Answers general questions about residential real estate in Florida. More specific answers for the southwest area of Florida - Naples, Bonita Springs, and Estero Florida - Collier and Lee Counties. Will not answer any questions about commercial real estate or business brokerage.
Experience
Experience in the area: I have held a Florida real estate license since 1995 and Florida mortgage broker license since 1996. I have specializes in the residential real estate market as a full-time REALTOR since 1996. Currently a member of the Legal Resources Committee of the Naples Area Board of Realtors.
Organizations Naples Area Board of Realtors, Lake Placid Board of Realtors, Florida Association of Realtors, National Association of Realtors
Publications Have been interviewed by the local NBC, ABC, and FOX affiliates about correcting erroneous information on credit reports, local real estate market conditions, and foreclosures. Glenn authors Naples Real Estate Blog
Education/Credentials Bachelor of Science Degree in Accounting from Bentley College, Waltham, Mass.
Post graduate courses at Nova University.
Awards and Honors 2007 Best in Client Satisfaction - Real Estate Agent by Gulfshore Magazine.
2006 Best in Client Satisfaction - Real Estate Agent by Gulfshore Magazine.
I'm moving to FL from Las Vegas and I would like to know more about hurricane insurance. I plan to buy a newer (last 5 years) condo. Is hurricane insurance typically included in the HOA fees? If not, is it extremely expensive? How can I find out what it would cost for 100K contents and a 300K unit for hurricane and flood insurance? Or if you have an idea, can you let me know? I've heard that in some cases insurance companies go bankrupt during a hurricane and the policy holders are SOL. Is this true? How do I find a company that will guarantee payment if there is a hurricane? Is that possible?
Thanks,
Stephen
Answer Good morning Stephen,
The typical condominium association insures the building, so hazard insurance is included with the condominium association fees. You will have to obtain your own personal insurance to cover the contents of the unit.
Flood insurance is a separate policy issued by the US government. The premiums vary according to the assigned flood zone (every property is classified within a flood zone) and the community's activities to elevate the threat of flooding within the community.
Insurance companies have rating through to A. M. Best Company - this is a resource you should use after getting several quotes from various insurance carriers.
Depending upon the location of the condominium insurance premiums for contents and flood insurance will vary greatly. If you already know the community where you are planning to purchase, you should contact insurance agents which service the community and get quotes from them.
Personally, by doing some comparison shopping with my insurance agent I was able to reduce the annual premiums on my home by about 50%.
Hope that I adequately covered your questions for you.
