October 12, 2023
Homeowner’s insurance does not have to be a barrier to buying your ideal home. In today’s market, buyers can find ways to make associated costs easier on the wallet. The average insurance cost for a Florida homeowner is $2,385 a year, or about $199 a month, according to NerdWallet. In Miami, the average annual rate was $4,740, in Fort Lauderdale it was $3,985 and in Boca Raton it was $2,945, as of September. Here are some ways that real estate buyers have been finding savings:
Reinforce: While walking through homes with your broker, ask about reinforcements that already exist and educate yourself about the potential cost to you of adding more once you buy the home. Those fixes might also be tax deductible. But make sure to check with your insurer before committing to any upgrade to make sure that the investment will make your insurance less expensive.
Remove Add-Ons: Policies can cover more than just the house including fences and more. Have your insurance agent walk you through the policy and ask your broker about the storm and flooding history of the neighborhood.
Insurance Bundling: You’ve all probably seen the commercials on TV about bundling your homeowner’s and car insurance. If it’s available, bundling could save you as much as 15% on your premiums.
These are just a few of the ways that buyers can help themselves when looking for a new home in today’s hot real estate market.
Lucas Boccheciampe is broker founder of Key Biscayne-based Vantage Luxury Real Estate, with listings of up to $20 million and opportunities in Miami’s hottest real estate submarkets including Key Biscayne, Bay Point, Brickell, Coconut Grove, Gables Estates and Pinecrest.
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Homeowner’s insurance does not have to be a barrier to buying your ideal home. In today’s market, buyers can find ways to make associated costs easier on the wallet.
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