Saving Thousands on Flood Insurance: A Smart Move for Miami Homebuyers

As a seasoned realtor in Miami, I can't emphasize enough how important it is for homebuyers to be aware of flood insurance, especially in our coastal city where flooding can be a concern. But here's the good news: flood insurance can be a game-changer when it comes to protecting your investment, and there's a savvy trick you should know about.

Assuming Existing Flood Policies

Did you know that flood insurance is the only type of insurance that can be transferred from a seller to a buyer when purchasing a home? This means that you can assume the existing flood insurance policy from the seller, potentially saving you thousands of dollars in premiums.

Real Savings Story

Just last month, one of my buyers took advantage of this opportunity and saved a substantial amount of money. She had a quote for new insurance which was around $3,000 but the seller was only paying $1,500 for his policy. So she took over his policy and saved thousands of dollars! The process is straightforward. Ask the seller for a copy of their existing flood insurance policy, provide it to your insurance agent, and let them handle the rest.

Protect Your Investment

So, before you dive into the Miami real estate market, remember to consider flood insurance and the potential savings it can offer. By assuming an existing policy, you can protect your new home from unexpected flood-related costs and stay financially afloat. Don't let your bills leave you underwater—explore this option on your next home purchase.