Buying in Florida after hurricane season: get the insurance quote first
In Florida the insurance quote can change the economics of a house more than the price negotiation does.
What drives the premium
- Roof age and type. Many insurers will not write policies on older roofs.
- Wind mitigation features: roof straps, impact windows or shutters.
- Flood zone and elevation. Standard homeowners policies exclude flood.
- Four-point inspection results on older homes: roof, electrical, plumbing and HVAC.
Citizens and the private market
Citizens Property Insurance is the state-backed insurer of last resort. Policies may be moved to private carriers through depopulation. Ask what the current policy is and whether it can be assumed or will need replacing.
The order to do things
- Get a wind mitigation and four-point inspection early.
- Get real quotes for wind, homeowners and flood.
- Only then remove your inspection contingency.
A rebate of a few thousand dollars helps with the first premium. It will not fix a house that cannot be insured.