Profile picture for eliz0121

What is the average annual insurance on a 2000 sq.ft. home on Fort Myers Beach? Are condos cheaper?

  • September 18 2011 - Fort Myers Beach
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Answers (2)

Profile picture for Ken Tribble

For a single family home on Fort Myers Beach, average annual insurance costs relate to replacement cost and not necessarily square footage.  Costs are not based upon market value or what was paid for the property. 

On Fort Myers Beach most properties are insured under separate policies for wind, flood and hazard coverage. The type of construction, elevation, location and age of the home are important considerations in determining the cost of insurance.  In the event of a catastrophic loss requiring more than 50% replacement, Town building codes require that the home be rebuilt to the latest building standards. 

Many insurers quote coverage including the value of the land. The land value can often be negotiated away since the land will still be there even in the event of a total loss.  All of the above are factors that will impact total insurance costs.  

So a guestimate is tough.  There are just too many variables.  Your best bet is to contact a local insurance agent with a specific address.  They can generally provide you with an accurate quote within 24 hours.
 
Condos are a different story.  The cost of wind, flood and hazard insurance is built into your condo fee.  The Association carries and pays for the coverage.  Most Associations require that owners carry contents coverage at approximately $400-600 per year.  That cost would be in addition to your condo fee.  Keep in mind that when buying a condo, it is vitally important that you determine that the coverage carried by the Association is adequate.

An experienced local Realtor can help you with all of this. 

  • September 30 2011
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Hi, most insurance agents will not quote homeowners insurance without a specific address and specific individual, so a 'guesstimate' is not possible. However, I have worked with clients who purchased homes on Estero Island (Ft Myers Beach) and because they were not waterfront, were pleasantly surprised by the overall cost, which includes homeowner, flood and wind.

Which type of home is cheaper? Well, if you look at overall cost, you can purchase a condo in Fort Myers Beach for under $200,000. It will be small, with 1 or 2 bedrooms, and will include monthly HOA fees.

Single family homes for under $200,000 on the island are rare, although they do sometimes become available.

The best way to search for the home you really want is to work with a local realtor who can discuss your specific budget and preferences, then help you find the best property that will fit your needs.
  • September 19 2011
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