Tips for Insuring Luxury Homes
1. Insurance Companies like homes that were built 2001 or newer, have a HIP roof, are completely Wind Mitigated and concrete block construction.
2. Wind Mitigation Discounts – Roof must be FBC Compliant and all openings of the home covered by impact resistant material following Miami-Dade building code. When listing your home, obtain the Wind Mitigation Form, if available.
3. Flat Roofs – if any portion of a roof is flat, most insurance carriers will not take the home therefore leaving the client with the more expensive option,
4. Homes in a Flood Zone that are not elevated will not be acceptable to the more reasonably priced insurance carriers. Obtain an elevation certificate from the current owner if available.
5. Homes that are closer to the Atlantic or Intracoastal are going to be more expensive to insure.
6. Newly Purchased Homes with the intent on being a primary or secondary residence are easier to insure than homes planned for rentals or left vacant.
7. Replacement Cost versus Market Value of a Home. Most insurance companies insure homes based in the cost to rebuild the home, not the market value. Cost of materials and labor will sometimes exceed the market value that can be placed on a home.
8. Impact Glass will help.