Florida Flood and Home owners Insurance questions

VENICE, FL · Member since 2015 · 113 posts · 36 votes

Hello yall! I am a little sticker shocked today....to say the least. I am relocating to Florida from Utah. In Utah, I pay about $450 annually. Now, I knew beforehand that Florida would be more expensive due to floods/hurricanes and such......BUT around $3,000 annually?!!? Could some locals give me their 2 cents please? and maybe some Insurance agents they recommend for the best possible rates?!? Thank you in advance

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Dana WhickerPro Member

Investor · Fernandina Beach, FL · Member since 2014 · 557 posts · 374 votes

11y

Your flood zone is not directly correlated to how close to the ocean you are. Elevation is actually a better indicator but it's still not the best. The best, and what your insurance and mortgage company will go by is the actual flood zone map.

I have a property (3/1 1150 sq ft.) that's less than a mile from the ocean that I pay $776 per year for liability, hazard and hurricane. Flood is not required. The lot's elevation is about 22ft. It has an 8 year old roof with all the goodies.

You can save a ton with the proper roof. There are several steps in the roofing process that can, if done properly and documented, save you enough money on insurance to pay for the roof in a few years. That's a thread-worthy topic in itself and I don't want to derail.

You will most likely be getting insurance from a company you have never heard of or Citizens.

Good luck!

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Blair Poelman
Real Estate Broker · Provo, UT · Member since 2013 · 689 posts · 511 votes
11y
@Esaul Viramontes I'm not a florida local - but have spent my fair share of time doing deals in J'ville and also across the state in Ft. Myers / Port Ch. area. Flood insurance is mad expensive there. I shopped insurance for about 8 months and never found anybody local that would do rental properties at a reasonable rate - had to put them in an umbrella policy that included properties from several other states. That was a Lloyds of London policy - and even then I had to do an extra rider for anything in FL.
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Daria B.
Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes
11y
@Esaul Viramontesflood insurance cost was the reason I turned down a property. It just didn't work with the rent that just didn't cover the expenses. I don't look at properties that are designated in a flood zone.
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Jared Townsend
Insurance Agent · Orlando, FL · Member since 2015 · 297 posts · 122 votes
11y
Flood insurance options are limited due to most policies being written through the National Flood Insurance Program. A select few carriers are beginning to write private flood policies so you can ask your agent if there are any private options.
Hazard insurance in North and Central Florida are closer to the $800-1200 range compared to Panhandle, South and Tampa areas can easily push $2000-3000.
Generally independent agents will be your best bet because they can shop 20+ markets compared to captive agencies only providing one quote.
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Brandon M.
Agent / Investor · Clearwater, FL · Member since 2014 · 573 posts · 281 votes
11y
@Esaul Viramontes - I could give you the name of a really good independent agent in the Tampa Bay Area, he can give you the best rates for multiple providers. But yes, you will expect to pay a few thousand per year in insurance down here. Send me a PM and I will give you his info.
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Adam BartomeoBusiness Member
Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
11y
Esaul,
Depending on where you live in FL there are 3 types of insurance that a lender may require. Normal, hurricane and flood. If you are going to be on the coast - and you are - they are going to require all three. Depending on what the property is classified as (for potential damage due to a flood) will determine if you need flood insurance and the degree of risk. The riskiest is considered a "V" classification. There are also X, A, and B. X is the least risky. We came from NM and were paying $600 a year so I feel your pain. Overall we had made up for the expense in other ways.
Also, a lot of the large companies wont insure down here. There are specialized companies that will. We use Tower Hill for a couple of properties. Find a insurance broker and they will find the companies for you.
[email protected]239-339-3969
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Dana WhickerPro Member
Investor · Fernandina Beach, FL · Member since 2014 · 557 posts · 374 votes
11y
Your flood zone is not directly correlated to how close to the ocean you are. Elevation is actually a better indicator but it's still not the best. The best, and what your insurance and mortgage company will go by is the actual flood zone map.
I have a property (3/1 1150 sq ft.) that's less than a mile from the ocean that I pay $776 per year for liability, hazard and hurricane. Flood is not required. The lot's elevation is about 22ft. It has an 8 year old roof with all the goodies.
You can save a ton with the proper roof. There are several steps in the roofing process that can, if done properly and documented, save you enough money on insurance to pay for the roof in a few years. That's a thread-worthy topic in itself and I don't want to derail.
You will most likely be getting insurance from a company you have never heard of or Citizens.
Good luck!
2 Reply
Esaul Viramontes
OP
VENICE, FL · Member since 2015 · 113 posts · 36 votes
11y
Thank You BP family for ALL the input! Truly appreciate it :) time and time again I see that we are all family helping each other out <3 I was really feeling bummed out....but just like any other time I hit a bump in the road....I might feel like crap for a minute BUT I then start thinking of ways to make the best out of the situation. I have found a solution that should alleviate this huge surprise and thus making the best out of this sticky situation LOL Thanks again to ALL who responded/messaged me :)

Originally posted by @Adam Bartomeo:

Esaul,
Depending on where you live in FL there are 3 types of insurance that a lender may require. Normal, hurricane and flood. If you are going to be on the coast - and you are - they are going to require all three. Depending on what the property is classified as (for potential damage due to a flood) will determine if you need flood insurance and the degree of risk. The riskiest is considered a "V" classification. There are also X, A, and B. X is the least risky. We came from NM and were paying $600 a year so I feel your pain. Overall we had made up for the expense in other ways.
Also, a lot of the large companies wont insure down here. There are specialized companies that will. We use Tower Hill for a couple of properties. Find a insurance broker and they will find the companies for you
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Marc Andrew
Investor · Salt Lake City, UT · Member since 2015 · 44 posts · 22 votes
11y
Funny, I just moved from FL to SLC! Like the others said, it depends on where you live. I paid $900 a year for my flood insurance on one property, but it was rezoned and the lender didn't require the insurance anymore, so I dropped it. Hurricane insurance is also a sticker shock item. My home owners insurance in FL is $2700 (without flood) in utah it was around $600. This is in Fort Lauderdale - 2 miles from the ocean. You can look at the flood zone maps and ask before you buy a house if it's required. The hazard insurance with the hurricane deductibles you wont get away from though. The further south and the further east you are, the more you pay.
On the plus side, you don't have to pay state income tax!
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Esaul Viramontes
OP
VENICE, FL · Member since 2015 · 113 posts · 36 votes
11y
Originally posted by @Marc Andrew:

Funny, I just moved from FL to SLC! Like the others said, it depends on where you live. I paid $900 a year for my flood insurance on one property, but it was rezoned and the lender didn't require the insurance anymore, so I dropped it. Hurricane insurance is also a sticker shock item. My home owners insurance in FL is $2700 (without flood) in utah it was around $600. This is in Fort Lauderdale - 2 miles from the ocean. You can look at the flood zone maps and ask before you buy a house if it's required. The hazard insurance with the hurricane deductibles you wont get away from though. The further south and the further east you are, the more you pay.
On the plus side, you don't have to pay state income tax!
Lol that is crazy that you moved from paradise to Utah haha! I have seen more and more plates from the sunshine state out here and I usually scratch my head. My former Floridian friends say , that while they do miss the beaches, The skiing out here is worth it for them. I have never been much of a skiier myself....soooooo.......BTW I just received a Killer quote of 1,800 for homeowners AND flood!!! Still high compared to what Im used to,...HOWEVER this is MUCH more manageable.
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Marc Andrew
Investor · Salt Lake City, UT · Member since 2015 · 44 posts · 22 votes
11y
@Esaul Viramontes Utah is paradise! Exactly what everyone said, beaches get old, skiing is much better! Congrats on the cheap quote! I'd take that deal in a heartbeat!
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