Carter here with CENTURY 21 Affiliated and today we’re going to be discussing the cost to insure a Lake Winnebago home. When looking at insurance and talking with your insurance broker in the Fox Valley, Wisconsin area, there are things you need to know about your Lake Winnebago property. Don’t skip these steps as it could result in thousands of dollars more a year in insurance coverage!
Checking Flood Zones
The first thing I would look into is, “Is the property in a flood zone or a flood hazard area?” Meaning, if it is, if you’re going to obtain a mortgage on the property, you will need to have flood insurance coverage. Now, there are multiple different insurance agencies that can do this for you. But in my experience, the most reasonable flood coverage, will be through Lloyd’s of London. The way to check in see if a property is in a flood plain is either by asking your Realtor, or going on the County GIS Maps & looking for the flood zone areas.
Flood Insurance Policies
Lloyd’s of London coverage is only available if you go through an insurance broker. All other insurance policies will have to be run through FEMA, which is significantly more expensive for the same amount of coverage. Your lending institution or your bank if obtaining a mortgage might have certain restrictions that they need to see in the insurance policy. Which will in fact dictate whether you have to go with a FEMA policy or a Lloyd’s of London policy.
Homeowners Insurance Cost
The next thing is the discussion of homeowners insurance. How much do you need on the property? What should your deductible be? All valid questions you should ask yourself & also your insurance agent. This topic is something to discuss with your insurance agent, because they will have the best idea to get the most bang for your buck on insurance for Lake Winnebago waterfront homes.
Cost of Insurance on Lake Winnebago Homes
Generally speaking, you are going to pay more for waterfront property insurance because the property itself is more expensive. You will also need to check into the flood zone to make sure if you will have to pay flood insurance or not. Flood insurance is only required if you have a mortgage on the property. Don’t go with the first insurance quote you get & make sure to shop around the policies. If you need a referral to a local insurance agent please reach out!
Can I Help?
I wish you the best of luck when you’re searching for insurance on a Lake Winnebago property. If I can be of assistance, or if I can help you find your next Lake Winnebago house, please feel free to fill out the form down below. Or give me a call on my cell phone, which is (920) 252-2864. Best of luck house hunting. And I’ll talk to you soon