House Replacement Costs in The Villages

[jtdraig]

Does anyone know the cost per square foot of replacing a block/stucco house in The Villages? I think there is one figure for space under air and another for lanai, garage, etc.

If anyone can point me to someone who knows I would be greatful. I am trying to see if my insurance house replacement cost is somewhere near correct.

Thank you.

:beer3:

[The Villages Specialist]

Current prowned home sales are running around 125-135 per sq ft. Entire home... Standard lot

[jtdraig]

Thanks, Lyle!:beer3:

[SteveFromNY]

Current prowned home sales are running around 125-135 per sq ft. Entire home... Standard lot


Sounds like that quote includes the price of the land, no? If you're re-building you already own the land, so the price per ft should be lower I think.

:shrug:

[BobKat1]

Sounds like that quote includes the price of the land, no? If you're re-building you already own the land, so the price per ft should be lower I think.

:shrug:

I believe you are correct. In the event of a fire, storm etc., the land remains in tact and only the structure and possibly contents need repair or replacement.

[SteveFromNY]

I believe you are correct. In the event of a fire, storm etc., the land remains in tact and only the structure and possibly contents need repair or replacement.

That's precisely the reason your homeowner's insurance concentrates on the cost of re-building and typically ignores the value of the land. In other words, a house that cost $150K to build on a $100K lot would cost $250 to buy, but you only need $150K insurance because the land doesn't get destroyed if the house does.

All that still doesn't help to get to the replacement cost being looked for in the thread. I'm curious as well as to the actual building cost.

[BobKat1]

Is affordable homeowners insurance readily available for TV homes?

Aren't a few of the big companies not currrently writing new policies in FL?

[chuckinca]

Getting Home Owner's Ins in TV is usually not a problem. Got ours thru the AAA office near Perkins on 441.


(GO Rockets!).



.

[Ooper]

Typically they will not include the cost of the slab either. From what I understand, policies are for a replacement house of the exact same model so the slab will already be there.

[GMONEY]

Removed

[Army Guy]

Believe it or not, our insurance at TV with a much lower deductable is LESS then our home in Alabama. We went through USAA which has several companies underwriting them in FL.

Army Guy

[784caroline]

Army Guy

Your current USAA Florida home deductible in TV for HURRICANE or Wind damage is most likely 2% ...... I dont find that cheap but then I did not live in Alabama either! Was it 3% in Alabama or more!!

In 2007, USAA stopped writing Florida 2nd home policies unless you were active duty stationed in Florida. Primary home owner policies are still being written and policies written before USAA announced its new underwritting guidlelines are grandfathered.

[Army Guy]

Caroline, in Alabama we have no hurricane deductables. My standard deduction is $2500 and $500 at TV. My cost is $417 in TV and $560 in AL.
I guess I think it is cheap when I hear all the stories about people in FL having trouble getting insurance.

Army Guy

[jtdraig]

Actually, you are all correct. Insurance Companies sell replacement policies for the structure so the slab and the ground are not in those numbers. The question remains (although Lyle gave a good response) what is the per sq foot replacement costs for a designer home.

[ijusluvit]

Hey Guys,

Did you notice our new member who posted the first reply above? That's right. We've bagged another expert, (which in TOTV terms means somebody who actually knows what they are talking about instead of those of us who just say what we think).

So, a very cordial welcome to Lyle Gant, an area realtor. While we have never met, like many other TV'rs, I've consulted his website many times. I think it might have more info about TV properties than the official Villages website.

Lyle: hang around. There will be lots of questions. And again, welcome to TOTV!

[BogeyBoy]

Actually, you are all correct. Insurance Companies sell replacement policies for the structure so the slab and the ground are not in those numbers. The question remains (although Lyle gave a good response) what is the per sq foot replacement costs for a designer home.

Maybe someone who lost their designer house in the tornado can help jtdraig out and tell him what it cost per square foot to rebuild.

[Ooper]

Hey Guys,

Did you notice our new member who posted the first reply above? That's right. We've bagged another expert, (which in TOTV terms means somebody who actually knows what they are talking about instead of those of us who just say what we think).

So, a very cordial welcome to Lyle Gant, an area realtor. While we have never met, like many other TV'rs, I've consulted his website many times. I think it might have more info about TV properties than the official Villages website.

Lyle: hang around. There will be lots of questions. And again, welcome to TOTV!

Although Lyle may be an expert in resales, he did not answer the original question. The question was dealing with a replacement cost per sq./ft., not the cost to buy a resale per sq./ft. What the discussion has been focused on is that the numbers for these two properties are quite different. I have no doubt Lyle is correct in his statement for buying a resale, but to replace a house damaged to a fire, tornado, etc, will more than likely be $100k or more less than buying a resale designer home.

[Bob S]

The best way to figure current replacement cost for a given model would be to look at new build costs, readily available from TV realtors and then subtracting out the lot cost, foundation, landscaping and sprinkler system I believe the realtor could also furnish the lot cost. As an average, I would suspect the foundation and landscaping would be between $10,000 to $20,000.

As a rough figure, I expect current construction costs of the house framing and finishes to be about $100 per SF.

[GatorFan]

Why would you think that the foundation would be excluded in the cost? I can think of two things that may damage the foundation--Sinkhole and a really hot fire. Contact an insurance agent and have them complete a cost estimator supplied by the insurance companies. Some of the factors that change the cost to rebuild: flooring, upgraded kitchens, upgraded bathrooms, roof (hip or gable), garage, birdcage/swimming pool or spa, etc.

[Ooper]

Why would you think that the foundation would be excluded in the cost? I can think of two things that may damage the foundation--Sinkhole and a really hot fire. Contact an insurance agent and have them complete a cost estimator supplied by the insurance companies. Some of the factors that change the cost to rebuild: flooring, upgraded kitchens, upgraded bathrooms, roof (hip or gable), garage, birdcage/swimming pool or spa, etc.

If a foundation is cracked from a hot fire, it will be repaired, not replaced. Sinkhole damage will not be covered unless you have a rider that specifies sinkhole damage. For the rest of the house, upgraded kitchens, ceilings and roofs, garages, etc, will not be covered unless the original house had them. If your 2 BR house with 8' flat ceilings burn down, the insurance company is not going to build you another with 13'-4" cathedral or tray ceilings. You get what you had to begin with.

[SteveFromNY]

If a foundation is cracked from a hot fire, it will be repaired, not replaced. Sinkhole damage will not be covered unless you have a rider that specifies sinkhole damage. For the rest of the house, upgraded kitchens, ceilings and roofs, garages, etc, will not be covered unless the original house had them. If your 2 BR house with 8' flat ceilings burn down, the insurance company is not going to build you another with 13'-4" cathedral or tray ceilings. You get what you had to begin with.

When I got my insurance policy my agent was very thorough in reviewing any add ons we made to the house, including things like the solar tubes we'd added. If you adjust the policy as you add or upgrade, those upgrades too will be covered.

[784caroline]

With what has been happening here in TV lately, I would not get a homeowner policy WITHOUT sinkhole coverage!!! Although we may not be in a prime sinkhole area, they do exist and happen here in TV and the cost to repair would not be something most people could self insure.

[Ooper]

When I got my insurance policy my agent was very thorough in reviewing any add ons we made to the house, including things like the solar tubes we'd added. If you adjust the policy as you add or upgrade, those upgrades too will be covered.

I agree... if you upgrade your policy to cover them. I don't think most people would upgrade their policy to include small addons like solar tubes. Great if you do!

[GatorFan]

The whole concept of insuring your home is to have the coverage to replace the home in the event of a partial or total loss. That would include upgrades. If you have a loss, you want to have the coverage to put your home back into the same condition as it was prior to loss. One other thing, if there have been code changes and you have the proper coverage, the company will build your home to current code, which in many cases will give you a better home than you had before the loss. As far as slabs, yes they can be repaired, but they can also be a total loss. Depends of the loss itself. Personally I want to be insured for the total loss and hope I never have to file a claim. If you are not sure, then call your insurance agent and set up a review of your policies.

[The Villages Specialist]

Is affordable homeowners insurance readily available for TV homes?

Aren't a few of the big companies not currrently writing new policies in FL?

Homeowners insurance is very reasonable and has not been affected by the huricanes. The coast is a very different issue.

[Carla B]

Last year we bought a newly built designer model. The structure was insured for $120 per sq. ft. Since we knew the cost of the lot, there was a gap of $17,000 of uninsured value, which the agent explained covered "site work", whatever that includes. We did some remodeling and added some features. The insurance co. requested documentation for the upgrades, which we provided. That raised the insured value to $135 per sq. ft. We just received our renewal and the value has further been adjusted to $140 per sq. ft. with no further upgrades.

I don't know the true cost of replacing the house in the event of a total loss, but the insurance co.'s position is that in this case it would be $140/sq. ft.

[SteveFromNY]

The whole concept of insuring your home is to have the coverage to replace the home in the event of a partial or total loss. That would include upgrades. If you have a loss, you want to have the coverage to put your home back into the same condition as it was prior to loss. .....


Gatorfan, are you saying you don't have to notify the insurance co about upgrades? I get the concept of wanting to have the house returned to the pre-event condition, but I would think your premium is tied to the value of the house. If you make changes it seems like the insurer should have the opportunity to adjust the coverage (and premium). Doesn't seem like the insurer should be responsible for upgrades they don't know about.

[784caroline]

GATOR FAN

Regarding Code upgrades..from what I understand there have not been any code upgrades in Sumter County since 2002 so if your house was built to code after 2002 ( and obviously all new houses from 2002 to current are)you would be paying an additional premium for nothing. I know in my case it was over $100 for "Building Ordance or Law coverage" updates. Just one way to save a buck on your policy without increasing your risk or $$ exposure.

[GatorFan]

If you do any changes that increase the value of your home you should notify your agent. Example: replace carpet with wood floors, enclose your screen lania, add pool/bird cage etc.

Ordinance of Law is a very important coverage:

• The coverage applies to additional costs incurred due solely to the enforcement of any ordinance or law that requires or regulates the construction, repair, or demolition, including the costs of removing debris, directly attributable to ordinances or laws regulating such.

[784caroline]

GATOR

Simple question: do you have some experience in the insurance field or is this knowledge you picked up. You seem to have more than general knowledge of many provsiions of an insurance policy that to most of us is "greek".

[hdh1470]

With what has been happening here in TV lately, I would not get a homeowner policy WITHOUT sinkhole coverage!!! Although we may not be in a prime sinkhole area, they do exist and happen here in TV and the cost to repair would not be something most people could self insure.

In fl insurance for sinkholes is included in your policy,state law.but it is good to have a rider

[GatorFan]

I am in the business. As your home policies renew this year sinkhole is no longer included unless you purchase by endorsement. ( Law passed last year)As I stated in previous post, everyone should set up an appointment with their agent and review all your policies at least every two years.

[hdh1470]

State should update the web site,still says it is

[Carla B]

Our renewal policy says sinkhole coverage is included. So why do we need a rider?

[k2at]

I believe the best course of action with the sinkhole issure is to have a meeting with your insurance agent to determine the extent of your sinkhole coverage. It would be catastrophic to come home one day and find your home in a big hole and you without adequate sinkhole coverage. At least, it is a gamble I don't wish to make.

[Ooper]

GATOR FAN

Regarding Code upgrades..from what I understand there have not been any code upgrades in Sumter County since 2002 so if your house was built to code after 2002 ( and obviously all new houses from 2002 to current are)you would be paying an additional premium for nothing. I know in my case it was over $100 for "Building Ordance or Law coverage" updates. Just one way to save a buck on your policy without increasing your risk or $$ exposure.

I have designed homes and commercial buldings for a contractor in Ocala for the past 8 years. There have been code upgrades to the Florida Building Code pretty much every year. Any Sumter County code must meet or exceed the FBC.

[GatorFan]

Sinkholes and Catastrophic Ground Collapse

Florida insurance companies are not required to include
sinkhole coverage on new or existing homeowners’
insurance policies. However, they are required to inform
homeowners that sinkhole coverage is available as
an extra coverage – usually in the form of a rider, or
addendum.
A law passed in 2007 requires that insurance companies
now include “catastrophic ground cover collapse” that
results in an order to evacuate, and the insured structure
being condemned by the governmental agency authorized
by law to issue such an order for that structure.

http://www.myfloridacfo.com/Consumers/Guides/disaster/docs/homeowners_tool_kit_2009.pdf