Home owners insurance is normally required by your mortgage lender. In Florida home owners insurance should include windstorm coverage due to the potential for hurricanes. If you are relocating to Florida be prepared for sticker shock. Insurance on a typical home will cost more than $1,500 per year. Costs will vary depending on the location of the home and before you buy you should factor in these high rates. To help reduce costs see the information on hurricanes
Many insurers will either not write insurance within Florida or will not write wind storm coverage. To ensure all homes in Florida can obtain insurance coverage Florida has set up Citizens Property Insurance Corp. to be the insurer of last resort for home owners unable to obtain private insurance.
If you are buying property you should note Insurance companies stop writing policies when a named hurricane moves into the Gulf of Mexico or the Atlantic Ocean off Florida. Obtaining insurance from the state-backed Citizens Property Insurance Corp., the insurer of last resort, can take weeks.
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