It is an exciting time when you are out looking at a potential home to buy. You look at the layout of the house, the upgrades, the architecture, the big pool in the back yard, and much more. Do you take the time to sit back and think…I wonder what my homeowners insurance will be on this house?
Florida, a beautiful state with gorgeous beaches, intra-coastal canals cutting through neighborhoods, and lots of entertaining for each of your likes. It is also a state with massive storms, specifically Hurricanes. Hurricanes are a daunting force, so finding a home with the best hurricane protection is important and saves you money.
Now Florida, specifically speaking in this case Fort Lauderdale, has extremely strict building codes that help to prepare your home for these hurricanes. But if you are grandfathered in…then the home you purchase could lack the newest code enforcements.
Insurance companies commonly require a Wind Mitigation. What questions are asked on this are as follows:
- Is the roof strapped over the joists to your walls?
- Age of the roof?
- Concrete block home or wood frame?
- Tile Roof? Shingle Roof? Flat Roof?
- Window Hurricane Protection?
- Shutters? Impact Windows?
The more secure your home is, the bigger “wind mitigation” credit you will receive from your insurance company. On the flip side, the less protection you have, the higher your insurance will be. Buyers that typically move from the Northern states are often shocked when they get insurance quotes. They are on average 3 to 5 times higher than northern states.
This isn’t meant to scare any buyer away. Fort Lauderdale is a great city to live in that offers an amazing lifestyle. It is important to keep in mind the higher costs associated with homeowners insurance in this great state. Prepare for them, and know that you can always improve the home you buy to continue to get discounts from your insurance company.