Consumption and Real Estate
Flood Insurance in the State of Florida?
Question : Flood Insurance in the State of Florida?
I am thinking of buying retirement mobile home in the Florida Keys what can I expect to pay for a basic flood Insurance policy?
florida retirement homes
Best answer:
Answer by Caveat Emptor
That depends on the coverage limits, type of house and what flood zone it is located in.
-
-
#2 written by lucy 1 year ago
Before buying, I suggest you get info 1st on the costs. Is this mobile home in a retirement community? If so, then ask other homeowners what they pay and who they get insurance from.
Also, many insurance companies have pulled out in the state of FL due to hurricanes and floods, so you maybe hard pressed to find a company at all to insure it. Also, mobile homes could also be almost impossible to find coverage and in an area as the Keys, could cost you 10 times more than say in the midwest.
Find a insurance broker in the Keys and pose your questions and costs before you buy.
good luck
- Comment Feed for this Post
Your mobile home must be elevated at least three feet, and permanently anchored so it can’t float away, if you want flood coverage. Wind coverage, is going to be ANOTHER coverage you’re probably going to want.
Assuming around $ 100,000 of coverage, you’re probably looking at $ 3K for flood, and $ 3K for wind. Plus your mobile homeowners policy.
Keep in mind, that mobile home depreciates down to NO value, in about 20 years. That means, after it’s 20 years old, no one will insure it, because it’s worthless. Me, I can’t see why anyone would spend serious money on something that only ever goes DOWN in value, when there are such bargains to be had in the FL homeowners market right now.