Property Insurance

Comments Off on Property Insurance

Property Insurance

Property insurance will vary depending on numerous factors.  Please address all insurance questions to a local insurance broker or agency and they will be happy to provide you with much more accurate information.

Property Insurance includes coverage for fire hazards, hurricane coverage, etc.  Some Florida policies will have a 2% hurricane deductible while others have a 5%.  I would advise you to choose the one with 2%!  A 5% deductible can be a very large out-of-pocket expense.  Property Insurance pricing will vary on several factors: Cement block construction (CBS) is less expensive than wood frame construction to insure, the newer the home’s construction the less expensive it is to insure the property.  Also, those with hip roofs (no blunt ends) instead of gable ends (like a barn) are less expensive.  Proximity to the shoreline or river will also make prices escalate.  Rural areas without fire hydrants and locations with only volunteer fire departments cost much more as well.  Mobile home coverage can be pricier too.  When obtaining coverage you’ll likely want to get 2-3 quotes.  No single agency always has the best rates, as pricing tends to fluctuate.

Condominiums:  Condo buildings typically include partial coverage in your monthly homeowner’s fees.  Their coverage is typically the exterior of the building, up to about the drywall.  They are not responsible for flooring, cabinetry or anything from the drywall inwards.  The exact coverage will depend on the condominium association.  To insure the inside of the condominium and your personal belongings request a quote for H0-6 coverage from an insurance agency.  I’ve seen prices around $600-800 a year… yours may vary so ask the experts.

Flood Insurance:  This entire Southwest Florida region is quite low, and quite flat.  Because of this flood insurance is required in a notable number of locations.  If you want to see if it’s required at a property of interest, do the following.  Go to the Flood insurance link at the bottom of this section type in the address, and view the elevation information.  Specifically look at the section ‘rate code.’  The classification system can get a little complicated, but here’s the general rule: if you see the letter ‘A’ in the rate code, flood insurance is mandatory.  If it mentions being in a zone B, C, or X it shouldn’t be mandatory.  Just because it isn’t required doesn’t mean you shouldn’t have it.  In areas that don’t require it, it’s typically inexpensive perhaps under $400/year.  In the event flood-waters damage a property your homeowners/hurricane policy will not cover it, so give it some consideration.  Flood insurance rates vary by proximity to the shoreline and elevation of the finished floor.  Ask an insurance agency for a quote-there should be little variation from one agency to another for flood insurance.

Home Inspectors can perform a wind mitigation/inspection for a small fee that can reduce insurance costs.  Discuss it with an inspector and insurance agent.

Vito Bauer – Principal Realtor “Trusted Source for Homes in Southwest Florida”

Cell: (239) 777-7080, email:


Cell: (239) 777-7080