Wind storm insurance rates have become a huge consideration in buying a home in the Keys. For most buyers I work with one of their first questions is what are the insurance premiums.
Some property owners would even prefer to self-insure rather than be saddled with outrageous wind storm premiums. If you own your home outright this is your prerogative. If not most lenders will require you to carry wind storm. The issue being bankers want to be sure their collateral is properly protected and therefore requires the insurance be in place. There are certain lenders that will however waive that requirement if you have 30% equity, but if the loan is sold to another financial institution you may be again required to have insurance.
Although Monroe County has the highest windstorm rates in the state it also offers the highest wind mitigation discounts. This involves making updates and safety additions to your home like adding hurricane shutters, impact resistant windows, roofing clips and straps.
No matter what improvements an owner makes to his home he will never get as low of a premium as a home built after 2002. These homes are just built much stronger and the insurance companies know that. Weather you choose to own a newer home or a quaint cottage in Old Town protecting ourselves against the potential destruction of hurricanes will always be an issue for all of us.
Comments(0)