Homeowners Insurance Prices discouraging people from buying Orlando Real Estate
Florida Homeowner Insurance companies are having a negative effect on Orlando Real Estate Sales
Even though the real estate market in Orlando is recovering in leaps and bounds, homeowners are not happy about the high price of Florida homeowners insurance. As a matter of fact, for some potential home buyers, it’s proven to be the straw that broke the camel’s back.
There are still great real estate deals in Orlando, but even if the price of the property is affordable as well as property taxes, etc., the homeowners insurance in some cases can be almost as much as a mortgage payment. That’s insane!
Citizens Insurance raising it’s premiums on Florida Homeowners
The main reason for the high cost of homeowners insurance in Florida is the recent increase that Citizens has made to it’s premiums. Many times this will cause potential real estate deals to fall through or even worse, it puts the new homeowner in a position to fail because he went over budget, and potentially cause him to default on his payments.
The state run Citizens claims that the had no choice but raise the premiums because they are supposed to be a last resort for people and now they are covering many more homes than the program was designed for. That’s not all, if massive hurricane were to hit Florida and deplete all the company’s reserves, all Floridians would get taxed thus hurting the state economy in a big way.
Read the fine print when Buying Orlando Realty
When it comes to buying Orlando Real estate, there’s more than just deciding which homeowners insurance company you’re going to commit to. You have to read the fine print and be aware of everything that you’re committing to. So many first time home buyers end up in hot water because the fail to understand exactly what they’re signing. Then there is another type of buyer, the type that wants to get into that new house so badly even though deep down they know that it’s beyond there budget.
That’s why you need an experienced Orlando realtor to walk you through the complexities of buying a home in Orlando. I personally will not allow a client to make what I know will be a bad decision for them. As Orlando real estate agents, we have an obligation to look out for the best interest of our clients and help them in any way that we can when it comes to buying or selling Orlando real estate.