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Originally Posted by heartofthecountry
In my last post I mentioned that I might be opening pandora’s box when I asked for a VLS recommendation [thanks all for replying] well here we go again. . . . I know we have all been concerned about the insurance [car and home] crisis, not just in FL, but all over the country. As a person who is considering TV, I would like to hear from folks who recently have purchased and if the home insurance was difficult to obtain [on resale or new]? Hard to find a company? Was the premium shockingly high? Did it influence your decision to move to TV? We have only been looking at properties with new roofs, updated water heater and HVAC, believing that will help keep premium lower. I read an older post on the forum and some said their rates have gone up for the last few years, some drastically, some a little. Thoughts please. Thank you
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There will NEVER be a simple answer to your questions. Insurance rates differ based on the type of home, deductible, type of protection requested, area (sinkholes or flood) age of home, square footage, type of build, and on.
Before you purchase a home, you should call several insurance companies. Take the time to review the policy with the agent. Ask questions. If you find the rate is TOO HIGH, look at different types of homes. Sooner or later, you will find a home that you are willing to pay the insurance rate.
Most insurance rates go up because the cost to rebuild if destroyed has increased. You cannot expect your rate to remain the same year after year. If you lived in your home for 10 years without significant rate hikes, it is possible the next year your rate may double. The rate is based on the cost to rebuild at the CURRENT time.