Answers by Natalie More

Hi Amy, If you want to live in Florida by the ocean, just know that you will most likely need 2 insurance policies (maybe 3). One for the home (and one for hurricane/wind- which is sometimes included in your regular homeowners’ policy) and you will most likely need a policy for flood insurance. Most everything in Florida is located in a "flood zone" (given our proximity to water), HOWEVER... not all flood zones require you to have a flood insurance policy. I live in a flood zone "X" (in Cape Coral, FL) and do not have a flood policy (it was not required by my mortgage company when I purchased my home). I do think there are some things in the works to attempt to change this legislatively so that homes with certain values will be forced to obtain a flood policy but it has not occured yet. Here is the thing with flood policies though... many of them are assumable (meaning you can take over the seller’s policy) and this is MUCH cheaper than going out and getting a brand-new flood policy on your own. The trick here, is that many owners who purchased their homes with cash several years ago were not required to buy a flood policy- so they never obtained one. NOW, when a new buyer comes along and the previous owner didn’t have flood insurance, the new buyer's flood insurance policy will be high. If you assume a policy, you may get lucky and assume one for around $2000-$2800 (vaires) per year.... however, for a new policy I have seen some as high as $6000 or more. Just be sure you or your Realtor inquire about this with the seller or seller's agent if you are home shopping. It can save you a significant amount of money to assume the policy if there is one to assume. In regard to a homeowner’s policy- there are 3 major things that can cause a home to be uninsurable (and Florida seems to be full of them) #1. Roof- a shingle roof needs to be less than about 12-15 years old, tile roof should be less than 25 yrs old #2. Plumbing- if the home was built in the mid 90's, it could have polybutylene plumbing (poly plumbing) ...insurance companies will not insure a home with Poly plumbing. #3. Electric Panel- many older homes have either a Federal Pacific or Challenger panel and some Square D panels have been listed on the uninsurable list. There is a lot to know about insurance, the types, costs and variances.... getting educated to know what questions to ask is key. If you have other questions, I'm here to help however I can! Good luck with your potential move. Living in Florida is a dream!🌴🌞 Natalie More, Realtor- Cape Coral & Southwest Florida Realty ONE Group MVP 🖤💛 (239) 564-3724 [email protected] Moreinsouthwestflorida.com