SHELLY
SoWal Insider
As long as there are hurricanes and tornadoes...you'll need/want wind--your lender will insist on it.
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Taxes and Insurance
- Thread starter cradamson123
- Start date
As long as there are hurricanes and tornadoes...you'll need/want wind--your lender will insist on it.
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Jdarg
SoWal Expert
A few things we learned about buying a house AND insurance in Florida:
If you have a mortgage, the lender will require proof for wind, flood, and homeowners. The wind insurance may be a separate policy depending on where your home is located.
A good Realtor will clue you in on the necessity of checking on insurance rates (or even getting insurance, depending on the property) before you sign the contract. If you have buckets of money, this may not be a problem for you, but we escrow our insurance and taxes and let me tell, you, it is a big chunk of our monthly house payment. If you think you can afford the monthly payment on a house, and also plan to escrow insurance and taxes, get some quotes before you sign that contract. (thanks for giving us contact info Murray!) Finding out insurance costs was the deciding factor on what house we bought.
Beware an RE agent that shrugs off the insurance discussion- they should give you a few insurance contacts from the get go, and it should be part of your buying process. If they think that your insurance concerns are unnecessary or unimportant, find a more knowledgeable, educated RE agent. It may make the difference in getting a great house and affording to insure it, or getting a great house and not being able to afford the insurance.
30ashopper
SoWal Insider
Just called my agent, I have wind with my normal homeowners. I'm not in a wind pool apparently. whew!
ShallowsNole
Beach Fanatic
Uh, yeah, I have wind with my regular homeowner's too. That is weird, because I'd certainly think I'm more wind-prone than the Dargs are.
However, I'm definitely more flood-prone and we are required to carry flood...and after Katrina, I'm in agreement.
However, I'm definitely more flood-prone and we are required to carry flood...and after Katrina, I'm in agreement.
Jdarg
SoWal Expert
Uh, yeah, I have wind with my regular homeowner's too. That is weird, because I'd certainly think I'm more wind-prone than the Dargs are.
However, I'm definitely more flood-prone and we are required to carry flood...and after Katrina, I'm in agreement.
I'm guessing you have been with the same company for a number of years. If your company decides to stop insuring you for wind (like many have), you will have a separate wind policy. i will keep my fingers crossed for you!
30ashopper
SoWal Insider
I'm expecting that to happen too in the next year or so, I've got "The good hands people" on my side!
scooterbug44
SoWal Expert
I am buying lotto tickets so I can just build myself a bunker on high ground and say F U to the insurance companies. 
(sans lotto winnings the bank would own part and require me to have insurance)
(sans lotto winnings the bank would own part and require me to have insurance)
pk305
Beach Fanatic
do I need excess flood insurance??
We're in the Eastern Lake area (between 30A & Eastern Lake Rd)....
have been paying for this EXCESS flood insurance for several years now....
I'd love to hear from others...??? is this something I really need to be buying??
Next year's premium is about $3300
and is due in June....ugh!!!!
THANKS,
PK
We're in the Eastern Lake area (between 30A & Eastern Lake Rd)....have been paying for this EXCESS flood insurance for several years now....
I'd love to hear from others...??? is this something I really need to be buying??
Next year's premium is about $3300
and is due in June....ugh!!!!THANKS,
PK
SHELLY
SoWal Insider
have been paying for this EXCESS flood insurance for several years now....
I'd love to hear from others...??? is this something I really need to be buying??
Next year's premium is about $3300
THANKS,
PK
You need to ask the lender who holds the note on your home if they require you to have flood insurance. If you own free and clear, then you can opt to roll the dice.
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30ashopper
SoWal Insider
have been paying for this EXCESS flood insurance for several years now....
I'd love to hear from others...??? is this something I really need to be buying??
Next year's premium is about $3300
THANKS,
PK
I think if the added flood isn't too high, it's worth it. If something were to happen, not having it gives the Ins. cos every opportunity to mess you over. Look at is as insurance against your insurance company!