Real Estate Broker · Austin, TX · Member since 2019 · 10 posts · 2 votes
Hello,
I am closing on a new build/rental in SW Florida within the next month and the homeowners insurance policy quote was only $76/month. I live in Texas. Am I missing something? The policy is decent but seems like it should be WAY more due to hurricanes and the recent storm. Other than flood insurance, is there anything else I should consider? Thanks in advance
Have you looked into the possibility of doing a "Flood Zone Flip" Thats what I call it anyway.
It is the concept of evaluating the elevations of the building to determine if it sits above the flood level. If so, then it qualifies to have the flood designation removed. That would remove any lender requirements for flood insurance.
When you can get that done before closing... it increases your property value + your proceeds at the closing table.
For sellers... they can do the same thing. Remove the flood zone prior to going to market. Gives a massive property value increase.