Florida Homebuyer's Guide to Savings

There are a variety of items that will impact your homeowner’s insurance premium in Florida. The majority of these factors relate to the features of the home itself.

As you go out with your real estate broker to check out all of the homes in your area you will need to understand the different variables associated with understanding the value vs. the savings in insurance premiums that each home will offer.

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Construction Variables of your home

Frame vs. Masonry Construction

You are in the clear if your home was built with concrete block (Masonry) construction. There would be huge value to buy a home that is built in this fashion. This type of home will be protected against many of Florida’s harsh elements. You will have much better protection from things like hurricanes, and as a result, your premiums will be reduced in comparison to a home of similar size and location, but is built with frame construction. The typical savings when comparing concrete block vs. frame construction would be worth hundreds of dollars. Try to buy block if you can. It is the only way to build a home in the Sunshine State.

Condition of your roof

The age of your roof plays a huge role in Florida when it comes to getting a good rate on your homeowners insurance. If you are looking at a home that has a roof age of 15-20 years (time for replacement), you must take into consideration the cost of replacing such a roof. The cost to replace your roof will be significant, most likely into the ,000 dollar range. A roof is supposed to help protect your investment against water instruction and an overall protection for your home. It is very difficult to get a home insurance policy when a roof is in the 15-10 year range. Your rates will either be increased or you will need to check out the high risk pool.

Location

The state of Florida offers many incredible places to purchase a new home. If you are looking on the coastline of Florida, be sure to understand that your rates will be higher. If you live near the coast you are more susceptible to natural disasters like hurricanes and water spouts. The winds are much higher in these areas and the chances of your house flooding are much higher. Due to these factors, home insurance rates will be greatly increased and you will most likely have to purchase an additional flood insurance policy. If insurance premiums are a factor, it might be best to look for a home in an intra-coastal area.

Location of Fire Hydrants or Fire Stations

You get a nice discount on your homeowners insurance if you purchase a home within 1,000 feet of a fire hydrant, or within 5 miles to a fire station. Ask your insurance broker or Realtor to check on this for you. You should maximize all of the discounts available to you.

A Wind-Resistant Home

The state of Florida requires insurance carriers to give discounts for homes that protect against natural disasters like hurricane winds.

Two of the best discounts available to homeowners in Florida would be securing your roof and protecting your windows. Just these two safeguards could save you nearly 20% on your next home insurance premium. Florida has developed a standard form that must be completed to see if you qualify. A licensed home inspector will come out to your house for a routine inspection. This report will help identify wind mitigation discounts. Make sure your inspector gets you over form 1802 once the inspection is complete.

The Shape of your Roof

Here is another potential discount for your new home. What is the shape of your roof? The type of roof you have has a great deal to do with its ability to shed water and to deal with strong winds. Do you have a hip, gable, or flat roof?

The hip-shaped roof is sloped all the way around. If it looks like a pyramid, most likely it is a hip. This type of roof can offer deep discounts. This type of roof will do best with Florida’s weather and offers a more stable structure. Check to see if your home qualifies for a hip roof discount. You will be happy if you do because it can reduce your premiums up to 40% in some cases.

Additional Discounts

You new or existing home might be eligible for a variety of discounts. Review below for a few more discounts. Please keep in mind that they will vary from carrier to carrier.

  • Age of Construction
  • Fire Alarm
  • Sprinkler System
  • Security System
  • Burglar Alarm
  • Age Discount (55+)