Most Expensive Cities to Insure a Home in Florida
As we begin the new year of 2023 & millennials continue to chase the homeownership dream, this is a great time to discuss which cities will cost you the most to insure your home. This list is per insurance.com When looking to purchase a home you have multiple costs other than the home itself. Property taxes, Interest, and the biggest, Home Insurance. So let's take a look at the list starting from the lowest to highest:
Tallahassee$2,650 ( $220) Gainesville$2,792 ($233) Jacksonville$3,328 ($277) Orlando$3,742 ($312) Port St. Lucie$5,235 ($436) Tampa$4,897 ($408) Miami$4,779 ($400) Hialeah$4,681 ($390) Fort Lauderdale$4,883 ($407)
These are the annual costs with the monthly costs in the parenthesis. As you can see, the further south you go, the higher the premium. My hometown of Port Saint Lucie ranks at #5 on this list. That's pretty surprising considering the city was originally a destination for retirees and families looking for a lower cost of living. Some Port Saint Lucie residents are paying just as much for their Home Insurance as they are for their Home Mortgage. This is a big reason why I felt this list was necessary because most people don't take insurance costs into consideration when buying their first home and as you can see it can make a huge difference.
Always ask the seller what upgrades have been done to the home and when. They should be able to provide proof. These upgrades can be the difference between being accepted for coverage or declined. They can also get you some nice discounts! If a home has a new roof ask if it was paid for by the homeowner or insurance company. This can make a difference for you. Outside of the roof look at the windows. Insurance companies LOVE hurricane impact-rated windows. These will get you a four-digit discount every year on your policy. Keep in mind if you're looking at a home that has a Skylight, this will negatively impact that discount.
As most people know, a security system will also get you an annual discount of over $100. I reccomend finding a good deal for a service that includes direct monitoring by both Police and Fire. This will get you the highest available alarm discount. Water mitigation devices that shut off your water automatically in the event of a leak are not only a lifesaver for a homeowner, but this is another discount most people don't receive. You can find a device usually in the range from $30 on the low end to $100+ on the higher end. It's an item that pays for itself because it saves you money on your insurance premium and it also protects you from water damage due to leaking which is something that happens more often than people realize.