Single Family Homeowners Insurance and Hurricane or Wind Coverage

Homeowners insurance in the Sarasota area is made up of standard hazard coverages and hurricane or wind coverage.  The hurricane part of it typically has a different deductible.  When getting insurance quotes, home buyers normally will need a wind mitigation report which is essentially a document that is provided by an inspector that is a roof inspection and window and door openings.  Owners receive a discount for hurricane shutters and or impact glass, and the way the roof is installed.  

Generally new policies, except on homes that are newly constructed, will require a wind mitigation report which can be completed by your home inspector at the same time that the home is being inspected during the course of working through the purchase process.  Some inspectors charge a nominal fee in addition to their home inspection fees.   

The age of a roof and the age of  hot water heaters are becoming a significant issue with buying homes in this area.  Underwriters are really starting to tighten their criteria on new policies - insurance agents are finding it difficult to find adequate policies on homes with 20 plus year old shingle roofs, and 25 plus year old tile roofs.  

Without adequate insurance, lenders will not be able to finalize the loan.  Additionally, lenders will have their roof inspectors inspect the roof soon after close of a property and underwriters do have the option to cancel a policy or require an owner to put on a new roof within a specified period of time. 

We make every effort to ensure that our clients are aware of these potential pitfalls / financial considerations prior to negotiating for a home.