Buying Key West Real Estate - Things to know

Florida Keys Property Insurance

PROPERTY INSURANCE

Monroe County participates in the National Flood Insurance Program (sponsored by FEMA—Federal Emergency Management Association), and flood insurance is available. This is a federally subsidized program, which enables property owners to purchase flood insurance in return for community adoption of specific flood damage reduction planning and building criteria. “Downstairs Enclosures”are the most affected by the criteria.* If you are financing a purchase of real estate in the Florida Keys, your lender may require flood insurance as a condition of the mortgage.

Typically, Homeowner's, Flood, and Windstorm are the three types of insurance you must have to protect your home in the Florida Keys.

Discounts on your insurance rate can be obtained with a home inspection that assures your insurance carrier that you have a 1) sound roof, 2) storm shutters, 3) elevated homes are securely fastened to the pilings they are built on, and 4) electrical, HVAC, and plumbing systems are in good condition.

*If you are purchasing an elevated home with an enclosed area underneath it, please request the important report on "Downstairs Enclosures".

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As the information in these reports is subject to change, it is provided as a general guide and not to be relied upon in your decision to purchase or sell real estate in the Florida Keys.