Southwest Florida Real Estate Blog

What do I need to know about Home owners insurance in Florida

Our area is full of sun and fun and an abundance of things to do.  Southwest Florida boasts beautiful beaches, bustling downtown areas that offer activities from the local farmers market, to art shows and bike nights.  There is truly something for everyone.  Many people love it here so much, that they decide to invest in a secondary property to occupy on a seasonal basis or to use as an investment property. 

When shopping for a home, it is important to think out the costs and criteria involved with respect to insurance.   There are many factors to consider that will impact the cost of insurance:

 Occupancy

  • Seasonal – occupied at random times of the year not consecutive months
  • Secondary basis-used for 6 months out of the year
  • Rental Exposures – annual, vacation or seasonal rental

(For rental exposures, it is very important to disclose what type of sites the property will be advertised on such as Air B & B, Home Away or VRBO)

Age of Property

  • New Properties (2002 and Newer) – will be less expensive to insure since they are built to the current stricter Florida Building Codes
  • Older Homes (2001 and older) requires a wind mitigation inspection to get best rate available.  Credits vary by home
  • Homes over 30 years and older - require a 4 point inspection and a wind mitigation inspection

Flood- (A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow)

  • Depending on the location of the home an elevation certificate may be required in order to get a rate
  • The National Flood Insurance Program is no longer the only option available when securing flood insurance
  • Private Flood Options are available and should be compared to what is available...