Homeowners Insurance at TV
 

I just heard a news report that said the average cost of homeowners insurance in Florida is 3 times the national average, about $4500/year! I'm thinking of buying a place at the Villages and trying to get a handle on homeowners insurance premiums. Do you care to share how much you're paying? (and I assume it doesn't cover flooding by hurricanes?)

$4500...............fake news.

Best Homeowners Insurance in Florida (2022) - QuoteWizard.

I think you costs are high.
You are probably going to get replacement cost. Since inflation is increasing costs I would expect higher premiums in the future.
Do you want to include sink whole or flood insurance? Big cost items.
You should give an estimate of the homes costs

Troll alert

About 1/4 of that amount...

Our initial rate with State Farm is about $3,000. Then there are a bunch of deductions - auto insurance with them, no claims, wind mitigation because of construction here, high deductible of 1% home value - it works out to about $1,500.

Fake analysis
The website you linked tells you the methodology they are using, in part. They use a home insured value of 275,000 in every county. That makes their job easy and their data meaningless. They do not tell the reader if they adjusted for the number of homes in each county. Example: If the average cost in Miami is 5400/year and the average in Manatee is 1500/yr that does NOT mean the average cost for those two counties is 3450 because Miami has 1 million homes and Manatee has 200,000

This website did not apparently adjust for number of homes in doing its statewide numbers. Obviously this produces a large error in the presentation as the largest cities with the most homes have the highest insurance costs.

Also, using the same insured value is potentially a seriously misleading choice. The average cost for the same quality of home differs widely between cities. 275K goes much further in Sumterville than it does in The Villages.

That website does not answer the question of what does the average Floridian pay in home insurance. I spent a few minutes trying to find the technology used by the Insurance Information Institute when it said the average Florida homeowner paid "the highest average property insurance premium in the U.S. at $4,231, nearly three times the U.S. average of $1,544" and could not find it easily.

Darling...........................What I said was fake news was the average is $4500.

No way is the average $4500.

I'm retired (you can read that as lazy) so my figures are approximate. I have not tried to find my policy to give you exact numbers.

1. Homeowners insurance never includes flood insurance. That being said, it does cover water damage (caused by wind damage). If my roof started leaking so during a storm, or perhaps a window broke, the water damage is covered. If water backed up due to malfunctioning storm drains, that would not be covered!



2. I have full replacement cost coverage.

3. My villa ~$300,000. My premiums ~$1,000/year
4. Does include sinkhole coverage!

I am insured by Travelers.

Shop aggressively. Insurance companies rely on you being passive. Changed 3 times in last 5 years. 1 to 1.5k about right

Pay $1600 for a frame home which is insured for $325,000. No need for Flood in most parts of TV. If you own on the near the cost expect to pay 3-4X more. No doubt that costs will be going up after Ian

Less than a quarter that amount, and that is including additional flood insurance and hurricane insurance. Of course, if your house costs over a million, your insurance will be higher. One thing to note is that you should get the Risk Mitigation inspection when your house is inspected. It checks for proper nail patterns and Hurricane tie-downs in the roof. Mine cost $95 for the inspection and cut about $500 a year off my insurance.

I think you have bad information. We have a $500K+ designer home and our annual insurance is about $1400. It includes full replacement, sinkhole and termite protection. Suggest you shop around.

1022.55 USAA, Designer Home, Covered if the foundation disappears. 😳

We are not on either coast. Those are the homes with much higher premiums. No doubt our insurance will go up after Ian.