How You Can Save On The Cost Of Insuring An Older Florida Home

How You Can Save On The Cost Of Insuring An Older Florida Home

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Owners of older Florida homes face a special challenge as the Florida insurance crisis continues. Depending on the building codes when they were constructed older homes can be subject to more damage in Florida hurricanes. They may also have outdated electrical, plumbing, and heating systems that make them more susceptible to fire, water damage, and other perils. Finally, the age, condition, and construction materials of the roof can result in larger claims for these older homes after a Florida hurricane.

With all of that said, it is still possible for many owners of older Florida homes to find private homeowners insurance in Florida - and at an affordable price.

As Florida home insurance companies consider the age of a home, they generally group homes into the following categories:

Built 2004 and prior

Built 1994 and prior

20, 30, or 40 years old or newer

Up to 75 years old

The first two categories take into consideration the Florida Building Code modifications of the early 2000's and the mid 1990's. Homes built after each of the building code updates are considered to be more resistant to damage, especially from hurricanes.

The third group above varies by insurance company, but the main theme is this: As homes reach 20, 30, or 40 years of age, home insurance companies generally require 4 point inspections prior to agreeing to issue coverage. These inspections look at the age and condition of the roof, plumbing, electrical, and HVAC systems. Depending on what these inspections uncover, you might be required to update or improve one or more of these items.

Finally, 75 years of age is the cutoff beyond which Florida home insurance companies rarely agree to offer coverage - regardless of the outcome of the inspections and home upgrades that are present.

Before taking into consideration how close your Florida home is to the coast, the following statements are generally accurate regarding how insurance companies look at the age of your home:

Homes built 1995 and later will be the easiest to find insurance coverage for and you will have more company options to consider.

As your home reaches 20, 30, and 40 year old, there will be fewer insurance company options for you to consider as each of these levels is achieved.

If you home is over 75 years old, it is very unlikely that your home will be covered by a private Florida home insurance company.

Here are some things you can do to give your older Florida home the best chance at affordable Florida home insurance:

Get a Florida wind mitigation inspection on your home at your own expense.

Take immediate corrective action on the deficiencies identified in the wind inspection report. There might be improvements that can be made wall roof connectors that don't require a new roof or other lower cost steps that you can take.

Find out how old your roof, plumbing, electrical, and HVAC systems are. Get estimates for updating each of these items and move forward with the improvements that you can afford to make now.

Some improvements might be eligible for Federal energy tax credits or credits from the utility companies for improved efficiency. See if either of these sources might offer you some financial assistance.

Let your local Florida legislators know about your situation and encourage them to extend the My Safe Florida Home program - and to increase the number of homes that are eligible for matching grants to harden Florida homes.

Finally, when it comes to shopping for Florida home insurance, it is essential that you work with more than one independent insurance agent - not just one. Why? Because at this point in time, there are about 40 Florida home insurance companies still writing new business. However, as the age of your home increases, many of these companies won't cover your home. Working with more than one agent will give you the best chance to get quotes from all of the Florida insurance companies that are still covering older homes. If you are unaware of even one of these companies, you could overpay for Florida home insurance by thousands of dollars.

Don't rely on misinformation or word of mouth when it comes to finding affordable Florida home insurance on an older home. Follow these steps to give you the most options for insuring your older Florida home.

About the Author:
Michael Letcher is a former Fortune 500 executive and a licensed CPA. His on-line buyers guide can help you find low cost Florida insurance for your older home. Get all the secrets to affordable Florida insurance in his free newsletter at =>
http://www.homeinsurancebuyers.org



Article Originally Published On: http://www.articlesnatch.com


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