Insurance situation in Orlando
I'm exploring Orlando market and would like to understand the insurance situation. Is it hard to find companies that can insure even in Orlando market? What's the typical cost to cover a 3 bed 2 bath 1500 sq.ft home in Orlando?
Quote from @Santosh Prabakar:
I'm exploring Orlando market and would like to understand the insurance situation. Is it hard to find companies that can insure even in Orlando market? What's the typical cost to cover a 3 bed 2 bath 1500 sq.ft home in Orlando?
Insurance situation in Florida is unique. Many insurance companies have left this market due to some fraudulent activity over the past 15 years. It is not impossible to get insurance on property however properties with older roofs and older AC and water heaters we'll make it more challenging. Homes with old electrical panels or cloth wiring May create challenges. At the end of the day you can get insurance on almost any property but you will pay significantly more if the property does not have updated electrical and plumbing along with a newer roof and a decent 4 point inspection. There are many factors that go into the cost of insurance but I would suspect a 1500 square foot home cost of insurance should be somewhere around$2,000 to $3,000 a year
@Santosh Prabakar Tyler is correct, many things will factor in what your rate is, all of what he said plus what flood zone you are in, the number of claims in the area you are buying, your personal claim history etc. Insurance companies have sophisticated software to determine if you and the property are worth the risk.
If the home is more than 20 years old, plan on paying for a wind mitigation and 4 point inspection along with your normal home inspection. I would also look up any properties you are interested on the property appraisers website and look for permits. If the age of the roof cannot be determined, the insurance company automatically has the upper hand.
Hope this helps, best of luck! I do have a great contact for hard to place properties (flips, renovations, buying in trusts or LLC etc).
