Florida Keys insurance
What You Need To Know About Florida Keys Insurance
Protecting Your Home in the Florida Keys
Having the right insurance policies is essential to safeguarding your Florida Keys home from everyday issues. Living in Monroe County, an area known for its unique geography and weather patterns, makes having the right insurance coverage even more crucial. Understanding the basic types of insurance and the factors that determine premiums can help you determine the insurance needs for your property.
Homeowners, Flood, and Wind Insurance
If you are obtaining a mortgage on a home in the Florida Keys, the lender will require you to have homeowners, flood and wind insurance. If you are purchasing a condo, most of the time the flood insurance and wind insurance will be included in the HOA fee and you will just need to get content insurance for the inside. However, a few condominiums do not include insurance.
Homeowners Insurance
A standard home insurance policy typically includes coverage for your dwelling, other structures on your property (such as a garage or shed), personal property, liability, and additional living expenses in case your home becomes uninhabitable due to a covered event.
Homeowners insurance is typically the cheapest of the three insurances needed.
Flood Insurance
Flood insurance is highly recommended, as the area is prone to flooding due to its low-lying geography. Flood damage is not typically covered under standard home insurance, so having a separate flood insurance policy is crucial to protect your home and belongings from the devastating effects of flooding.
The best options to get the most affordable flood insurance premium is to assume the sellers flood policy. If the seller does not have a flood, but you need it, unfortunately you will have to obtain a new policy.
Recently, FEMA enacted Risk Rating 2.0 which made flood insurance for new policies very expensive. Previously, owners who had stilted homes would get a discount on their flood insurance. Sellers of stilted homes were paying around $700.00 – $1,000 a year for flood. Now with Risk Rating 2.0, NEW policies have increased to around $3,500 – $5,000 a year. If you are renting out your home the amounts could be more.
$250,000 is the max amount of flood insurance you can get. it doesn’t matter if you home is worth $300,000 or $ 3 Million.
Wind
Another important coverage to consider is windstorm insurance, as the Florida Keys are susceptible to high winds and hurricanes.
Wind insurance premiums will depend on the type of roof, strappings, doors and window coverings.
Flood Zones and Construction of Homes
The location of your Florida Keys home also plays a role in determining your insurance premiums.
Factors such as the distance to the coast, elevation, and proximity to flood zones can affect your insurance rates. Additionally, the age and construction of your home, as well as the amount of coverage you choose, will also impact your premiums.
The best flood zone to be in is AE with a metal roof, stilted home, and impact windows and doors. If your home is located in a VE flood zone, your insurance cost will be more. VE homes are typically located on or near the open water. FEMA is introducing a new Flood Zone called “Coastal Area,” which will be similar to VE.
Insurance Agents
When it comes to protecting your Florida Keys home with the right insurance, it’s important to work with an experienced insurance agent who understands the unique risks and coverage needs of the area. They can help you customize a policy that provides comprehensive protection for your home and belongings. Always try to get at least 3 quotes from different insurance companies and choose the one that fits your needs the best.
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