Fort Lauderdale Real Estate
Property Insurance
One of the most asked questions I get, and rightfully so, is how much will my insurance be for this property? I would like to take a few minutes to explain the types of insurance we have in South Florida and what type is required here in the Fort Lauderdale Real Estate market. There are different types of insurance choices, depending on if you are buying a single family home or condo.
The cost of the insurance depends on the property, the cost to rebuild, the square footage, elevation and location. I always suggest that my customers talk to an insurance agent during the inspection phase of the contract. Because the elevation is usually not known by the insurance agent until the survey comes back, the quote the insurance agent gives you can’t be exact, but is very close and that usually has to do with the flood insurance only.
Single Family Home (or detached duplex, triplex, or quads) Property Insurance
Homeowners Insurance (Required if Financing) – Covers liability against accidents on your property as well as fire and theft.
Windstorm Insurance (Required if Financing) – Covers damages resulting from wind (hurricanes).
Flood Insurance (Required if Financing) – Covers floods, rising water from rain or other rising water.
Condo Insurance
Because the building insurance is included in your monthly maintenance fees, owners of condos only need to have what I refer to as ‘contents insurance’, which include coverage of your personal items including the flooring, cabinets, drywall, etc… essentially everything inside the 4 walls.
Like all types of insurance, there are deductibles and the higher the deductible the lower cost your insurance will be. Please note that if you are financing the lender will require you to have a certain level of insurance and will not allow your deducible to be too high.
CASH Buyers – If you are a cash buyer, then you can basically do what you want to do as far as insurance goes. A lot of cash buyers in the Fort Lauderdale real estate market today tend to be self-insured, at least on the windstorm and flood insurance but that is a personal preference and this usually only pertains to detached dwellings (single family homes, duplexes, triplexes and quads). Most condo buildings require each owner to have some type of contents insurance.
Please allow Dale Palmer & Associates to help you in your search for real estate.
Call 954-895-8999 or contact us today.