Insuring SW Florida Rentals: What Is The Best Move?

Question

Anyone that lives on the coast knows the issues with insurance. In many cases it can be expensive. My current insurance carrier is proposing the following deductibles with pricing.

$5000 Deductible & 5% Hurricane Deductible $1011.00 $2500 Deductible & 10% Hurricane Deductible $920.00 $5000 Deductible & 10% Hurricane Deductible $900.00

The house is 1413 SF built in 1988. CBS. Will need a new roof in probably 5 years. Not located in a flood zone.

Which would you choose and why?

Jeff B. · Answer

I would need some additional information.
You posted in the Landlord/Rental section and you didn't mention the liability coverage amount. Have you had a recent Windstorm mitigation survey performed? In general the insurer wants a recent survey to consider it for a deduction on your insurance.
Do you have wind mitigation devices for the dwelling?
Lastly are there any potential hazards that could increase the impact of windstorm damage to the property?

Anna Buffkin · Answer

Disclaimer: my opinion only.

A or B.

I would not choose C as you can cut your deductible (liability) in half for only $20 more per year.

A or B would depend on a lot. I would ask myself. Can I afford to pay an additional 5% of damages in case of a hurricane? How likely is it that the home could be destroyed by hurricane?

I know how you feel. I purchased property insurance yesterday. I went through the same debates exception I live too far inland to worry about hurricanes.

Insuring SW Florida Rentals: What Is The Best Move?

2 Replies