Florida rental property insurance

[Rick Oaks]

We have several duplex /4 plex units in fla. we have noticed a huge insurance hike over the last 3-4 years. Anybody else experience this?

[Jared Townsend]

We have seen rate increases from most of our carriers over the last few years. Some of these are even mandated by the state to make sure the carriers have adequate reserve funding for claims. In my opinion the two major drivers of the increase are 1) higher reinsurance rates charged to the carriers, and 2) lawsuit abuse which inflates claim severity. 

Your best bet is to first review your policy to make sure it fits your needs, then comparison shop. Make sure that the new quotes you receive are comparable or better than your current coverage because I often see people excited about lower rates but miss the fact that they lost valuable endorsements and increased their deductible by thousands. 

Best of luck to you!