Florida home insurance and your mortgage: what to sort out before you buy
Insurance can change what you can afford and whether a home qualifies. Get the facts early.
Why insurance matters to the loan
Your lender requires insurance on the property, and the cost of that coverage counts toward your monthly housing expense when your loan is reviewed. In Florida, where insurance costs and availability can vary a great deal from one address to the next, it can be one of the biggest factors in whether a purchase works.
Questions to ask early
- What will homeowners coverage cost for this specific property? Get a quote before you are deep into the transaction.
- Is the home in a flood zone? Coverage may be required for properties in certain mapped flood areas.
- Does the home's age, roof or condition affect your ability to get coverage?
- Will wind and storm coverage be separate, and who pays for it?
Build it into your numbers
We include estimated insurance costs when we look at what you can comfortably afford, so you are not surprised later. Two homes with the same price can have very different total monthly costs once insurance and taxes are included.
Your insurance agent is the best source for a real quote. Your loan originator can then show how that cost fits into your financing.
Start the conversation early
If you are shopping for a home in Tallahassee or the surrounding counties, talk with us before you fall in love with a house. A short conversation can save a lot of time.
Questions about your situation?
Tell us about your loan and a licensed originator will follow up. There is no obligation to ask.