# House Insurance



## RICHNTRISH (Jun 4, 2008)

Hi
We have heard that house insurance can sometimes be hard to get. Is this correct?

We are looking at buying in Florida.

Richard & Trish


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## synthia (Apr 18, 2007)

In some parts of Florida it can be impossible. The insurance companies have been badly burned by hurricanes. You can't get a mortgage without insurance, so unless you are prepared to pay cash, holding the house without insurance won't be possible.

On the other hand, housing prices have dropped considerably.


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## RICHNTRISH (Jun 4, 2008)

synthia said:


> In some parts of Florida it can be impossible. The insurance companies have been badly burned by hurricanes. You can't get a mortgage without insurance, so unless you are prepared to pay cash, holding the house without insurance won't be possible.
> 
> On the other hand, housing prices have dropped considerably.


Thanks , we were planning to buy with cash , so hopefully it shouldn't be a problem , but i 'd be worried about not having insurance . What sort of areas are uninsurable ? coastal regions i guess ?
Its the same in the UK , insurance companys have had to pay out alot on flooding lately so lots of places are are being threatened with premium hikes as the insurance companys are upset about only having multi million pound profits !


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## tampa_man_33 (Jun 12, 2008)

You should have no problem with homeowner insurance in Florida. Typically if you live near a coastal community you will have to pay flood insurance on top of your homeowners insurance.


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## synthia (Apr 18, 2007)

There have been problems reported in the papers about people having trouble finding insurance, especially up in the panhandle. A lot of companies simply stopper writing insurance in Florida. It's a lot easier in the Tampa/St. Pete area as we usually only get indirect hits.


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## twostep (Apr 3, 2008)

Depending on the location of your property it may be in a socalled flood plane. Banks require flood insurance across the board. Without a lein on your property it is your decision. Remeber - flood insurance has to be in effect a minimum of 30 days to apply.
Premiums depend on a number of factors - location, age, previous history of property, size, appraisal, type of coverage.
Pick something off a realtor's website and run through a number of insurance quotes. Google is your best friend. Call for help if you need it.
One of your issues will be lack of insurance and credit history.


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