Insurance Is A Must in Florida
Considering Florida’s hurricane exposure, home insurance is much more tangled and expensive than in many other states in the country. Usually, 2% or 5% of your coverage amount is for damages caused by a hurricane. That’s why it’s important to put some money aside to cover those potential costs.
One thing you should pay extra attention to when looking for a house is the house’s insurability. You don’t want to end up paying annual premiums that are several thousand dollars more than what you expected, do you? Another thing to consider is wind mitigation. “The cost to insure a home without wind mitigation features could be four times higher than a home with wind mitigation,” warns Chris Heidrick, an independent insurance agent in Sanibel, Fla.
Moreover, if you live in flood areas, you will need to get flood coverage because homeowners’ policies do not cover floods. You can get it from the National Flood Insurance Program or from private insurers. The latter may have higher limits than the federal program. Talk to your insurance agent about your options or do your own research about private insurers selling flood coverage at the Florida Office of Insurance Regulation’s Flood Insurance Resources page. The site includes a great Rate Comparison Tool that offers premium estimates from insurers in your county.
You might also want to ask the Florida Office of Insurance Regulation’s Hurricane Season Resources for more information about your rights, insurers providing coverage in your area, and resources to help you find a suitable policy.
2 thoughts on “8 Things You Should Know Before Retiring to Florida”
Which city or town in Florida has the most job opportunities with good salaries?
I relocated from Indiana to SW Florida 2 years ago because of the nicer weather year round, but I have decided to leave the state for many reasons:
1. Summers are HOT and living indoors with AC is a must! People may venture out at night if it’s cool enough.
2. Hurricanes are horrible!
3. Property taxes are outrageous!
4 Home owners and vehicle insurance is extremely high.
5. Healthcare is 10 years behind the North and good luck finding a physician! Also, I work in healthcare and pay is much less in FL.
6. Traffic is terrible and drivers do not obey the laws, especially speeding and blatantly running red lights.
7. People are just plain RUDE!
8. The area is dirty, trash along the roads, etc
9. For those who are older and retired and living in SW Florida, if you are in need of elder care,be prepared to pay heavily for nursing home care in poorly staffed facilities. I suggest that you have family members check on your care often and advocate for you.