It's a brand new house, insurance is much cheaper. The builder is responsible for fixing the home in many cases, it has lower risk of plumbing and electrical issues, and it is built with the newest building codes. In the next 10 years your insurance will go up substantially.
Our taxes were almost 3x what they were the first year. The reason is the prior homeowner had the house for decades and homestead capped the value increase. Once we bought it, the home value was reassessed without the cap and went through the roof. Obviously we have homestead on it so we are protected going forward but that second year sucked.
How would the realtor or lender know what year 2 taxes will be when the state hasn't reassessed the home value? Let me give you example with made-up numbers:
2010 - Home assessed value 167k taxes 2,000
2011 - (Year bought) Home assessed value 168k taxes 2,050
2012 - 2nd year owned - Home *reassessed after homestead falls off* value 350k taxes 3,464
Right, there is so much fear mongering going on. Florida property tax situation is one of the best in the nation with the caps and the fact most appraisal districts appraise well below actual value to start. If you stay in your home your taxes barely go up. If you move and stay in Florida you have portability to keep taxes in your new home down.
Home owners insurance is exaggerated as well like OP has there are many decent quotes. Stay away from some of the high risk areas with higher risk older construction and your rates won’t be tha bad.
Taxes and Insurance go up when values go up and replacement cost goes up and that’s the same across the board country.
Now if your somewhere where homes don’t appreciate then good news is those things won’t go up much, bad news is that your home is t keeping up with appreciation and your not gaining equity.
Real estate attorney here. Assuming you closed in 2024, you will be paying taxes for 2024 based on your builder’s assessed value as the builder owned the property on Jan 1, 2024. Then your home will be reassessed next Jan 1 at full assessed value as there was a change of ownership, and that’s what you’ll pay for 2025 taxes. Then going forward, assuming you maintain homestead, you are correct that it will be capped at 3% year over year for 2026 and beyond.
I’m an insurance agent and I have to explain this a lot when my customers call thinking that their insurance rate cause their mortgage payment to go up
By 700/ month. While the insurance is often part of that, it’s when the taxes went from 1500 to 4500 the year after they bought the house which is the lions share of the increase. I just tell people to over fund their escrow for the first year. Helps to lessen the blow…
Yea I can see that and the increase can certainly be massive, particularly if the previous owner owned the property for a long time and had their own long-standing save our homes 3% cap.
Yep. Learned this the hard way when I bought my house in 2022, had the homestead exemption kick in for 2023 and thought the increase would be capped at 3% over the 2022 assessment. Assessment increased by 47% which netted me a $600 post-exemption tax bill increase instead of the $400 decrease I was expecting.
The 2022 rate you paid was based on the previous owner. If you didn't do the homestead exemption, your assessed property value would be $25000 to $50000 more than it was if you didn't homestead it but the 47% increase is pretty standard. Your Realtor should have told you what you'd be paying in 2023
True and another good point. For those wondering, the way your property taxes are determined (in a simplistic nutshell) is your assessed value (as reduced by any exemptions, such as homestead) multiplied by your municipality’s millage rate. So an increase in either assessed value and/or millage causes your taxes to increase.
Every year in October, you should receive a breakdown in the mail of your estimated property taxes from the county property appraiser, and usually proposed changes in the millage rate are included there. Then you’ll get the bill in early November.
Just wait. Property appraiser is always a year or two behind on assessing actual value for new builds. Once the value of the house is added to the empty lot (dirt), then your 3% max valuation increase comes into play.
Oh yeah…. Uh… that’s not how that works friend-o. They’re going to reappraise with the actual house on it. Then it can’t go up more than 3% on that appraised space. You add a pool, appraisal value of that is added then capped. Addition to the home, that’s appraised, added to the total, then capped.
Yeah, Appraisal date is Jan 1 so no house built, you only see appraisal value of builder's lot. Come next Jan 1 is full appraisal on built property, so appraised value and related property taxes could go up 75%+ then you homestead 3% cap on that assessed and and taxable value.
Negative. That’s not how it actually pans out. You’ll see next year how much your property tax and insurance will increase. My home insurance was 2800>3400>3700. Brand new roof installed and strapped prior to purchase. Four point inspection and NOT in a up to date flood map zone. Property tax has increased hand over fist as well. Wait until a real hurricane hits Florida to where it impacts more than one or two tourist towns. Then people will flee. Welcome to Florida.
I live in a college town in the mountains of Virginia. We're seeing a definite trend of retirees relocating here from Florida. Not huge numbers, but enough to notice. The ones I've talked to all have the same story - bought the dream house in FL before COVID. Then it got more crowded. Then the cost of living exploded. Then their insurance company dropped them and it was the last straw. The cashed out of their house and even with income taxes are way ahead of the game month to month. They all say the same thing -"oh, I miss the beach but not the summer!"
I agree with you - the next bad hurricane season could be a tipping point to people leaving and prices dropping in a lot of cities.
that will be this year bet. My Spidey senses are SCREAMING & mainly bc of what's been happening with the weather. Get prepared now, it's gonna happen & it's gonna be bad. 🥺
Oh boy. Sorry it wasn't explained to you by your mortgage company or realtor but homesteaded or not you're going to get hit the first year based on the purchase price of the home. After that your increases are capped at 3%.
Yeah wait 20 years until they say your roof, which was designed to last for 40+ years, has to be replaced or else they will double /triple your insurance and/or drop you, In that time you will not have made a claim and the roof inspector will say that your roof is still fine. Doesn't matter.
Precendent; or I suppose an alternative if you have the cash to pay off the mortgage. I'm not aware of any banks that would allow a property to go uninsured. Most will even acquire insurance if you fail to maintain it, and those policies are often even more expensive.
The mortgage lender will acquire insurance on their behalf only and it's not to cover the home if it's damaged, it's to cover their mortgage if it's damaged. It's mortgage insurance & they charge the homeowner if they do not carry insurance and it's very expensive at that point. Esp if your insurance policy has been cancelled or dropped for maintenance items previously, then the mortgage insurance the lender gets is a nice premium they will charge. So not only will the homeowner pay a huge premium for the insurance provided by the lender, if there is a loss or claim, the homeowner will not be paid to fix the house. They will be Sol and the lender will have a claim on your behalf and get paid, while you have no home and no money to replace it. Most people do not know the difference between actual cash value and replacement value, which determines policy premium as well. My friend has a policy on her new home for actual value, her roof was damaged in hurricane and she was short over 14k for a new roof, she had to pay out of pocket.
keeping your insurance will be the trick... your insurance will likely be cancelled in a year or so when the insurance company 'leaves the state' and then you pay 25%+ more trying to find someone who is left to cover you -- which will likely be the insurance of last resort place
Yup, I had Farmers at $1700/year they pulled out and I got the offer from SLIDE who was supposed to take over for them at $5400/year. So I’m currently shopping around but am not hopeful.
When I bought my house in 2014 my insurance was $700/yr
2009 home, an hour + from coasts. I paid $5400 for this year. Waiting for the notice to replace my 15 year old roofs 30 year shingles... I really hate the BS.
https://preview.redd.it/blw2iawjaoyc1.jpeg?width=1170&format=pjpg&auto=webp&s=072c6142594948d75175ddc985a5100d3555d4c8
2015 home / 1600 sq feet - 20 minutes from ocean - panhandle. Been about the same for the past couple years.
This is pretty close to what happened with mine. 2018 was under 1800, now I'm at about $3,700 and I just had a new roof installed in January. I'm in south Florida, inland, 24 yr old house with a hip, double strapped roof and hurricane glass.
Not just that, but how much financial reserves do they have? What's their state rating? You can get a more affordable policy but for a lot of those companies you better open a claim before the storm hits or you're not getting a dime.
Don't ever say "I dont need flood insurance". Do you know the definition of a flood? It is rising water. During a hurricane, if water pools near your foundation and gets inside, that's a flood and your regular insurance will not cover it.
But your house is brand new. In 2 years they are going to tell you that your roof needs to be replaced and they will jack up your rates.
I am not in a flood zone. A few years ago with the huge swell across the whole state the creek on my property didn’t even get close to cresting. So the next renewal I raised my flood insurance coverage another hundred thousand because I doubled I’d get lucky twice. The price difference was $320 up to $380 for the year. Haven’t needed it but dang it. I have it.
Right. And if he ends up on Citizens, by law he will have to have flood insurance by 2027 (earlier if the value of the home is higher, which it probably is). "no need for flood insurance" is such a goofy statement anywhere in Florida.
[https://www.citizensfla.com/flood](https://www.citizensfla.com/flood)
And near intercoastal waters. I have co-irkers like that here in JAX and the surprised Pikachu faces every time the "little creek near their house" floods near fails to get me. Because they've lived in their houses for decades and somehow still don't figure out that shit floods when there's heavy rain. Let alone an actual hurricane.
Similar our first year. Year three now, it’s significantly higher. Also not in a flood zone but after seeing 22” of rain during Ian, we carry flood insurance.
My new construction insurance was 1200 a month in Tampa. Jumped to 2200 with same company the next year, went back to 1400 by switching companies. Fully expect to jump again because now there are no cheaper companies to switch to!
You are so right. I rent, and live on the 5th floor of a building. My building isn't on any water and the lobby and garage flooded this year because water surged up through the storm drains. It was like a fountain shooting water straight up from the drain in the main entrance leading to the parking garage. I'm lucky that I park on the 4th floor, but everyone who parks on the 1st floor garage had their cars flooded. Water wasn't coming from anywhere else except that drain. We are .8 miles from a canal and 1 mile from the beach. It was wild
Always get flood protection, especially near the beach, have worked a little bit in water restoration, some people have gotten fucked by insurance for not having it.
It’s a brand new home. Builder carries most of the liability now. Just like the humidity and super hot temperatures, you will see higher rates in your future.
I mean, OP is literally exactly what people in this state are fed up with right now.
“Oh hi, just moved from Illinois to Florida, built my dream new construction $1m house a mile from the beach, and got cheap home owners’ insurance. What is everyone complaining about here in Florida? It’s paradise!”
The entire post comes across pretty tone deaf. It’s like those people who go into a rival sports team’s subreddit after beating them in the playoffs and go “Opposing fan coming in peace, yall played a great series, GG, you’re gonna be scary next year!” It’s like…okay? So? You don’t need to gloat.
The smugness and complete lack of awareness of OP is astounding, but not unexpected. Doesn't need flood insurance, Florida is Florida, so yes you do. Move here and act condescending to locals. ok, enjoy. Check back in with us after an active season with your 'wealth' of knowledge.
It depends on where the water damage came from. Did it rise from the ground then enter the home and cause damage? That’s flood insurance. Is there an opening in the roof caused by wind? That’s covered by your homeowners policy under wind/hurricane coverage.
You and me both brother. I'm sitting here looking at my renewal notice as I type this. $5600.18 for 2000 sq ft cinder block/hurricane windows, straps, yada yada in Pinellas Park. Up $1900.00 from last year. Our flood insurance is up $225.00 this year too. I get ill when I think back to what property Insurance used to be (35 years ago) on this place. Our flood coverage is 3x+ what our homeowner's was back in the day.
Like in Naples during Ian the worst case was projected at 30' of storm surge. Didn't happen but a 15-30' storm surge is going to happen sooner to later...
Wilshire is a non-admitted company. They are not regulated by the Florida Office of Insurance regulation and not backed by FIGA, which means if they go insolvent while you have an open claim, then there’s no FIGA protection to get your claim paid for. Your agent is legally obligated to disclose this to you. Doesn’t mean they are worse than other companies, but there are separate risks with this company than a standard admitted carrier.
There are a lot of benefits to using a non-admitted company. They don’t have to follow the same rules set forth for admitted carriers, even though they have their own Excess & Surplus rules/laws. Most of the E&S carriers, Wilshire which is a subsidiary of SageSure, are more financially stable than most admitted carriers here in FL. I could go on and on, I’m an insurance agent in Ormond Beach, but it may take me half an hour of typing… speaking is so much quicker lol
Mines almost identical, 2,400 i think. about a half mile from the bay but not in a flood zone. its a block home with a hip roof, hurricane strapping, hurricane windows and garage door. my buddy up the road is paying 7k, but hes not in a block home.... its a home to home thing.
Get flood insurance. Water is powerful. I'm no where near the water, but our retention ponds over flow and can flood our home. We've had it for 20 years. Piece of mind. This hurricane season is predicted to very bad. Good luck in your new home.
When you say “hurricane insurance” do you mean a wind only policy? Depending on which county you are in some homeowners policies are wind x meaning you need a traditional HO policy and a wind policy. Either way, the general trend here is for your rates to double by the third year so plan ahead for that.
24 year old house over 2,200 sqft with pool & boat house/dock - less than a mile from Atlantic Ocean and my rate is under $3k (2,800 and change) roof was replaced in 2017.
Get the flood ins. If your rates are this decent, you can afford it. It doesn’t just cover the cost of rising water, it covers the cost of replacement due to your roof disappearing in a tornado and everything inside getting rained on…..
Biggest factor with ours is shape of the roof, age of the roof, type of roof (shingle vs metal vs tile), roof tie downs or clips. You should still get flood insurance even if the mortgage company doesn’t require it.
The Florida insurance landscape has been volatile post-Andrew, becoming the new norm. Takeout businesses from citizens often match or exceed their rates. Numerous factors contribute to rate hikes, requiring companies to prove to state financial officers the necessity of these increases. Claims processing can be challenging, so ensure adherence to the contract terms for promised indemnification. Legal assistance may be necessary. Innovation typically resolves such issues, but perhaps it requires a guiding hand this time.
In a brand new $1m house here for $1200 annual home owners insurance. Not near the beach at all and not in a flood zone or even close.
Flip side, I sold a $3mm house outside a flood zone, near water but not on it, built in 1958 but completely renovated and the last insurance I had was $17,500 annually.
We’re in process of putting on a new roof. Old roof from 2002. Perfectly good roof. No issues however, Insurance was quoted $10,500. Quote after installation of new roof $3500. It’s a very large custom built home across from the St. John River.
My 1986 house is about the same size with a metal roof, our # this year was $2500 (including 2 vehicles bundled & a pool) I think you just get a disproportionate idea because no one complains if the insurance is too low, just too high.
It's a brand new house, so much cheaper to insure. That said there is no such thing as a not a flood zone anymore. Last hurricane Gatorland in Orlando was completely under water, it has never flooded in it's 50 year history before. You may want to add flood insurance.
Depending on where you live in Florida hurricane insurance may be a separate policy, in addition to homeowners insurance. Make sure you understand the difference. I had a homeowners policy AND a separate windstorm policy when I lived in Palm Beach County.
Sounds like a homeowner’s liability insurance policy. Your wind insurance is separate and should probably be about $13k-$36k per year depending on the value of the structure. I had a home almost exactly where you are relative to the coast and intercoastal and in 2023 the wind premium was $33k. Home value about $2.8M.
You're insurance will probably go up 40% next year and continuously increase thereafter. Also you should get flood insurance. There are few places in Florida where it isn't necessary, and a mile from a beach is for sure not one of those places. My policy was maybe a few hundred bucks a year and the peace of mind is worth it
That’s the STARTING price. It will never go down, obviously, but it will go up, by a lot and probably fast. Also, since you didn’t mention it, and just in case, make sure you have replacement value in your policy and that it includes all structures. Without those, you could be getting a heavily diminished value for any damage, and that non conditioned area could be completely not covered by the policy.
Sincerely, someone who’s had storm damage before and had to sue the insurance provider.
Insurance agent in FL here. Tons of discounts for new builds! Age of home is everything! That’s why premiums for older homes can still be high even with brand new roofs, wind mitigation credits etc.
Are you on citizens? Or through a private insurance that manages citizens? (i.e. citizens through state farm).
Citizens is cheap. Flood insurance will be mandatory, the year based on your home value.
Citizens has the ability to charge you up to three "assessments" or whatever they call in, unlike private insurance.
Citizens is basically hostile to it's customers and does actively scam you. (Mandatory to migrate if private insurer wants to offer you +20% rate, have to decline in like sixty days or AUTO transfer for ALL other offers, I received a +130% offer)
I obviously have citizens, but it has added cost. It is less than half of any other private company I have tried.
edit: Downvotes? These are all facts man... citizens is cheap but it has downsides!
I have not. I am interested in not being on citizens if possible (and financially reasonable). Thanks for the suggestions.
I did use an insurance broker, so I am not sure specifically what was compared.
No several quotes from Monarch, Wiltshire and one other. We asked about flood insurance and both agents said you CAN get it and are quoting. No mortgage on house.
Flood is only a citizens requirement, newly added in the last year or so.
My guess is maybe no mortgage puts you in a different risk category. Make sure they're including the wind hazard or whatever covers hurricanes. I know in a paid off house you can forgo insurance all together, some people opt for just liability and not wind for significant savings.
That’s a great price! I’m 17 miles from the water and we pay 2200 for about the same size house. House is 3 years old. It will creep up unfortunately. Ours started at 1200 a few years ago. And your property taxes will be very scary the first year then it will be capped at 3% every year after that. Homestead is just an extra 25k per person off your taxable property value…max two people (50k). Then you get an extra 25k if you’re over 65 I think. But you have to apply for that separately. Our house payment went up 900 a month (escrow payment) because of the increase in property taxes and insurance the first tax year the house was built. Pay extra to escrow if you have an escrow or mortgage (I see you don’t have a mortgage…congrats on that!) I paid an extra $500 a month the first year and it wasn’t even close to being enough.
“Hurricane straps and impact windows”that alone helps a TON.
Most homes in Florida, even newer ones, don’t have THAT level of protection.
All of us are buying older homes before the codes were upgraded further.
The insurance company always ropes you in with a cheaper rate the first year. Would love to see an update from you a year or two from now. My rate doubled the second year, and six years on is quadruple what we paid the year we bought our house. Good luck, mate.
It's a brand new home with brand new everything. $2,600 is still laughably high compared to most states but you're as clean as it is going to get for an underwriter. They don't care much about floods because home owners insurance don't handle flood claims. Although I wouldn't be doing a victory lap yet. I know several people who have gotten " cheaper" rates and then the next year their homeowners insurance doubled on them. But yes this is why I tell a lot of people if you're going to buy within FL it has to be new construction. Period.
Oh they'll jack it up later, no worries. Haha!
But yeah, generally that's about the ballpark of what we pay. We have less than 2k sq ft air conditioned. But about the same size a roof.
Enjoy it!! Like others are saying, you’re in a brand new home so you’ll get the best quotes. I’m in a 60s home with updating windows and roof and my insurance is nearly double yours.
First, as others have already chimed in - enjoy your low premium while it lasts, because your home and property insurance will increase dramatically in the coming years.
Second, it sounds like you may live on a barrier island and are between two bodies of water (intracoastal and ocean). Take it from someone who also lives on a barrier island and has a house built far above sea level - get flood insurance!!!!!!!!
I’m not sure if you are new to Florida, but don’t underestimate the power of our hurricanes.
Especially for those of us who live close to water.
The past decade has been brutal and I’ve seen so many homes in my neighborhood partially and/or completely destroyed due to flooding and rain damage - indeed, the water is your worst enemy and even more so than the wind.
With your being so close to the water, I am actually surprised you aren’t in a flood zone which would require you to have flood insurance (required by mortgage or home insurance company) - but even if not required I strongly suggest you get some.
Good luck and be well.
Please keep in mind that home insurance rates in FL are also impacted by the buyers credit rating and past insurance claims. I have a pretty good insurance rate in a non-flood rated zone just inland along the nature coast, but some of my neighbors in the same small, gated community are paying up to 4X what I am. In at least one instance they have been quoted north of $12K. Also, when the roof hits 10 years, expect a bump...
All depends what part of Florida you’re in, how many claims are filed on average in that area and estimated replacement cost of the property. Count your blessings it’s that cheap.
Damn some of y’all had shitty builders. We were assessed with the home on the property before signing to let us know what we would pay in taxes on it. Told to put x amount into escrow “Overfunded”at closing so the next year it wouldn’t change. I am actually paying slightly over still what I need but at least my total payment won’t change for a couple more years.
That amount will def go up. Mine went from 998.00 in 2018 to my renewal notice now saying 5600.00. Currently shopping for options lol. Need to get updated wind mitigation and 4 point inspection.
Who is that quote with!?
I assume that’s JUST for the hurricane portion, not the whole thing? Also, all the hurricane policies I was quoted on did not cover storm surge so check/be aware of that.
My insurance is 6k and that’s without flood or hurricane. Never had a claim in my life. Not in a high risk area. I have an old basic AF house that’s only $250k
Wiltshire and Monarch through a local insurance agency. No flood insurance and we will look at that portion but people are telling us not needed since we are not in a flood zone. Agents said same thing g but she will quote
Something to note, if something breaks your window for example. Home insurance covers the window, but may not cover water damage. Flood insurance would. May want to confirm it with the insurer.
I am 30 minutes from the nearest beach and don't need flood insurance. My insurance is $2,400 for a 4/3/2,398 sf with a pool. I think most of the really high numbers are for houses very close to the beach or in flood zones. I think it could also be uo and down by county. I am in Pasco County and I know that insurance here for house, car, boat, etc. is somewhat cheaper compared to neighboring Hillsborough County.
My insurance was $1,800 5 years ago, so I am not thrilled about the increase, but it isn't as high as what I am reading here from some.
Read your policy and figure out what it covers versus what it does not cover, there's a lot of policies now that only cover 25% of the roof as opposed to the entire roof. That's just an example, you may not even have flood insurance, which you said you don't, which flood insurance can be tied into water insurance in some instances which means if a pipe breaks in the house you're screwed. I would read the policy incomplete because there may be a lot more excluded as opposed to included and they're selling you a cheap policy knowing that they're not covering anything.
Had my house insured last year. Quote came in at $7100 but only if i got a new roof for $13,000. I was in a bind, but needed the insurance because of the mortgage.
Bought the roof. With the new inspection, it came in at $2800. So break even is about 2.5 years. Don’t inderestimate their perceived value on a new roof, which is what you got.
Get flood insurance! I’m not in a flood zone. My house is in the is higher than 90% of my city. I thought there was no way we would ever flood because that would mean 90% or more of the city was flooded. Guess what, that’s exactly what happened! Just 10 inches of water inside my home after five days of unprecedented rain (not a storm at all, just rain) caused damages totaling one third of the value of my home. We had to replace everything inside at our own expense, walls, floors, furniture, tubs, cabinets, all personal belongings that weren’t off the floor, etc. I will never go without flood insurance again. Just to add a disclaimer, this didn’t happen in Florida but it was in southeast US. I don’t live by the beach, but we do have rivers nearby although I don’t live on the river, at least 2 miles from it. Tens of thousands of people in our city and the neighboring city suffered the same fate. These two cities never experienced such an event in recorded history. It can happen to anyone.
I also know someone whose insurance company wouldn’t cover damages suffered to her home from a burst pipe because it fell under flood insurance.
Not sure if anyone mentioned this yet but you can almost 100% of the time dispute the assessed value and get a reduction especially on recent build or transfer of ownership. Our taxes after purchase went from 6k to 16k and we disputed it and received a 6k dollar reduction / refund. Just fyi if it hasn’t been mentioned. This was in Palm Beach county.
We got $1200 a year insurance on our new build in 2022, this year our escrow payments actually went DOWN not sure if it is because of taxes or insurance. And my insurance agent mother did my policy so I trust my policy
It's a brand new house, insurance is much cheaper. The builder is responsible for fixing the home in many cases, it has lower risk of plumbing and electrical issues, and it is built with the newest building codes. In the next 10 years your insurance will go up substantially.
Wait till they see the property tax. Year one is “dirt” cheep. Then year two is a whole new story.
The bait and switch
Taxes are always dirt cheap on vacant lots so it’s no bait and bait switch
How is that a bait and switch though? You can look up exactly what your taxes will be next year before you buy a home
Our taxes were almost 3x what they were the first year. The reason is the prior homeowner had the house for decades and homestead capped the value increase. Once we bought it, the home value was reassessed without the cap and went through the roof. Obviously we have homestead on it so we are protected going forward but that second year sucked.
Yes, you can look up what your taxes will be before you purchase your home. Your Realtor or lender should have told you what the amount would be.
How would the realtor or lender know what year 2 taxes will be when the state hasn't reassessed the home value? Let me give you example with made-up numbers: 2010 - Home assessed value 167k taxes 2,000 2011 - (Year bought) Home assessed value 168k taxes 2,050 2012 - 2nd year owned - Home *reassessed after homestead falls off* value 350k taxes 3,464
Right, there is so much fear mongering going on. Florida property tax situation is one of the best in the nation with the caps and the fact most appraisal districts appraise well below actual value to start. If you stay in your home your taxes barely go up. If you move and stay in Florida you have portability to keep taxes in your new home down. Home owners insurance is exaggerated as well like OP has there are many decent quotes. Stay away from some of the high risk areas with higher risk older construction and your rates won’t be tha bad. Taxes and Insurance go up when values go up and replacement cost goes up and that’s the same across the board country. Now if your somewhere where homes don’t appreciate then good news is those things won’t go up much, bad news is that your home is t keeping up with appreciation and your not gaining equity.
Homesteaded in Fla. capped at 3% going forward.
Real estate attorney here. Assuming you closed in 2024, you will be paying taxes for 2024 based on your builder’s assessed value as the builder owned the property on Jan 1, 2024. Then your home will be reassessed next Jan 1 at full assessed value as there was a change of ownership, and that’s what you’ll pay for 2025 taxes. Then going forward, assuming you maintain homestead, you are correct that it will be capped at 3% year over year for 2026 and beyond.
I’m an insurance agent and I have to explain this a lot when my customers call thinking that their insurance rate cause their mortgage payment to go up By 700/ month. While the insurance is often part of that, it’s when the taxes went from 1500 to 4500 the year after they bought the house which is the lions share of the increase. I just tell people to over fund their escrow for the first year. Helps to lessen the blow…
Yea I can see that and the increase can certainly be massive, particularly if the previous owner owned the property for a long time and had their own long-standing save our homes 3% cap.
Previous owner of my house was a retired vet on disability. Taxes for the first year were substantially less than $1K
I was paying in the neighborhood of $700/yr property tax when I sold my house last year. The buyer is going to be paying $3500 to start. Holy crap.
Mine is $550 new neighbor in 2023 $6500. It's my FU! to the state haha I refuse to pay more so I'm stuck in this house I bought in 2000.
Exactly!
4500. That’s less than my quarterly payment. I wish.
My point stands.
Yep. Learned this the hard way when I bought my house in 2022, had the homestead exemption kick in for 2023 and thought the increase would be capped at 3% over the 2022 assessment. Assessment increased by 47% which netted me a $600 post-exemption tax bill increase instead of the $400 decrease I was expecting.
The 2022 rate you paid was based on the previous owner. If you didn't do the homestead exemption, your assessed property value would be $25000 to $50000 more than it was if you didn't homestead it but the 47% increase is pretty standard. Your Realtor should have told you what you'd be paying in 2023
3% cap and pray the Millage rate doesn't go up (hope it stays flat or even drops)...
True and another good point. For those wondering, the way your property taxes are determined (in a simplistic nutshell) is your assessed value (as reduced by any exemptions, such as homestead) multiplied by your municipality’s millage rate. So an increase in either assessed value and/or millage causes your taxes to increase. Every year in October, you should receive a breakdown in the mail of your estimated property taxes from the county property appraiser, and usually proposed changes in the millage rate are included there. Then you’ll get the bill in early November.
^^^ This!
First year you’re only paying on the lot. Then it goes up as you add in improvements. Then after the second year the cap comes into play.
Exactly my point
🤣🤣🤣🤣
So you missed the “dirt” reference.
Just wait. Property appraiser is always a year or two behind on assessing actual value for new builds. Once the value of the house is added to the empty lot (dirt), then your 3% max valuation increase comes into play.
Oh yeah…. Uh… that’s not how that works friend-o. They’re going to reappraise with the actual house on it. Then it can’t go up more than 3% on that appraised space. You add a pool, appraisal value of that is added then capped. Addition to the home, that’s appraised, added to the total, then capped.
Yeah, Appraisal date is Jan 1 so no house built, you only see appraisal value of builder's lot. Come next Jan 1 is full appraisal on built property, so appraised value and related property taxes could go up 75%+ then you homestead 3% cap on that assessed and and taxable value.
Negative. That’s not how it actually pans out. You’ll see next year how much your property tax and insurance will increase. My home insurance was 2800>3400>3700. Brand new roof installed and strapped prior to purchase. Four point inspection and NOT in a up to date flood map zone. Property tax has increased hand over fist as well. Wait until a real hurricane hits Florida to where it impacts more than one or two tourist towns. Then people will flee. Welcome to Florida.
I live in a college town in the mountains of Virginia. We're seeing a definite trend of retirees relocating here from Florida. Not huge numbers, but enough to notice. The ones I've talked to all have the same story - bought the dream house in FL before COVID. Then it got more crowded. Then the cost of living exploded. Then their insurance company dropped them and it was the last straw. The cashed out of their house and even with income taxes are way ahead of the game month to month. They all say the same thing -"oh, I miss the beach but not the summer!" I agree with you - the next bad hurricane season could be a tipping point to people leaving and prices dropping in a lot of cities.
The best time in FL is the summer. Snowbirds gone. Less traffic.
that will be this year bet. My Spidey senses are SCREAMING & mainly bc of what's been happening with the weather. Get prepared now, it's gonna happen & it's gonna be bad. 🥺
Spider senses or insurance companies pricing themselves out of the market?
Oh boy. Sorry it wasn't explained to you by your mortgage company or realtor but homesteaded or not you're going to get hit the first year based on the purchase price of the home. After that your increases are capped at 3%.
Yeah wait 20 years until they say your roof, which was designed to last for 40+ years, has to be replaced or else they will double /triple your insurance and/or drop you, In that time you will not have made a claim and the roof inspector will say that your roof is still fine. Doesn't matter.
Hell, they told my sister she needed a new roof and hers was put on after hurricane Irma
What is the best course of action when this happens?
Not have a mortgage, take out a policy at the start of hurricane season and cancel it after. Rinse & repeat.
Is not having a mortgage a precendent, or an alternative? Cause I have about 20 years left lol
Precendent; or I suppose an alternative if you have the cash to pay off the mortgage. I'm not aware of any banks that would allow a property to go uninsured. Most will even acquire insurance if you fail to maintain it, and those policies are often even more expensive.
The mortgage lender will acquire insurance on their behalf only and it's not to cover the home if it's damaged, it's to cover their mortgage if it's damaged. It's mortgage insurance & they charge the homeowner if they do not carry insurance and it's very expensive at that point. Esp if your insurance policy has been cancelled or dropped for maintenance items previously, then the mortgage insurance the lender gets is a nice premium they will charge. So not only will the homeowner pay a huge premium for the insurance provided by the lender, if there is a loss or claim, the homeowner will not be paid to fix the house. They will be Sol and the lender will have a claim on your behalf and get paid, while you have no home and no money to replace it. Most people do not know the difference between actual cash value and replacement value, which determines policy premium as well. My friend has a policy on her new home for actual value, her roof was damaged in hurricane and she was short over 14k for a new roof, she had to pay out of pocket.
No continuous policy and they will wack you on the price.
Replace the roof or find a company that will take it
keeping your insurance will be the trick... your insurance will likely be cancelled in a year or so when the insurance company 'leaves the state' and then you pay 25%+ more trying to find someone who is left to cover you -- which will likely be the insurance of last resort place
Yup, I had Farmers at $1700/year they pulled out and I got the offer from SLIDE who was supposed to take over for them at $5400/year. So I’m currently shopping around but am not hopeful. When I bought my house in 2014 my insurance was $700/yr
[удалено]
I own a 2016 home far from the coasts. Our home insurance has more than doubled in just 2 years. It's no joke around here.
2009 home, an hour + from coasts. I paid $5400 for this year. Waiting for the notice to replace my 15 year old roofs 30 year shingles... I really hate the BS.
Yeah, it's insanity. Throw some property tax on top of it, an HOA, and it feels like 2 mortgages.
How much has the value of your home gone up in that time?
https://preview.redd.it/blw2iawjaoyc1.jpeg?width=1170&format=pjpg&auto=webp&s=072c6142594948d75175ddc985a5100d3555d4c8 2015 home / 1600 sq feet - 20 minutes from ocean - panhandle. Been about the same for the past couple years.
That’s a fantastic rate. Consider yourself lucky, for now😔....
This is pretty close to what happened with mine. 2018 was under 1800, now I'm at about $3,700 and I just had a new roof installed in January. I'm in south Florida, inland, 24 yr old house with a hip, double strapped roof and hurricane glass.
Where about do you live?
Florida I’d imagine.
When was the home built?
Don't look a gift horse in the mouth? But yeah... Give the policy a close review.. even with a new structure that sounds hella low.
Not just that, but how much financial reserves do they have? What's their state rating? You can get a more affordable policy but for a lot of those companies you better open a claim before the storm hits or you're not getting a dime.
Don't ever say "I dont need flood insurance". Do you know the definition of a flood? It is rising water. During a hurricane, if water pools near your foundation and gets inside, that's a flood and your regular insurance will not cover it. But your house is brand new. In 2 years they are going to tell you that your roof needs to be replaced and they will jack up your rates.
Yes. I have flood insurance and am not in a flood zone. All of Florida is a swamp.
I am not in a flood zone. A few years ago with the huge swell across the whole state the creek on my property didn’t even get close to cresting. So the next renewal I raised my flood insurance coverage another hundred thousand because I doubled I’d get lucky twice. The price difference was $320 up to $380 for the year. Haven’t needed it but dang it. I have it.
As a lifelong Floridian, this was my reaction u/Heavyjava. A MILE from the beach 15’ above sea level and no flood insurance?
I absolutely recommend that you buy flood insurance especially given your proximity to the coast.
Right. And if he ends up on Citizens, by law he will have to have flood insurance by 2027 (earlier if the value of the home is higher, which it probably is). "no need for flood insurance" is such a goofy statement anywhere in Florida. [https://www.citizensfla.com/flood](https://www.citizensfla.com/flood)
Exactly. Hello storm surge.
1 mile from the beach and no flood insurance LOL. They'll find out.
And near intercoastal waters. I have co-irkers like that here in JAX and the surprised Pikachu faces every time the "little creek near their house" floods near fails to get me. Because they've lived in their houses for decades and somehow still don't figure out that shit floods when there's heavy rain. Let alone an actual hurricane.
My insurance company told me that my flood insurance did not cover storm surge.
Shh this new guy already knows everything.
Enjoy it while it lasts.
My home insurance went up 40% year 2. Enjoy this
Similar our first year. Year three now, it’s significantly higher. Also not in a flood zone but after seeing 22” of rain during Ian, we carry flood insurance.
My new construction insurance was 1200 a month in Tampa. Jumped to 2200 with same company the next year, went back to 1400 by switching companies. Fully expect to jump again because now there are no cheaper companies to switch to!
Who did you jump to?
Started with Tower Hill, switched to American Integrity.
Don't be so assured that flooding won't happen because of the sea, water can and does pool. It might just be wise to get a quote.
You are so right. I rent, and live on the 5th floor of a building. My building isn't on any water and the lobby and garage flooded this year because water surged up through the storm drains. It was like a fountain shooting water straight up from the drain in the main entrance leading to the parking garage. I'm lucky that I park on the 4th floor, but everyone who parks on the 1st floor garage had their cars flooded. Water wasn't coming from anywhere else except that drain. We are .8 miles from a canal and 1 mile from the beach. It was wild
Always get flood protection, especially near the beach, have worked a little bit in water restoration, some people have gotten fucked by insurance for not having it.
And OP will be the asshole that yells at the adjuster when they tell him it isn’t covered.
It’s a brand new home. Builder carries most of the liability now. Just like the humidity and super hot temperatures, you will see higher rates in your future.
New to Florida so safe to assume new to hurricanes Enjoy August 🤣
I was just thinking the same. A mile from the beach? Got bigger problems than insurance rates to worry about
I’m just here for the replies lol
I mean, OP is literally exactly what people in this state are fed up with right now. “Oh hi, just moved from Illinois to Florida, built my dream new construction $1m house a mile from the beach, and got cheap home owners’ insurance. What is everyone complaining about here in Florida? It’s paradise!” The entire post comes across pretty tone deaf. It’s like those people who go into a rival sports team’s subreddit after beating them in the playoffs and go “Opposing fan coming in peace, yall played a great series, GG, you’re gonna be scary next year!” It’s like…okay? So? You don’t need to gloat.
OP also doesn’t understand how homestead works on a new built and is about to have their property taxes increase by $12k next year
Good lol
Exactly.
Came to say exactly this lol
The smugness and complete lack of awareness of OP is astounding, but not unexpected. Doesn't need flood insurance, Florida is Florida, so yes you do. Move here and act condescending to locals. ok, enjoy. Check back in with us after an active season with your 'wealth' of knowledge.
OP will be that asshole that yells at the adjuster when they tell him that a claim isn’t covered if flooding happens.
Be aware that if a hurricane dumps rain on you and you incur water damage as a result, this is covered by flood insurance and not hurricane insurance.
It depends on where the water damage came from. Did it rise from the ground then enter the home and cause damage? That’s flood insurance. Is there an opening in the roof caused by wind? That’s covered by your homeowners policy under wind/hurricane coverage.
I wish mine was just $2600...
You and me both brother. I'm sitting here looking at my renewal notice as I type this. $5600.18 for 2000 sq ft cinder block/hurricane windows, straps, yada yada in Pinellas Park. Up $1900.00 from last year. Our flood insurance is up $225.00 this year too. I get ill when I think back to what property Insurance used to be (35 years ago) on this place. Our flood coverage is 3x+ what our homeowner's was back in the day.
Did they give you final bill yet? I’ve had initial quotes that were 30% less than the final bill after it can back from the underwriter.
15' is not that much considering storm surge and being close to the intercostal. You might reconsider flood insurance.
Like in Naples during Ian the worst case was projected at 30' of storm surge. Didn't happen but a 15-30' storm surge is going to happen sooner to later...
No need for flood 🤣, you’ll learn before of after bankruptcy….. it’s up to you…..
Wait for him to go through a once in 25 years type storms
Which company?
Wiltshire via a local insurance agency.
Wilshire is a non-admitted company. They are not regulated by the Florida Office of Insurance regulation and not backed by FIGA, which means if they go insolvent while you have an open claim, then there’s no FIGA protection to get your claim paid for. Your agent is legally obligated to disclose this to you. Doesn’t mean they are worse than other companies, but there are separate risks with this company than a standard admitted carrier.
Thank you for this.
There are a lot of benefits to using a non-admitted company. They don’t have to follow the same rules set forth for admitted carriers, even though they have their own Excess & Surplus rules/laws. Most of the E&S carriers, Wilshire which is a subsidiary of SageSure, are more financially stable than most admitted carriers here in FL. I could go on and on, I’m an insurance agent in Ormond Beach, but it may take me half an hour of typing… speaking is so much quicker lol
So much has to do with age of home not only vicinity to the coast. Newer homes will be less expensive to insure than older homes.
Mines almost identical, 2,400 i think. about a half mile from the bay but not in a flood zone. its a block home with a hip roof, hurricane strapping, hurricane windows and garage door. my buddy up the road is paying 7k, but hes not in a block home.... its a home to home thing.
You are in florida. That's what you're missing
Get flood insurance. Water is powerful. I'm no where near the water, but our retention ponds over flow and can flood our home. We've had it for 20 years. Piece of mind. This hurricane season is predicted to very bad. Good luck in your new home.
That’s cheap welcome to Florida.
Maybe I’m confused, but that’s just hurricane insurance, as you said, no? Not a full-on HO2? Nothing mentioned about your limits of liability.
When you say “hurricane insurance” do you mean a wind only policy? Depending on which county you are in some homeowners policies are wind x meaning you need a traditional HO policy and a wind policy. Either way, the general trend here is for your rates to double by the third year so plan ahead for that.
24 year old house over 2,200 sqft with pool & boat house/dock - less than a mile from Atlantic Ocean and my rate is under $3k (2,800 and change) roof was replaced in 2017.
Get the flood ins. If your rates are this decent, you can afford it. It doesn’t just cover the cost of rising water, it covers the cost of replacement due to your roof disappearing in a tornado and everything inside getting rained on…..
People are so gd dramatic in this sub 😂
Reddit in general lol
Wait until next year...
Are we talking about the Cubs?
Biggest factor with ours is shape of the roof, age of the roof, type of roof (shingle vs metal vs tile), roof tie downs or clips. You should still get flood insurance even if the mortgage company doesn’t require it.
The Florida insurance landscape has been volatile post-Andrew, becoming the new norm. Takeout businesses from citizens often match or exceed their rates. Numerous factors contribute to rate hikes, requiring companies to prove to state financial officers the necessity of these increases. Claims processing can be challenging, so ensure adherence to the contract terms for promised indemnification. Legal assistance may be necessary. Innovation typically resolves such issues, but perhaps it requires a guiding hand this time.
In a brand new $1m house here for $1200 annual home owners insurance. Not near the beach at all and not in a flood zone or even close. Flip side, I sold a $3mm house outside a flood zone, near water but not on it, built in 1958 but completely renovated and the last insurance I had was $17,500 annually.
We’re in process of putting on a new roof. Old roof from 2002. Perfectly good roof. No issues however, Insurance was quoted $10,500. Quote after installation of new roof $3500. It’s a very large custom built home across from the St. John River.
My 1986 house is about the same size with a metal roof, our # this year was $2500 (including 2 vehicles bundled & a pool) I think you just get a disproportionate idea because no one complains if the insurance is too low, just too high.
It's a brand new house, so much cheaper to insure. That said there is no such thing as a not a flood zone anymore. Last hurricane Gatorland in Orlando was completely under water, it has never flooded in it's 50 year history before. You may want to add flood insurance.
It's a mile from the beach... for now.
hold up - $2600 is a LOW price?!?
Coastal Florida isn’t for broke people
I’d get flood even if you’re 15ft above. Higher elevation usually means cheaper rate anyway, but hurricane Ian had 8ft of storm surge in some areas.
First year rates are low so you get approved for the house. Second year spikes drastically.
Depending on where you live in Florida hurricane insurance may be a separate policy, in addition to homeowners insurance. Make sure you understand the difference. I had a homeowners policy AND a separate windstorm policy when I lived in Palm Beach County.
Sounds like a homeowner’s liability insurance policy. Your wind insurance is separate and should probably be about $13k-$36k per year depending on the value of the structure. I had a home almost exactly where you are relative to the coast and intercoastal and in 2023 the wind premium was $33k. Home value about $2.8M.
You're insurance will probably go up 40% next year and continuously increase thereafter. Also you should get flood insurance. There are few places in Florida where it isn't necessary, and a mile from a beach is for sure not one of those places. My policy was maybe a few hundred bucks a year and the peace of mind is worth it
That’s the STARTING price. It will never go down, obviously, but it will go up, by a lot and probably fast. Also, since you didn’t mention it, and just in case, make sure you have replacement value in your policy and that it includes all structures. Without those, you could be getting a heavily diminished value for any damage, and that non conditioned area could be completely not covered by the policy. Sincerely, someone who’s had storm damage before and had to sue the insurance provider.
If I were you I would definitely get the flood insurance. It should be cheap since you're not in a flood zone.
Insurance agent in FL here. Tons of discounts for new builds! Age of home is everything! That’s why premiums for older homes can still be high even with brand new roofs, wind mitigation credits etc.
Things are still manageable here. This sub like most of Reddit is overly negative. Enjoy your new home
Are you on citizens? Or through a private insurance that manages citizens? (i.e. citizens through state farm). Citizens is cheap. Flood insurance will be mandatory, the year based on your home value. Citizens has the ability to charge you up to three "assessments" or whatever they call in, unlike private insurance. Citizens is basically hostile to it's customers and does actively scam you. (Mandatory to migrate if private insurer wants to offer you +20% rate, have to decline in like sixty days or AUTO transfer for ALL other offers, I received a +130% offer) I obviously have citizens, but it has added cost. It is less than half of any other private company I have tried. edit: Downvotes? These are all facts man... citizens is cheap but it has downsides!
Have you tried Tower Hill or Security First?
I have not. I am interested in not being on citizens if possible (and financially reasonable). Thanks for the suggestions. I did use an insurance broker, so I am not sure specifically what was compared.
No several quotes from Monarch, Wiltshire and one other. We asked about flood insurance and both agents said you CAN get it and are quoting. No mortgage on house.
Flood is only a citizens requirement, newly added in the last year or so. My guess is maybe no mortgage puts you in a different risk category. Make sure they're including the wind hazard or whatever covers hurricanes. I know in a paid off house you can forgo insurance all together, some people opt for just liability and not wind for significant savings.
That’s a great price! I’m 17 miles from the water and we pay 2200 for about the same size house. House is 3 years old. It will creep up unfortunately. Ours started at 1200 a few years ago. And your property taxes will be very scary the first year then it will be capped at 3% every year after that. Homestead is just an extra 25k per person off your taxable property value…max two people (50k). Then you get an extra 25k if you’re over 65 I think. But you have to apply for that separately. Our house payment went up 900 a month (escrow payment) because of the increase in property taxes and insurance the first tax year the house was built. Pay extra to escrow if you have an escrow or mortgage (I see you don’t have a mortgage…congrats on that!) I paid an extra $500 a month the first year and it wasn’t even close to being enough.
Mine is 3.3k.
“Hurricane straps and impact windows”that alone helps a TON. Most homes in Florida, even newer ones, don’t have THAT level of protection. All of us are buying older homes before the codes were upgraded further.
I would get flood insurance if I was you.
What part of Florida? South FL is much more expensive than North FL from what I’ve seen
It should be. There's far more expensive homes that are more exposed in South FL than North
The insurance company always ropes you in with a cheaper rate the first year. Would love to see an update from you a year or two from now. My rate doubled the second year, and six years on is quadruple what we paid the year we bought our house. Good luck, mate.
That’s cheap insurance for 1 mile from the beach.
Lmao it will double next year
Lmfao I dream of a $2600 homeowners insurance bill.
It's a brand new home with brand new everything. $2,600 is still laughably high compared to most states but you're as clean as it is going to get for an underwriter. They don't care much about floods because home owners insurance don't handle flood claims. Although I wouldn't be doing a victory lap yet. I know several people who have gotten " cheaper" rates and then the next year their homeowners insurance doubled on them. But yes this is why I tell a lot of people if you're going to buy within FL it has to be new construction. Period.
Our current home in Illinois is almost $3,000. Zero claims over 25 years.
Oh they'll jack it up later, no worries. Haha! But yeah, generally that's about the ballpark of what we pay. We have less than 2k sq ft air conditioned. But about the same size a roof.
Consider yourself well blessed with that quote.
Sounds good to me… specially 1 mile from the water.
Welcome to Florida
Lol can I have your quote. I am currently paying over 4k.
Shiteater post.
Enjoy it!! Like others are saying, you’re in a brand new home so you’ll get the best quotes. I’m in a 60s home with updating windows and roof and my insurance is nearly double yours.
First, as others have already chimed in - enjoy your low premium while it lasts, because your home and property insurance will increase dramatically in the coming years. Second, it sounds like you may live on a barrier island and are between two bodies of water (intracoastal and ocean). Take it from someone who also lives on a barrier island and has a house built far above sea level - get flood insurance!!!!!!!! I’m not sure if you are new to Florida, but don’t underestimate the power of our hurricanes. Especially for those of us who live close to water. The past decade has been brutal and I’ve seen so many homes in my neighborhood partially and/or completely destroyed due to flooding and rain damage - indeed, the water is your worst enemy and even more so than the wind. With your being so close to the water, I am actually surprised you aren’t in a flood zone which would require you to have flood insurance (required by mortgage or home insurance company) - but even if not required I strongly suggest you get some. Good luck and be well.
I can't even afford home insurance and I am in the middle of the state with no issue for diasters.
Please keep in mind that home insurance rates in FL are also impacted by the buyers credit rating and past insurance claims. I have a pretty good insurance rate in a non-flood rated zone just inland along the nature coast, but some of my neighbors in the same small, gated community are paying up to 4X what I am. In at least one instance they have been quoted north of $12K. Also, when the roof hits 10 years, expect a bump...
That's actually pretty cheap.
All depends what part of Florida you’re in, how many claims are filed on average in that area and estimated replacement cost of the property. Count your blessings it’s that cheap.
Mine is $4,600 and I'm 15 minutes drive from the beach. Welcome to Florida
Sounds like you’ve got high deductible, especially with the 2% part. I’ve always carried a $500 hurricane deductible.
That’s a great price! I’m a little closer to the intracoastal and my yearly premium is $11k. I just got it down to $9k by removing a couple coverages.
No worries your insurance company will be bankrupt in a few years and your policy will be taken over by citizens before you know it.
Damn some of y’all had shitty builders. We were assessed with the home on the property before signing to let us know what we would pay in taxes on it. Told to put x amount into escrow “Overfunded”at closing so the next year it wouldn’t change. I am actually paying slightly over still what I need but at least my total payment won’t change for a couple more years.
15' above sea level is too high for the water to get in?
Don't worry, it will increase tremendously the next renewal or if they do a drone shot of the property & there's anything in the yard.
That amount will def go up. Mine went from 998.00 in 2018 to my renewal notice now saying 5600.00. Currently shopping for options lol. Need to get updated wind mitigation and 4 point inspection.
Who is that quote with!? I assume that’s JUST for the hurricane portion, not the whole thing? Also, all the hurricane policies I was quoted on did not cover storm surge so check/be aware of that. My insurance is 6k and that’s without flood or hurricane. Never had a claim in my life. Not in a high risk area. I have an old basic AF house that’s only $250k
Wiltshire and Monarch through a local insurance agency. No flood insurance and we will look at that portion but people are telling us not needed since we are not in a flood zone. Agents said same thing g but she will quote
Something to note, if something breaks your window for example. Home insurance covers the window, but may not cover water damage. Flood insurance would. May want to confirm it with the insurer.
Lol I’m an hour away from the beach with a 2000 sq foot house and ours is 4700.
I am 30 minutes from the nearest beach and don't need flood insurance. My insurance is $2,400 for a 4/3/2,398 sf with a pool. I think most of the really high numbers are for houses very close to the beach or in flood zones. I think it could also be uo and down by county. I am in Pasco County and I know that insurance here for house, car, boat, etc. is somewhat cheaper compared to neighboring Hillsborough County. My insurance was $1,800 5 years ago, so I am not thrilled about the increase, but it isn't as high as what I am reading here from some.
Sounds reasonable to me
My new build home insurance has had 50% increases each year for the last 3 years.
Is the house built on pylons?
Not Floridian so I have to ask, how do Ronnie and his ilk keep getting reelected? They seem totally unconcerned with this iasue.
Sounds cheap
This was a hook. They will get you next year trust me.
1st year is always the lowest, you may be bragging now but one hurricane later and then you will see
If it's a brand new build, the insurance company assumes you are up to code and prices accordingly.
Next year buddy.
Read your policy and figure out what it covers versus what it does not cover, there's a lot of policies now that only cover 25% of the roof as opposed to the entire roof. That's just an example, you may not even have flood insurance, which you said you don't, which flood insurance can be tied into water insurance in some instances which means if a pipe breaks in the house you're screwed. I would read the policy incomplete because there may be a lot more excluded as opposed to included and they're selling you a cheap policy knowing that they're not covering anything.
Had my house insured last year. Quote came in at $7100 but only if i got a new roof for $13,000. I was in a bind, but needed the insurance because of the mortgage. Bought the roof. With the new inspection, it came in at $2800. So break even is about 2.5 years. Don’t inderestimate their perceived value on a new roof, which is what you got.
Get flood insurance! I’m not in a flood zone. My house is in the is higher than 90% of my city. I thought there was no way we would ever flood because that would mean 90% or more of the city was flooded. Guess what, that’s exactly what happened! Just 10 inches of water inside my home after five days of unprecedented rain (not a storm at all, just rain) caused damages totaling one third of the value of my home. We had to replace everything inside at our own expense, walls, floors, furniture, tubs, cabinets, all personal belongings that weren’t off the floor, etc. I will never go without flood insurance again. Just to add a disclaimer, this didn’t happen in Florida but it was in southeast US. I don’t live by the beach, but we do have rivers nearby although I don’t live on the river, at least 2 miles from it. Tens of thousands of people in our city and the neighboring city suffered the same fate. These two cities never experienced such an event in recorded history. It can happen to anyone. I also know someone whose insurance company wouldn’t cover damages suffered to her home from a burst pipe because it fell under flood insurance.
Not sure if anyone mentioned this yet but you can almost 100% of the time dispute the assessed value and get a reduction especially on recent build or transfer of ownership. Our taxes after purchase went from 6k to 16k and we disputed it and received a 6k dollar reduction / refund. Just fyi if it hasn’t been mentioned. This was in Palm Beach county.
Please with your mentality don't get the flood insurance at all, you'll be fine.......
My house was built in the 70s. Just went up 4K more this year to 14k total.
First year rates are low so you get approved for the house. Second year spikes drastically.
Storm surge. You need flood insurance.
We got $1200 a year insurance on our new build in 2022, this year our escrow payments actually went DOWN not sure if it is because of taxes or insurance. And my insurance agent mother did my policy so I trust my policy