How much is home insurance per year in South Florida ?
Were purchasing a home around 300,000 how much is insurance yearly ? Anyone pay around this much ?
It doesn’t work that way. It’s ALSO based on the age of the house, YOUR CREDIT SCORE, the claims history of both you and the house, etc.
And the bad news is, there isn’t any competition for homeowners insurance in FL – you’re GOING to end up with the state fund, Citizens. The HOMEOWNERS part of it will cost you about $3,000 a year. The FLOOD insurance part will likely cost you about $1500 – but the MOST flood coverage you can get is $250,000, so you’ll be needing to put at least $50,000 down on the house or you won’t be able to get the mortgage. Then the WIND coverage is probably going to run you about $5,000.
Total insurance cost . . . budget $10,000, and you should be slightly under.