VENICE FL HOMEOWNER'S INSURANCE
Learn more about Venice FL homeowner's insurance and what is covered in the event of a storm.
Older homes, without retrofitted roofs or impact-resistant windows, are difficult if not impossible to insure through private insurance companies. Citizen's Property Insurance Corporation was formed by the state as an insurer of last resort. If you are buying an older home, you should plan on needing Citizen's. Older renovated homes with new roofs and new windows will be easier to qualify for insurance through a major insurer.
Most insurance companies require that existing roofs for older homes have at least a 5-year life expectancy. Your home inspection will provide the information your insurance provider will need to bind insurance for your home prior to closing.
You should also know that neither Citizen's nor a private insurer will write a new insurance policy when a tropical storm or hurricane is located in what is known as the "hurricane box" encompassing the state of Florida. This will impact your ability to obtain insurance and could affect your closing date.
WHAT IS WIND MITIGATION?
Wind insurance, not flood insurance, is the single most expensive component of a homeowner's policy. All coastal areas of Florida are designated by the state for the possibility of 120 mph winds or greater. These areas, when struck by a major storm, have the greatest potential to generate wind-borne debris that can cause increased property damage beyond wind speed. Depending on the location of the property, the roof's age, and the actual roof design, the portion of a homeowner's premium covering wind damage can be up to 70% of the total cost.
Home buyers will need to check with their insurance company to see if they need a wind mitigation inspection, which can save a lot of money. This inspection can usually be performed with your overall home inspection.
When you purchase a condo, you are not required to purchase individual flood insurance for your unit. You are paying for flood insurance that protects the building through your condo association dues.
Condo associations may require that you keep insurance for liability, injury, and personal property contents, within the walls of your condo. Personal property includes heating and air systems, furnishings, and appliances.