Lotto winnings down in flames in fire after house purchased with no Destin Florida homeowners insurance.

A lucky Santa Rosa Beach Florida lady won one million dollars recently with a scratch-off Florida lottery ticket. She took a lump sum payment, and it turned out to be about $500,000 after taxes. Then she bought her dream house in Destin for $400,000 cash. Sounds great, right? Except for one thing. She never bought homeowners insurance. She had already spent the remaining $100,000. She had no reserves.

The house burned the day she moved in. There was an estimated $150,000 in repairs needed and she doesn’t have the money to repair the damage to the kitchen, including appliances, drywall, and smoke damage.

Stunning. Shocking. How could this happen?

Well, you don’t need to buy homeowners insurance if you don’t have a mortage on your Florida real estate. Lenders, however, do require you to get insurance to protect the investment they have in your property if you get a mortgage.

If you pay cash for your Destin Florida home, then it’s up to you to protect your own investment. If you don’t get homeowners insurance, then you take the risk that if something happens, like this Destin fire, you will be financially able to have your property repaired. In addition, without insurance, you are also running the risk that if someone gets hurt on your property you may be personally liable for any damages and medical bills.

Destin Florida Homeowners Insurance Costs

The average cost of homeowners insurance in Okaloosa County is $2797, and in Walton County it’s $4337. If this lotto winner had paid that relatively small amount, her repairs would have been covered, less her deductible.

How many Florida homeowners don’t have insurance? 13% of Florida homeowners do not carry insurance and own their properties outright.

Finally, I have to question whether or not this Destin Florida home buyer got advice or encouragement to buy a homeowners insurance policy. In the end, it was her decision, but I would strongly encourage all homeowners to get insurance.

Read also:

“You’ve Been Cancelled – The Dreaded Florida Homeowner Insurance Letter”

“Yikes! Our Florida Homeowners Insurance Just Doubled!”

The post Destin Fire – No Homeowners Insurance! first appeared on Rulnick Realty.

I recently sold a fixer-upper house on 30A in South Walton, Santa Rosa Beach, Florida, in the Beach Highland subdivision. One of the reasons it needed work was due to water damage from a washing machine hose break.  The sellers of this 30A vacation home had turned the water on prior to their visit by calling South Walton Utilities two days before their arrival. When they got into Santa Rosa Beach, they found their 30A home flooded on much of the first floor because the washing machine hose had broken.  The floor was permanently warped, and they were horrified! Well, just recently, my favorite local Emerald Coast of Florida homeowners insurance agent, Travis Wieland of Niceville Insurance Agency, mailed me a fabulous informational pamphlet on Water Damage Prevention.  He said I could share it with my readers. Maybe this will help you in the future!

1. Roof Leaks – Have a professional inspection annually. Request a detailed inspection report that includes the condition of the flashing, roof covering, parapets and drainage system. Ensure downspouts are free of debris.
2. Washing Machines – Turn supply valves off when not in use, when leaving for extended periods of time (This is a great idea!!). Only operate washing machine while someone is home. Inspect water supply line hoses once a year for cracks, kinks or blisters. Consider replacing standard hoses with reinforced braided stainless steel ones.
3. Plumbing Supply & Drains – Pay attention to your water bill. A significant increase could indicate a leak. Disconnect garden hoses when freeze warnings are issued and turn off outside faucets (freezes don’t happen often on the Emerald Coast, but it did snow here a few years ago!) Visually inspect plumbing pipes (drain and supply lines) annually, look for condensation around the pipes or an obvious leak and corrosion.
4. Toilets– After flushing until the fill valve has finished refilling the bowl.  Inspect the flushing mechanism inside the toilet every six months. Replace the flapper or fill valve assembly if you notice intermittent or constant tank refilling when the toilet is not in use (it sounds like a ghost – who hasn’t heard that?) Operate the valve to make sure the water supply will shut off. Replace supply lines with reinforced braided stainless steel hoses.
5. Water Heaters – Have professional plumbing inspection at least once every two years, and annually once the warranty has expired. The rod will eventually corrode and leave the tank vulnerable to damage.
6. Sinks – Inspect plumbing beneath sinks every six months. Locate the water shut-off valve. Inspect the valve every six months to make sure water supply will still shut off. Have valve replaced if needed.

To keep your home protected from water damage, follow this advice. I’ve heard stories from others returning home from vacations to find floors and walls damaged from leaks! For your local homeowner insurance needs on the Emerald Coast of Florida, I always recommend Travis Wieland of Niceville Insurance at 850-729-2131 or email travis@niafl.net!

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

The post Emerald Coast Water Damage Prevention Checklist – Courtesy Niceville Insurance Agency first appeared on Rulnick Realty.