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Florida Homeowners Insurance Crisis: What You Need to Know

Real Estate Agent with Kim Devlin Team @Keller Williams Atlantic Partners SL3384814

Florida’s Property Insurance: Smart Protection Choices

Home Insurance is still a hot topic in Florida. We met with Old Town Insurance in St Augustine and learned a lot about what you as a home buyer and homeowner need to know.

Florida Homeowners Insurance Crisis Explained:

Let's first reemphasize the importance of roofs. In our first video , we focused heavily on roofs and that’s because right now that is the number one thing carriers are looking at. The age and state of your roof are key factors in insurance eligibility. For older homes, ensure you have a wind mitigation or a 4-point inspection report. A roof nearing the end of its life span may result in insurance carriers declining coverage.

Florida Flood Zones

Another critical aspect for Florida homeowners is understanding flood zones. Being in a flood zone, especially AE, can significantly impact insurance rates. Obtaining a Flood Elevation Certificate can greatly reduce your rates. If you are in a flood zone and are with Florida’s Citizens Insurance, Flood Insurance is required, so you will absolutely want to invest a few hundred dollars on an elevation certificate, especially if your house has never flooded.

Red Flags for Insurance Carriers

What are some other red flags for insurance companies that buyers and sellers need to be aware of. 

1) Problematic plumbing systems like polybutylene and galvanized steel are issues. These two types of plumbing will need to be replaced to be eligible for insurance.

2) Water heaters and HVAC systems also play a role; There are certain carriers that won’t write a policy if the water heater is more than 15 years old. Luckily that is an easier item to replace. HVAC, is usually not an issue, however, an issue if you do need to get a 4 point for the roof, the AC system will be included on that report so as long as it’s in good working order then it should not be a problem.

3) Historic Homes: If you are interested in Historic homes, we have a lot of them in downtown St. Augustine and they require careful consideration. The first question to ask is whether the property on the historic registry, these homes can be harder to insure. and Remember, any asbestos present in a home can disqualify the home from insurance.

Coastal Properties

When looking at coastal property, each insurance carrier has different guidelines regarding proximity to the coast and wind coverage. The more distant the property is from the coast, the more insurance options are available.

Ways to get a lower insurance premium

Here are a few things to consider to receive a credit on your insurance premium:

1)  A Wind Mitigation: A wind mitigation report includes the shape of the roof. What kind of roof-to-wall connection, clips, tie-downs, etc. A hip roof for example gets a better discount (this is a roof where all 4 sides come down like a pyramid. It gets a better discount because It deflects the wind better. For homes built before 2003, a wind mitigation report can unlock discounts on insurance for you and this becomes crucial for homes over 30 or 40 years old.

2) Hurricane impact glass windows or hurricane shutters. If you install either of these, it has to be every door and window in order to get the credit.

3) A good credit score, the better your credit the lower your rate will be 795 and up is the best.

The insurance landscape is evolving, and staying informed is key. So ask the right questions, and always seek professional advice.

If you haven’t watched part 1 of our insurance series, check it out right here. Send your questions my way or comment below. I’m happy to help! https://yourkeytostaugustine.com/contact/


Thank you!

Posted by

Kim Devlin

Florida Realtor®

St Augustine, Palm Coast, Jacksonville

Moving to Florida?  or Selling your home? Let's Talk

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Email: kim@kimdevlinteam.com

Phone: (904) 747-0183


Comments (5)

Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Jan 08, 2024 04:07 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Kim. When I lived in Florida insurance was a big issue, especially roofs and hurricane shutters or impact glass. It is a huge consideration. Thanks for the primer. Enjoy your day

Jan 08, 2024 04:07 AM
Kim Devlin

Yes, roofs are a major factor today too. Carriers are preferring roofs to be less than 10 years. The insurance broker feels it'll get better once all the current litigation is settled.

Jan 08, 2024 04:17 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Wishing you continued

success. Have a wonderful day and sell a house. Bill

Jan 08, 2024 04:34 AM
Roy Kelley
Retired - Gaithersburg, MD

This is great information to share with prospective home buyers. I posted your blog on X.

Jan 08, 2024 04:51 AM
Charles Ross - eXp Realty LLC
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Excellent article, Kim! Your overview of the Florida homeowners insurance crisis provides essential information for property owners in the state. Understanding these details is crucial for making informed decisions in the real estate market. #FloridaRealEstate #InsuranceTips 🌊🏡

Jan 09, 2024 04:18 AM