How can an older home be sold, if one cannot obtain insurance?

[Kzeus]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

[dewilson58]

May want to do research.

Look at older homes sold in TV over the last year or six months.

Facts are much better than social media hype.

:ho:

[Pairadocs]

May want to do research.

Look at older homes sold in TV over the last year or six months.

Facts are much better than social media hype.

:ho:

Oh my, that may be too rational a reply of this type of " comment board"...:1rotfl::1rotfl::1rotfl:

[rjm1cc]

I would find several insurance brokers in the area and ask then how the age affects the ability to get insurance.
For 20 years old homes the roof has probably been replaced so be sure to discuss roof requirements for homes and what proof you will need if the roof was replaced.

[CarlR33]

If it has withstood the test of time in Florida weather for 20 years must mean something?

[Dusty_Star]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Whether or not a house purchaser buys insurance, is of no concern to the seller. Just like everything else a purchaser may or may not do once they are the new homeowners. So the answer to your question is: Easy.

Look at it another way, let's say you purchase a house & want to sell it in a few years. Is the purchasing of insurance by the buyer of any concern of yours? The purchaser might decide to self-insure. The only way it might become a concern is if deals fall through because people can not find insurance. But that probably just means the house will be on the market for longer.

[Snakster66]

Whether or not a house purchaser buys insurance, is of no concern to the seller. Just like everything else a purchaser may or may not do once they are the new homeowners. So the answer to your question is: Easy.

Look at it another way, let's say you purchase a house & want to sell it in a few years. Is the purchasing of insurance by the buyer of any concern of yours? The purchaser might decide to self-insure. The only way it might become a concern is if deals fall through because people can not find insurance. But that probably just means the house will be on the market for longer.
Then it's not so easy is it? Sellers can't sell if buyers can't buy.

That said, I don't think it's so dire, so it is a moot point (original question). May be a little tougher to get insurance, but not impossible.

[Rainger99]

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

[Stu from NYC]

Houses are still selling. We are paying more for insurance for sure but we have it

[Pairadocs]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

The reasons to buy an existing home are numerous, as we found out when we bought NEW, but most of us have no idea when we are new to the development. NOW, we realize the expense of even such things as: driveway enhancement with pavers or painting, fitted closets with much more than a simple rod and a wire shelf, window treatments and/or plantation shutters, gutters and gutter guards, flooring of and installing stairs to the attic above the garage, enclosing a lanai, landscaping beyond the a single tree and a few very inexpensive bushes, roll out cabinet and pantry shelves, garage shelving and storage components, I could go on literally for two more paragraphs with the additional costs we incurred for all the things you are likely get with a with preowned home but do not amount to a huge difference in price. Other considerations are many preowned homes have no bond or at least a substantial portion already paid off. You really REALLY have to do detailed research and not take the opinions of any of us who post, including this post ! LOL !

[Pairadocs]

Houses are still selling. We are paying more for insurance for sure but we have it

And keep in mind, the "insurance thing" is not exclusive to Florida. Retired relatives in planned communities in Arkansas and in Tennessee are experiencing the same thing, mind blowing increases of 50 to 100% ! We did recently find out that there are at least two local real estate businesses who said they would NOT accept our home as a listing unless we FIRST replaced the roof. Although we have had a wind mitigation AND have had the roof inspected by two genuine INDEPENDENT inspectors (not sales people posing as "inspectors") and found the roof sound, no leaks, no missing shingles, etc. but it is a "Florida thing" that you purchase a new roof even if you have no need for it... so it is what it is. Many times people seem to believe just getting a new, but unneeded, roof will reduce the premiums. My brother in law recently found out their new roof INCREASED their premium by $487. The reason ? It's a NEW roof, so like a new car, it's "worth more" so the premium is raised. Got that "logic", or should I repeat it one more time ? LOL !

[Inspector Mark]

The OP said they only wanted kind reply's yet she just insulted everyone who has a home older the 20 years by saying, why would anyone buy an older home.

We just bought a CYV that is close to 30 years old. Had no problem getting home owners ins.

I have no idea why they think an older home is not insurable.

The issue is about the age of roofs not the age of homes.

[Pairadocs]

I would find several insurance brokers in the area and ask then how the age affects the ability to get insurance.
For 20 years old homes the roof has probably been replaced so be sure to discuss roof requirements for homes and what proof you will need if the roof was replaced.

Good advice ! But... keep in mind shopping/comparing companies should be your top priority but don't expect to be "thrilled" with the results, just like auto insurance, the price of insurance is sky high everywhere and who knows how it will all end ? Insurance was always a risky business, you make money and you incurred losses, but gradually the insurance companies began to fundamentally change that, like casinos, they understand there will be some losses, but they have structured, like casinos, to make certain the "house" always comes out with a profit. While casinos often publicly acknowledge the HUGE losses they have endured ( so and so won 5 MILLION dollar at our slot machine.... etc.), so do insurance companies, pointing to lightening, flooding, tornadoes, hurricanes, typhoons, and hail, among other "causes" of large losses. In other words, the same weather phenomena that have been with us since insurance first was developed into a for profit business. It was give and take, but overall, of course it was managed to make a profit. Now, giants have stockholders who expect profits, and companies just continue to make sure those profit levels continue to rise.

[gatorbill1]

20 year old homes are not a problem - probably everything - roof, ac, hot water heater, etc have been changed and kitchen and baths remodeled.

[Pairadocs]

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

18 year old home and paid $2486.

Replaced roof and premium was raised to $2770.

Relative in S.Springs experienced the same, replaced roof and premium was raised, but if roof was not replaced, they would be dropped, so really it's not a choice.

As for finding a company, most brokers can come up with a choice of 2 or 3, but the rating, what would happen if it was actually used, is anyone's guess. Have personal knowledge of individuals closer to the coast who incurred significant hurricane damage during Charlie years back... they spend nearly everything in their retirement savings on lawyers trying to get their well known insurance company to repair their home. You have to be careful, many companies will "shift" as much damage as possible to the result of "flooding" and claim they have no liability. It's a mine field, or should I say a shark tank ?

[tophcfa]

Our Village, and the Villages all around us, were built in late 1990’s and homes are always on the market and being sold. Insurance is always available, it’s just not as easy to get several competing quotes as it used to be. With a newer roof, and a wind mitigation report, getting a policy is always possible. And in reality, a 20-30 year old home is not old, in fact it’s rather new by most standards. There are many reasons to consider a pre-owned home around the age of our home (1996 vintage). Just off the top of my head, here are some good reasons.

- Many older homes have had extensive renovations and upgrades.
- Older homes tend to be in areas with beautiful mature landscaping.
- Astute buyers will only purchase homes where the price reflects any required deferred maintenance such as roof, A/C, water heater, appliances, etc…
- NO BOND!
- Location, the older homes tend to be close to lots and lots of both Championships and Executive golf and a relatively short golf cart ride to multiple town squares, shopping, dining, and amenities. It’s really not even a necessity to have a car in these areas.
- Unlike with new homes, prices are negotiable and it’s not uncommon to find motivated sellers (estates of deceased Villagers).

Best of luck to the OP in their home search : )

[Blueblaze]

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

2004 "Lantana". Roof replaced in 2018. Concrete block home built to 110mph wind storm standard, 60 miles from the nearest 110mph wind storm. $1724/yr

The year I bought it, the insurance was $600. It doubled every year until I switched to State Farm, who cut it in half. Now it's merely absurd every year, instead of absurd on a exponential scale.

To truly understand the absurdity of Florida insurance, here is a comparison. My frame house in Houston, the same size and 10 years older, with an 18 year old roof, and the same 60 miles from the coast, but not built to any hurricane standard whatsoever -- only cost $1200/year to insure with USAA. It survived three cat 5 hurricanes during the 20 years I lived in Houston, all of which were cat 1 or less by the time they got to my house. No damage whatsoever. And yet Allstate dropped me after insuring my homes for 40 years, when it pulled out of Texas altogether. And still, I paid 30% less in Houston.

[Lyarham]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Our home is 32 years old. We have no problem getting insurance

[Sandy and Ed]

The reasons to buy an existing home are numerous, as we found out when we bought NEW, but most of us have no idea when we are new to the development. NOW, we realize the expense of even such things as: driveway enhancement with pavers or painting, fitted closets with much more than a simple rod and a wire shelf, window treatments and/or plantation shutters, gutters and gutter guards, flooring of and installing stairs to the attic above the garage, enclosing a lanai, landscaping beyond the a single tree and a few very inexpensive bushes, roll out cabinet and pantry shelves, garage shelving and storage components, I could go on literally for two more paragraphs with the additional costs we incurred for all the things you are likely get with a with preowned home but do not amount to a huge difference in price. Other considerations are many preowned homes have no bond or at least a substantial portion already paid off. You really REALLY have to do detailed research and not take the opinions of any of us who post, including this post ! LOL !
Paradox’s hit it on the head. Resale homes have upgraded “new” homes with many improvements. I could add to his list but he hit many items. By the way, have we really come that far where a 15 - 20 year old is actually considered “old”???

[rsmurano]

If you pay cash for a home you don’t need to buy insurance. If I was buying an older home that was cheap and I was paying cash no mortgage, I might just buy liability insurance.

[Snakster66]

We are buying a 19 yo home in a couple weeks. Already have two quotes that are quite reasonable and we should be receiving a couple more today.

As far as age of house affecting pricing, I did notice a house age surcharge on the detailed quote, it was offset mostly by a couple credits. One being a discount for age of roof (2021).

I had no reservations committing to an 'older' house and my faith has been proven true. Maybe some of the big boy companies are shying away, but there are still plenty of options.

Also, adding to a previous post, New Jersey is also an issue. I have a buddy who is building new and had a heck of a time getting insurance. The big companies aren't writing new policies in NJ (he told me).

[Angelhug52]

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?
We have used The Village insurance since day one.2003. New roof was on 2023 ,we paid a big part they paid the rest..Yes increases happen but in comparison to other companies not so bad.
Pay approximately 1880 year for home. ( travelers). Now if you get flood and or umbrella insurances can be ,is lot more.Yes selling may be effected by ability to afford or obtain the insurance. Until the ink is dry on the transfer the deal can fall through. This is why a sale goes from For Sale to Pending in contract to Sold.

[ROCKETMAN]

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

Moved in 2005. 1150 sq ft ranch. 1 block from sea breeze. Had roof replaced 2020. House insurance $1200 a year through the villages with travelers the ins. Company

[Rocksnap]

We are building a Premier block house, about 2900sf/2200sf living space. I’ve had 1 quote for about $1440 a year. Standard was catastrophic sinkhole coverage. I upgraded to slow sinkhole coverage (for now). I added umbrella coverage.which was about $20 extra.
Ask me in a year if the premium goes up substantially.
For comparison, I paid about the same in Connecticut for a similar sized house, circa 1981 build, no sinkhole coverage.

[BubblesandPat]

20 year old homes are not a problem - probably everything - roof, ac, hot water heater, etc have been changed and kitchen and baths remodeled.

I agree...depends on the home.

[mrf6969]

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

Have a home just north of Sumter Landing. It is a 20-year home. USAA insured us with the original roof in 2021. We replaced the roof on our dime this year. The renewal premium went up 10% compared to prior year. No issues.

[Nana2Teddy]

If you pay cash for a home you don’t need to buy insurance. If I was buying an older home that was cheap and I was paying cash no mortgage, I might just buy liability insurance.
So if your home gets struck by lightning and burns down you won’t care about rebuilding it? You’ll just take the loss? Asking because we paid cash for our 2 y/o home, but hubs insists it be fully insured even if rates eventually become absurd (currently we’re under $1K annually for a 4/3 home with State Farm). I told him I’m never willing to pay exorbitant insurance premiums if it ever comes to that when we’re not required to be insured because of no mortgage. It’s a bone of contention between us, lol.

[Nana2Teddy]

We are building a Premier block house, about 2900sf/2200sf living space. I’ve had 1 quote for about $1440 a year. Standard was catastrophic sinkhole coverage. I upgraded to slow sinkhole coverage (for now). I added umbrella coverage.which was about $20 extra.
Ask me in a year if the premium goes up substantially.
For comparison, I paid about the same in Connecticut for a similar sized house, circa 1981 build, no sinkhole coverage.
Who are you insured with? We were quoted a couple hundred dollars annually for the addition of umbrella insurance with State Farm.

[CybrSage]

The OP said they only wanted kind reply's yet she just insulted everyone who has a home older the 20 years by saying, why would anyone buy an older home

That was a question, not an insult. It was asked in an honest fashion.

No offense was given, but you took it anyway. That is on you, not the OP.

[sallyg]

Agree 100% with post #10. Also, older homes may not have a bond.

[donfey]

Roof replacement requires a permit to be issued, if done legally. Those permits are available online for Sumter County at https://sumtercountyfl.nextrequest.com/requests/new
I presume Lake County has something similar.

[cwmmfink]

My house was built in 2008 and has the original roof. My insurance company required an inspection last year. It passed the inspection and my annual premium is $2700.

[harby]

After we bought a neat and well maintanced 20 year old ranch with 3 year old roof, a brand new water heater, and 5 year old HVAC State Farm denied our application...we were shocked and asked why...the agent at Rt. 466 near the fire station, just said that's its policy and the house is too old. We decided to cancel State Farm auto insurance and found a better price with another ins. co. We don t understand why...there are many 40-100 year old houses in the US.

[Margefrog]

You may be referring to mobile homes, not site built. I believe there's no problem with insurance on almost any age site built.

[nn0wheremann]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.
Everything is in the price and the condition of the house. The building permits will show when it was built, and to which code, and when and if it was modified, such as by roof replacement, and that will indicate the code followed when the modification was made. Insurance companies sometimes require a wind mitigation, or even a four-point inspection. If the place is an old dump, rates will reflect that, and so will the sales price. If it has been kept up to date, same will be true.

[Lottoguy]

The older manufactured home like those on the "historic side" might be what your talking about. These homes probably don't meet the current standards for hurricanes.

[Normal]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Out of the 50 states, Florida ranked number 1 on cancelled real estate contracts. There were over 50 thousand “Pendings” cancelled last month alone! In fact, 56 thousand sales were cancelled in June or almost 15%. Our area is getting clobbered the most. Orlando and Tampa numbers are dismal. Miami is following close behind though.

Bottom line, the jitters could be caused by insurance, HOAs, interest rates and a conversion into the Buyers market. Many are sitting on the fence for the Feds September meeting.

Florida Housing Market Faces 'Nightmare Scenarios' as Deals Collapse - Newsweek (https://www.newsweek.com/florida-housing-market-nightmare-scenarios-deals-collapse-1930532)

[OhioBuckeye]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Good point! Think I would like to hear this answer, it outta be good.

[Sherkugawa]

I have an older home (98) and have had no problems getting and keeping insurance at reasonable rates.slightly more than in VA, but reasonable!

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

[PootleK]

I just bought a 30 year old home in the Spanish Springs area. I had no problem getting homeowners insurance, and the premiums weren't high. I'm not sure where you've got the idea it's impossible from.

[justjim]

The OP said they only wanted kind reply's yet she just insulted everyone who has a home older the 20 years by saying, why would anyone buy an older home.

We just bought a CYV that is close to 30 years old. Had no problem getting home owners ins.

I have no idea why they think an older home is not insurable.

The issue is about the age of roofs not the age of homes.

The rumor you can’t get
Homeowners insurance on an “older home” could have come from the manufactured homes that are on the historical side or near Spanish Springs of The Villages. I know from a friend who lives there that insurance is so costly on older manufactured homes that some are self-insuring them. I have a considered opinion that it’s not an issue with “stick built” homes. Insurance costs have gone up on all homes but you can still get insurance.

When purchasing a resale it would be best to due diligence with homeowners insurance along with deed restrictions, permits for building and landscaping changes, noise factors, etc., before signing on the dotted lines.

[RUCdaze]

It is common in the pre-historic section of The Villages not to insure a home. Most of these homes are not worth the high cost of insurance, and would be more valuable as knock downs, to be replaced by new construction.

[DrHitch]

Great comments!
As a buyer, if I don't need to satisfy a mortgage lender (cash purchase), then maybe I don't worry about homeowner's insurance. It's my decision.

As a seller, if I have an older house, it only makes sense for me to bring the house up to make it "sellable". In most cases, it makes the house more sellable with a new roof.

We recently bought a 30 year old house in Spanish Springs, but did so only because the previous owner knew that any buyer would have trouble getting a mortgage unless the roof was replaced.

[Topspinmo]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

I think you’re confused between 20 year old roofs and maybe Mobil homes. Most housing across USA 20 years or older. That would take away 70% of insurance business IMO?

Due to all the roof scams in Florida all us honest people have to suffer with great Florida roofing scam. Looks like you might be jointing crowd. :icon_wink:

[Topspinmo]

The older manufactured home like those on the "historic side" might be what your talking about. These homes probably don't meet the current standards for hurricanes.


Any home built before 2012 don’t meet current hurricane standards? Why? It wasn’t standard when they was built.

[SoCalGal]

The OP said they only wanted kind replies yet she just insulted everyone who has a home older the 20 years by saying, why would anyone buy an older home.

You are easily offended.

[coleprice]

The age of the roof is critical, not the age of the home. If you check with insurance agents, you will find that 20 year old homes with roofs that are less than 10 years old are easily and affordably insured. BTW . . . Homes in The Villages are now and always have been very well designed and constructed.

[Velvet]

The OP said they only wanted kind reply's yet she just insulted everyone who has a home older the 20 years by saying, why would anyone buy an older home.

We just bought a CYV that is close to 30 years old. Had no problem getting home owners ins.

I have no idea why they think an older home is not insurable.

The issue is about the age of roofs not the age of homes.

My reading of OP’s post was more that they are afraid rather than they meant to insult anyone. When you buy a house new, old, or not built yet, you have all kinds of fears about what can go wrong. Especially if you are buying for the first time.

[Buckeyephan]

Last year we sold my late MIL’s Lakeland, FL house that was built in 2000. Realtor said we needed to replace the 15 year old roof. Checked with our State Farm agent to see if this was true. We were told that State Farm wouldn’t insure a house older than 20 years under any circumstances. Even with the new roof, buyers had to really shop around before they could get insurance.

[TeresaE]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Older homes sell just fine in Florida as long as the roof, HVAC and hot water heater aren’t too old. If any of these items are too old the seller can often fix them using proceeds from the sale and the title company will pay the vendor directly at closing. Or, buyers can get an estimate from a licensed contractor and put repair money into escrow at closing with the title company with an agreement in place with the insurance company that the repair will be made within a prescribed time period. Typically 30 days. A good real estate agent can help you negotiate these items. That’s why you want representation.

[Markus]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

WELL.... More than half of the homes here are considered 'old'.. regardless if they are being sold or people live in them they should have insurance. The homes people are living in have insurance right?

Typically a home with a roof near end of life and/or a water heater at end of life will cause issues attempting to get insurance. Old mobile homes have a hard time getting insurance or the insurance is very high.

[HospitalCoder]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Location, location, location.

If you spend time investigating stores, restaurants, medical providers, etc., you may or may not find a preference for a certain area. We like where we are in the north (consequently older area) of The Villages because we have lots of stores and restaurants within an easy golf cart drive including an Ace Hardware, Publix, Walmart, Fresh Market, Sprouts, Bealls, Marshall’s, Petsmart — too many to mention. We are close to many desirable executive and championship golf courses and rec centers. We are close to both Spanish Springs and Lake Sumter squares. All those points are a huge plus for us.

[APovi]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

-For the past 30+ years, when we list a home, we make it as easy as possible to get a sale for our owner. That includes, among many other things, a call to their Home Insurer (Not their Agent). They almost always welcome the new insured to replace the one they are losing.

[Robojo]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Bottom. Line

Don't move to the villages if you have to live on a budget. You need deep pockets to live here. Yes, some do have a budget but its not recommended

[Velvet]

Last year we sold my late MIL’s Lakeland, FL house that was built in 2000. Realtor said we needed to replace the 15 year old roof. Checked with our State Farm agent to see if this was true. We were told that State Farm wouldn’t insure a house older than 20 years under any circumstances. Even with the new roof, buyers had to really shop around before they could get insurance.

Actually, State Farm may want to simply get out of Florida in the first place. Several insurance companies have left already.

[Pat2015]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.
If the house has a newer roof, hvac, and hot water heater, insurance shouldn’t be any problem at all.

[swally]

And insurance companies always hire the best lobbyists too.

[roguesearcher]

Location, location, location.

If you spend time investigating stores, restaurants, medical providers, etc., you may or may not find a preference for a certain area. We like where we are in the north (consequently older area) of The Villages because we have lots of stores and restaurants within an easy golf cart drive including an Ace Hardware, Publix, Walmart, Fresh Market, Sprouts, Bealls, Marshall’s, Petsmart — too many to mention. We are close to many desirable executive and championship golf courses and rec centers. We are close to both Spanish Springs and Lake Sumter squares. All those points are a huge plus for us.
What Village are you in?

[Switter]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

My house was built in 2002. I bought it in 2023 (21 years old) and was able to get insurance. I pay $1900 a year for a three bedroom, 1400 square-foot home. The roof was replaced in 2022 though. The furnace was 20 years old but that didn't even come up.

I bought the home I did because it met most my criteria, especially the price. Whether a house is new or not has never been a factor for me when purchasing a home.

[Blueblaze]

Last year we sold my late MIL’s Lakeland, FL house that was built in 2000. Realtor said we needed to replace the 15 year old roof. Checked with our State Farm agent to see if this was true. We were told that State Farm wouldn’t insure a house older than 20 years under any circumstances. Even with the new roof, buyers had to really shop around before they could get insurance.

State farm insures my 2004 Lantana, and were more than happy to give me a price half what USAA was about to raise me to. And they didn't raise my rate this year.

State Farm is pickier about their customers than their customer's houses. It's the reason I've avoided them for all these years. They've always had a reputation for dumping people who make a claim, and I suspect they sometimes use these excuses to dump a customer they're not happy with, when they move.

The Florida insurance business is as crooked as it gets. Here we are, sitting 60 miles from the nearest hurricane, with houses rated for 110mph winds -- and subsidizing the insurance for rich folk's beach houses. It ought to be illegal, and I'll vote for anyone from either party who promises to put a stop to it.

State Farm was merely the cheapest outrageous policy I could find. I think they just wanted my business because I haven't had a claim since a tornado removed half my roof in Tulsa, back in '85. They'll get my business until they start hiking my already outrageous rate. At that point, I intend the toss in the towel and just take my chances without insurance.

[Janie123]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.
We bought a 2000sf designer home in 2020 that was built in 2001. Seller replaced the roof before selling as it was 19 years old. Neighbor bought same age house and had the roof replaced after the sale, I think at sellers expense… I would have preferred a discount on selling price to get a different color but it works. Also, insurer had it inspected and found 1 item that my inspector did not find that I repaired… double tap in elec panel. It was approved by code but inspector was being a PITA so I fixed it.

Current insurance is $1500 annually with a $1000/2% deductible from Cabrillo Coastal General Insurance. I used

INS SERVICES OF CENTRAL FLORIDA INC at:
(941) 722-6086

Ask for Sarah

[Pinkgirl]

The OP said they only wanted kind reply's yet she just insulted everyone who has a home older the 20 years by saying, why would anyone buy an older home.

We just bought a CYV that is close to 30 years old. Had no problem getting home owners ins.

I have no idea why they think an older home is not insurable.

The issue is about the age of roofs not the age of homes.

State Farm will no longer insure any house now older than 2004 even with a new roof!

[Ellis]

The reasons to buy an existing home are numerous, as we found out when we bought NEW, but most of us have no idea when we are new to the development. NOW, we realize the expense of even such things as: driveway enhancement with pavers or painting, fitted closets with much more than a simple rod and a wire shelf, window treatments and/or plantation shutters, gutters and gutter guards, flooring of and installing stairs to the attic above the garage, enclosing a lanai, landscaping beyond the a single tree and a few very inexpensive bushes, roll out cabinet and pantry shelves, garage shelving and storage components, I could go on literally for two more paragraphs with the additional costs we incurred for all the things you are likely get with a with preowned home but do not amount to a huge difference in price. Other considerations are many preowned homes have no bond or at least a substantial portion already paid off. You really REALLY have to do detailed research and not take the opinions of any of us who post, including this post ! LOL !To each their own and there are two sides of the coin here, and yes, anybody reading this don't just take my word for it do the research. Bought a new CYV a couple of years ago. The older CYV's that we actually liked were about 100,000 more give or take. The older style ones with the curved driveways were not even considered.

We did the landscaping ourselves, saved thousands upon thousands of dollars. Closet organizers? Same, did them ourselves saved a bunch of money. Right on down the line. Our home came with new everything, electrical, plumbing, A/C, heater, tankless water heater, windows, roof, appliances. The open layout of the house is so much nicer than the older ones.

Walls, baseboards, doors, floor, carpet, handles all brand new none of it buggered up. The insulation on this home is superb. Yes, it most certainly cost more money to add the extras. But we have found the used homes that have all those extras naturally are more expensive than the used ones that don't come with it and/or have only had a few things done to it, and you would still have to spend money on making it that way. Last I checked the value of our home is close to a 100,000 more then when we purchased it and the 100,000 we saved instead of forking out on an older home sits in an interest bearing account. Yes, much to be considered.

[Kzeus]

We would like to express our gratitude to all who took the time to reply to our question about the insurability of "older" homes. We carefully read each of your responses, and despite the variety of experiences that you've all had, we consider each and every reply valuable as we navigate the myriad of options, regardless of whether we buy an older OR newer home. Thank you again for your *kind* responses!

[justjim]

18 year old home and paid $2486.

Replaced roof and premium was raised to $2770.

Relative in S.Springs experienced the same, replaced roof and premium was raised, but if roof was not replaced, they would be dropped, so really it's not a choice.

As for finding a company, most brokers can come up with a choice of 2 or 3, but the rating, what would happen if it was actually used, is anyone's guess. Have personal knowledge of individuals closer to the coast who incurred significant hurricane damage during Charlie years back... they spend nearly everything in their retirement savings on lawyers trying to get their well known insurance company to repair their home. You have to be careful, many companies will "shift" as much damage as possible to the result of "flooding" and claim they have no liability. It's a mine field, or should I say a shark tank ?

No question this was a Ripoff by an insurance co. We are not on the Coast we are in Central Florida. Surely you can do better.

[Gatorfan1]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Call them at 352-245-2423 when you find home and they will quote before you buy