Buying property here can be amazing, but Florida has a few “gotchas” that hit buyers harder than in many other states. The biggest ones are insurance, flood risk, condo and HOA financials, and how taxes can reset after you purchase.
Here’s what to watch before you make an offer, written in plain English.
Your payment is not just the mortgage
A lot of buyers run the numbers on price and rate, then get surprised by the real monthly cost.
In Florida, your true monthly payment is usually:
- Mortgage principal and interest
- Property taxes
- Homeowners insurance
- Often separate flood insurance
- HOA or condo fees if applicable
Flood matters because standard homeowners policies typically do not cover flood damage, so it is commonly purchased separately.
Property taxes can jump after you buy
If the previous owner had a protected assessed value (common with homesteaded properties), the tax history you see online might not reflect what you will pay after closing.
Florida’s homestead exemption can reduce taxable value, and the Save Our Homes benefit limits how quickly assessed value can rise for eligible primary residences.
If you are buying a primary home, build this into your plan:
- File for homestead as soon as you qualify
- Watch the deadline and documentation requirements
Example for Palm Beach County: the Palm Beach County Property Appraiser notes you must be eligible as of January 1 and file by March 1.
Statewide context is covered by the Florida Department of Revenue.
Insurance can make or break a deal
This is not optional math. In some areas, the ability to get coverage at an acceptable price is what decides if a home is a good buy.
Two important realities:
- Flood coverage is typically separate from homeowners coverage.
- Older roofs and older homes often trigger extra inspection requirements from insurers (this varies by carrier, but it is common enough to plan for). One example is Citizens Property Insurance Corporation, which explicitly requires a four point inspection for many older properties and is phasing in a flood insurance requirement for most policies with wind coverage by January 1, 2027.
What to do before you get emotionally attached to a property:
- Get insurance quotes early, ideally before inspection period ends
- Ask what inspections the carrier will require
- If the home is near water or in a mapped risk area, price flood insurance too
Flood risk is not just “waterfront”
Flood risk impacts your wallet even if you never get water in the house.
If you have a federally backed mortgage and the property is in a high risk flood area, flood insurance may be required.
Also, the National Flood Insurance Program has had periodic funding deadlines and disruptions that can affect new policies and some closings, which is another reason buyers should line this up early in the process.
Practical move:
- Check the flood zone, then still ask for a flood quote even if it is not required. Flood claims happen outside the highest risk zones too.
Condos have extra rules and extra risk right now
If you are buying a condo, you are not just buying a unit. You are buying into a building’s maintenance reality and the association’s finances.
Florida has major condo inspection and reserve requirements tied to building age and height. The Florida Department of Business and Professional Regulation explains deadlines for milestone inspections and Structural Integrity Reserve Studies (SIRS), including deadlines that run through 2025 and 2026 depending on the association’s situation.
What this means for a buyer:
- Special assessments can show up fast if reserves are weak
- Monthly fees can rise when the building needs major work
- You should review the association’s budget, reserves, recent meeting minutes, and any engineering or inspection reports before you commit
Closing costs and “who pays what” vary
Florida closing costs are negotiable, and local customs can differ by county. One big item is documentary stamp tax, which is commonly paid by the seller in much of Florida and is calculated per $100 of value (with different rates in some situations like certain Miami-Dade property types).
This is why you should ask your agent or title company early:
- What are the typical closing cost splits in this county
- Who is paying title insurance in this deal
- What are the lender fees and prepaids (tax and insurance escrows can be large)
Seller disclosures are real, but you still need inspections
Florida case law requires sellers to disclose known facts that materially affect value that are not readily observable and not known to the buyer, commonly referenced from Johnson v. Davis.
And for homes built before 1978, federal law requires lead based paint disclosures.
Still, do not treat disclosures as due diligence.
Your protection is:
- A strong inspection
- Checking permits and prior repairs where possible
- Not waiving contingencies unless you fully understand the risk
A quick pre offer checklist that saves people from regret
Before you submit an offer, try to have answers to these:
- What will insurance cost, and can you actually get coverage where you want to buy (homeowners plus flood)
- What will property taxes likely be after purchase, and do you qualify for homestead and Save Our Homes
- If it is a condo: do milestone inspection and SIRS apply, and are reserves healthy
- What are the expected closing costs in this county, including documentary stamp tax norms
- Are there any required federal disclosures like lead based paint for older homes
