Condo Insurance In Fla. - Posted by AndyA


#1

Posted by Bill Nelson on November 13, 1998 at 20:00:08:

and Blow your Condo Down, just Kidding…
Walt (Fl)


#2

Condo Insurance In Fla. - Posted by AndyA

Posted by AndyA on November 13, 1998 at 13:13:58:

I own several condos in Brevard Co. Fla, used as rentals.
Insurance costs about $`125 each per year, and covers
liability & property damage inside the unit.

I just purchased another unit, but am having trouble getting
insurance. The traditional writers (Allstate, StateFarm, etc) will not write policies for investors, due to claims
from Hurricane Andrew a few years ago. I can get basic
coverage from an unknown company, for $440. Seems way too high.

Anyone out there in Fla. with a solution?


#3

Re: Condo Insurance In Fla. - Posted by Jim Burton

Posted by Jim Burton on November 14, 1998 at 16:00:46:

My insurance agent in Okaloosa County (Ft Walton Beach area) just placed a condo for me with Lloyd’s of London. It is $154/yr for $25K dwelling coverage. The phone # for claims is 800-215-6790; they can provide a better phone number for policy service, I’m sure. I’ve got 7 properties with the JUA and just this week found a non-surplus carrier that brought the cost for my SFRs down from $900 to $400/yr. The JUA insurance is definitely the biggest drain on my cash flow. My $48,000 townhouses with the JUA are costing $630/yr! If you have any knowledge as to who might insure these for less, please let me know.
Good luck,
Jim


#4

Re: Condo Insurance In Fla. - Posted by Rob FL

Posted by Rob FL on November 13, 1998 at 19:14:25:

I have had the same problem. I’m over in Orlando. For some reason, mainly hurricane Andrew, the major insurers will not touch a landlord/investor in Florida. I even had allstate cancel my homeowners 2 years ago because they are simply trying to get the heck out of Florida. I had never even made a claim with them (and I had them for 4 yrs before they cancelled).

Forget allstate and state farm they won’t give you a landlord policy unless you have your homeowners and car with them. I have found some good independent agents that will write on the FL joint underwriters. Their costs are about average, but definitely lower than $400. Find a good independent and stick with them.

P.S. it is really sad that our Insurance Commissioner, Bill Nelson, got re-elected. He is the biggest joke around. In 6 years of homeownership, my homeowners’ rates have literally doubled. Write Bill Nelson a letter and ask him to actually do something besides let insurance companies make him a giant laughing-stock.