Making Your Retirement Research That Bit Easier...
The sunshine state is a HOT choice for retirees and snowbirds alike and yes snowbirds are no longer just the over 55's! Perhaps you have a spot in mind or are as yet undecided... either ways use the following info to equip yourself with free tools and resources that will make your retirement plan go smoothly!
Keep In Mind...
Experts recommend that a potential retiree should travel throughout the state, renting rather than buying during the first year, prior making a decision about a permanent Florida home. This will allow you to find a community that provides opportunities for participating in those hobbies developed earlier in life or those hobbies you have always wished to develop!
Retirement In Florida Research
From 1980 Florida’s population has grown by an average of 873 residents a day.
Florida Facts- 23% of Florida’s total population consists of people over the age of 60.
- The counties with the largest percentages of people age 65 and older are,
- Charlotte (35%)
- Highlands (33%)
- Citrus (32%)
- Sarasota (31%)
- Florida is one of seven states in the US that impose no individual income tax which is one of the many reasons why so many retirees choose Florida as their nest.
- Florida has 1300 miles of coastline, mile upon mile of rolling countryside and cities of every size to suit every taste and lifestyle.
- 300 days a year of sunshine... Have a look at chart below for temperatures of popular locations. For weather details of any town in the sunshine state visit here
- Be aware of Florida hurricane season- get all the essential information ( we even have a plan for pets!)
Homework Time!
Before choosing Florida retirement, do your homework! Researching the best places to retire in Florida and choosing a good Florida retirement community is vital.
- Contact the Florida Chamber of Commerce. They can offer an abundance of free information and direct you to local chambers of commerce in those areas you are considering as a place to retire. Also, don't forget your own public library, which might also carry Florida newspapers. This is a great way to get the feel of the place first before actually going there. You can also surf over to the Florida library and you can even ask a librarian questions online... great for all those things you need to find or if you are not in the USA!
- If you are struggling over which area to choose this retirement locator tool may just be what you need. You can select from various criteria such as,
- Crime
- Median House price
- Weather
- Healthcare ( Home health care and nursing and residential)
- Population over 55
- Recreational and cultural events
The Good...
Florida residents are entitled to property tax exemptions of up to $25,000 on the assessed value of owner-or dependent-occupied homesteads.
How Do I Become A Resident?
To become a resident of Florida, a person must establish a home or a permanent dwelling place and demonstrate the intent to make Florida the place of permanent legal residence. Please read this article on moving to florida. It will take those from interstate and from overseas through the process of becoming a Florida resident.
And The Bad...
Homeowners Insurance : Florida is pretty well known for hurricanes it is surrounded on three sides by water and it's population is mostly condensed along the coastlines. Because of this fact, a major storm can quickly do tens of billions of dollars in damage. The odds of a hurricane damaging your home is rather small but, it is still a very real possibility. Due to this, homeowners have a much higher insurance rate than other states. There was a bill passed by the Florida legislature, however, that is supposed to lower the cost of insurance by as much as 20% but you will need to check the rates before you decide to buy.
How Can I Lower My Florida Home Owner Premiums?
- Shop Around - use the yellow pages or better yet contact the state insurance department as they provide information on typical rates charged by major insurers and the frequency of consumer complaints by company. This will give you an idea of price ranges and let you decide which companies have the lowest prices. However don't consider price alone. The insurer you pick should offer a fair price and deliver the quality service you would expect if you needed assistance in filing a claim. So in assessing service quality, use the complaint information cited above and talk to a number of insurers to get a feeling for the type of service they give. Ask them what they would do to lower your costs.
- Check the financial stability of the companies you are considering with rating companies such as A.M. Best and Standard & Poor’s and check out consumer magazines. When you've narrowed the field to three insurers, get price quotes.
- Don’t confuse what you paid for your house with rebuilding costs. The land under your home/ condo isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don't include its value when you estimate the amount homeowners insurance to buy. If you do, you will pay a higher premium than you should.Your realtor will be able to assist you with this.
- Take a home inventory of only the possessions you would replace if your home burned down or blew away. You can save yourself some cash by eliminating the coverage for anything you would not replace if it were lost in a hurricane.
- Raise your deductibles. A deductible is how much you will have to pay out of your own pocket before your insurance cover kicks in. As al rule of thumb, the higher your deductible, the lower your premium. You don't want it to be too high because then you'll have to come up with a lot of cash if your roof blows off! But if you have access to that cash and your deductible is too low, your premium will be higher than it should be. Nowadays, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent. Remember flooding is not covered by homeowner insurance so you will need a policy for that ( costs on average $400/ year). However you can claw back discounts by protecting and preparing your home for disasters caused by hurricanes.
- Buy your home and automobile policies from the same insurer! Some companies that sell homeowners, auto and liability insurance will take 5 to 15 percent off your premium if you buy two or more policies from them. But make certain this combined price is lower than buying the different coverages from different companies.
- Improve your home security! You can achieve discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some offer to cut your premium by as much as 15 or 20 percent if you install a sprinkler system and a fire and burglar alarm that rings at the police or fire stations. These systems are expensive and not every system qualifies for a discount. Before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you'd save on premiums.
- If you're at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies. Some employers and professional associations administer group insurance programs that may offer a better deal than you can get elsewhere.
- Establishing a solid credit history can really slash your insurance costs. Insurers are increasingly using credit information to price homeowners policies. In most states, your insurer must advise you of any adverse action, such as a higher rate, at which time you should verify the accuracy of the information on which the insurer relied. To protect your credit standing pay your bills on time, don't obtain more credit than you need and keep your credit balances as low as you can. Check your credit record on a regular basis and have any errors corrected promptly so that your record remains accurate.
- Look to private insurance if you are in a government plan. If you live in a high-risk area like Florida-- and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or contact your state department of insurance for the names of companies that might be interested in your business. You may find that there are steps you can take that would allow you to buy insurance at a lower price in the private market.
- When you’re buying your florida home, consider the cost of homeowners insurance. You will pay less for insurance if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department. It may also be cheaper if your home’s electrical, heating and plumbing systems are less than 10 years old. Choosing wisely can cut your premiums by 5 to 15 percent.
- Lastly check the CLUE report or better known as home sellers disclosure report. of the home you are thinking of buying. These reports contain the insurance claim history of the property and can help you judge some of the problems the house may have.
Talk to Your Agent
You will need an agent to start or amend your policy, so call your agent and tell them that you want to lower your premium. Ask your agent to walk through the steps above with you.
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