[tophcfa]

Our Village, and the Villages all around us, were built in late 1990’s and homes are always on the market and being sold. Insurance is always available, it’s just not as easy to get several competing quotes as it used to be. With a newer roof, and a wind mitigation report, getting a policy is always possible. And in reality, a 20-30 year old home is not old, in fact it’s rather new by most standards. There are many reasons to consider a pre-owned home around the age of our home (1996 vintage). Just off the top of my head, here are some good reasons.

- Many older homes have had extensive renovations and upgrades.
- Older homes tend to be in areas with beautiful mature landscaping.
- Astute buyers will only purchase homes where the price reflects any required deferred maintenance such as roof, A/C, water heater, appliances, etc…
- NO BOND!
- Location, the older homes tend to be close to lots and lots of both Championships and Executive golf and a relatively short golf cart ride to multiple town squares, shopping, dining, and amenities. It’s really not even a necessity to have a car in these areas.
- Unlike with new homes, prices are negotiable and it’s not uncommon to find motivated sellers (estates of deceased Villagers).

Best of luck to the OP in their home search : )

[Blueblaze]

Originally Posted by Rainger99

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

2004 "Lantana". Roof replaced in 2018. Concrete block home built to 110mph wind storm standard, 60 miles from the nearest 110mph wind storm. $1724/yr

The year I bought it, the insurance was $600. It doubled every year until I switched to State Farm, who cut it in half. Now it's merely absurd every year, instead of absurd on a exponential scale.

To truly understand the absurdity of Florida insurance, here is a comparison. My frame house in Houston, the same size and 10 years older, with an 18 year old roof, and the same 60 miles from the coast, but not built to any hurricane standard whatsoever -- only cost $1200/year to insure with USAA. It survived three cat 5 hurricanes during the 20 years I lived in Houston, all of which were cat 1 or less by the time they got to my house. No damage whatsoever. And yet Allstate dropped me after insuring my homes for 40 years, when it pulled out of Texas altogether. And still, I paid 30% less in Houston.

[Lyarham]

Originally Posted by Kzeus

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Our home is 32 years old. We have no problem getting insurance

[Sandy and Ed]

Originally Posted by Pairadocs

The reasons to buy an existing home are numerous, as we found out when we bought NEW, but most of us have no idea when we are new to the development. NOW, we realize the expense of even such things as: driveway enhancement with pavers or painting, fitted closets with much more than a simple rod and a wire shelf, window treatments and/or plantation shutters, gutters and gutter guards, flooring of and installing stairs to the attic above the garage, enclosing a lanai, landscaping beyond the a single tree and a few very inexpensive bushes, roll out cabinet and pantry shelves, garage shelving and storage components, I could go on literally for two more paragraphs with the additional costs we incurred for all the things you are likely get with a with preowned home but do not amount to a huge difference in price. Other considerations are many preowned homes have no bond or at least a substantial portion already paid off. You really REALLY have to do detailed research and not take the opinions of any of us who post, including this post ! LOL !

Paradox’s hit it on the head. Resale homes have upgraded “new” homes with many improvements. I could add to his list but he hit many items. By the way, have we really come that far where a 15 - 20 year old is actually considered “old”???

[rsmurano]

If you pay cash for a home you don’t need to buy insurance. If I was buying an older home that was cheap and I was paying cash no mortgage, I might just buy liability insurance.

[Snakster66]

We are buying a 19 yo home in a couple weeks. Already have two quotes that are quite reasonable and we should be receiving a couple more today.

As far as age of house affecting pricing, I did notice a house age surcharge on the detailed quote, it was offset mostly by a couple credits. One being a discount for age of roof (2021).

I had no reservations committing to an 'older' house and my faith has been proven true. Maybe some of the big boy companies are shying away, but there are still plenty of options.

Also, adding to a previous post, New Jersey is also an issue. I have a buddy who is building new and had a heck of a time getting insurance. The big companies aren't writing new policies in NJ (he told me).

[Angelhug52]

Originally Posted by Rainger99

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

We have used The Village insurance since day one.2003. New roof was on 2023 ,we paid a big part they paid the rest..Yes increases happen but in comparison to other companies not so bad.
Pay approximately 1880 year for home. ( travelers). Now if you get flood and or umbrella insurances can be ,is lot more.Yes selling may be effected by ability to afford or obtain the insurance. Until the ink is dry on the transfer the deal can fall through. This is why a sale goes from For Sale to Pending in contract to Sold.

[ROCKETMAN]

Originally Posted by Rainger99

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

Moved in 2005. 1150 sq ft ranch. 1 block from sea breeze. Had roof replaced 2020. House insurance $1200 a year through the villages with travelers the ins. Company

[Rocksnap]

We are building a Premier block house, about 2900sf/2200sf living space. I’ve had 1 quote for about $1440 a year. Standard was catastrophic sinkhole coverage. I upgraded to slow sinkhole coverage (for now). I added umbrella coverage.which was about $20 extra.
Ask me in a year if the premium goes up substantially.
For comparison, I paid about the same in Connecticut for a similar sized house, circa 1981 build, no sinkhole coverage.

[BubblesandPat]

Originally Posted by gatorbill1

20 year old homes are not a problem - probably everything - roof, ac, hot water heater, etc have been changed and kitchen and baths remodeled.

I agree...depends on the home.

[mrf6969]

Originally Posted by Rainger99

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

Have a home just north of Sumter Landing. It is a 20-year home. USAA insured us with the original roof in 2021. We replaced the roof on our dime this year. The renewal premium went up 10% compared to prior year. No issues.

[Nana2Teddy]

Originally Posted by rsmurano

If you pay cash for a home you don’t need to buy insurance. If I was buying an older home that was cheap and I was paying cash no mortgage, I might just buy liability insurance.

So if your home gets struck by lightning and burns down you won’t care about rebuilding it? You’ll just take the loss? Asking because we paid cash for our 2 y/o home, but hubs insists it be fully insured even if rates eventually become absurd (currently we’re under $1K annually for a 4/3 home with State Farm). I told him I’m never willing to pay exorbitant insurance premiums if it ever comes to that when we’re not required to be insured because of no mortgage. It’s a bone of contention between us, lol.

[Nana2Teddy]

Originally Posted by Rocksnap

We are building a Premier block house, about 2900sf/2200sf living space. I’ve had 1 quote for about $1440 a year. Standard was catastrophic sinkhole coverage. I upgraded to slow sinkhole coverage (for now). I added umbrella coverage.which was about $20 extra.
Ask me in a year if the premium goes up substantially.
For comparison, I paid about the same in Connecticut for a similar sized house, circa 1981 build, no sinkhole coverage.

Who are you insured with? We were quoted a couple hundred dollars annually for the addition of umbrella insurance with State Farm.

[CybrSage]

Originally Posted by Inspector Mark

The OP said they only wanted kind reply's yet she just insulted everyone who has a home older the 20 years by saying, why would anyone buy an older home

That was a question, not an insult. It was asked in an honest fashion.

No offense was given, but you took it anyway. That is on you, not the OP.

[sallyg]

Agree 100% with post #10. Also, older homes may not have a bond.