1st year hit you hard. I've been moving from company to company for the last 6 years.
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Yes, but that's not unique to Florida. We occasionally have switched carriers, even coming back to the original one once.

BTW we had a wind mitigation check done by a qualified inspector and got a large credit on our premium - forget the number but it was like $600 a year.
 
May not be unique to Fla but when I lived in NY we had the same ins company for 31 years. None of the stupid games that get played down here.

If you remember Rich I told you about the wind mitigation about a year ago.
 
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