Many of those who relocate to Palm Beach County get shell shocked when they shop around for Homeowners Insurance. While Florida is know for having 100’s of miles of white sandy beaches it also comes with much higher insurance premiums when compared to other states around the country.
Trying to estimate the cost of homeowners insurance in Palm Beach County Florida is not so simple. There are several factors that insurance carriers look into when providing insurance costs in 2023 ranging from the age of the home, type of construction, storm proof windows/doors and a few other factors.
Age Of The House
Ideally if you are considering buying a home in Palm Beach County you should try and search for homes built after 1992. Hurricane Andrew caused major devastation during this category 5 storm in South Florida, which the Florida building codes quickly changed there after. Many of the homes built before 1992 are less likely to hold up to another category 5 hurricane compared to newer built homes.
There are few items that home buyers should understand when searching for their dream home in Florida. Electrical especially on older homes built pre-1992 are built with aluminum wiring which is prone to rust if damaged, which can result in power disruptions. Older electrical panels like Challenger Electrical, Federal Pacific Electrical, GTE Sylvania and Zinsco are generally not insurable with most insurance companies.
If the home you are considering buying in Florida has these types of plumbing you are generally going to have problems when it comes to insurance coverage. Galvanized Plumbing, CVPC and Polybutylene or many call it Poly Plumbing each have their own problems. While most carriers will still provide insurance coverage to homeowners some insurance carriers are slowly not providing new coverage when buying a home.
Yearly Homeowners Insurance Cost
While other determining factors which include the age of the roof which could also completely deny you coverage you can expect to pay yearly insurance premiums between $2000.00 and up for newer homes and over $8000.00 per year on older homes depending on the size, location and if in a flood zone or not. While these are just estimates these figures are some examples that home buyers are currently paying throughout Palm Beach County cities like Palm Beach Gardens, Jupiter, Loxahatchee and nearby areas throughout South Florida.