Investor · Northridge, CA · Member since 2015 · 47 posts · 3 votes
Hi All,
Just recently purchased first rental property in Winter Haven, FL (suburbs of Orlando, FL). Trying to get insurance for property and liability but quotes I got were very expensive (more than $1200) and without much explanation what is what.
Does anybody know or can recommend a good insurance agency/broker for that area?
Investor · Northridge, CA · Member since 2015 · 47 posts · 3 votes
11y
Hi Neil,
thanks for info. Definitely will try it out. It was a cash purchase, i actually got a property through an auction. Fixed it up and rented it out. Now thinking about protection of property and liability.
Rental Property Investor · Tulsa, OK · Member since 2014 · 241 posts · 187 votes
11y
I would recommend Brown and Brown of Florida. They write my commercial insurance for a construction company that I own so I trust them. I have found that the rates in FL do not differ much from broker to broker, just the level of service. I have used several different agencies and have had several issues over the years. These folks will treat you well and give you competitive pricing.
With that said, see information below and feel free to use me as a reference.
Investor · Hagerstown, MD · Member since 2014 · 299 posts · 140 votes
11y
@Sergey Perevalov It is already rented and you are now getting insurance?
I also have a rental (short term) in the Clermont area. We are insured through Ark Royal/ASI and the broker is Florida Chartered Insurance at 407-359-1009. We have had great relations with them for the past 4 years. Also, we had to do a claim and the process went well.
For our 4/3 SFH with pool, we pay $1006, $327 of that is Hurricane Premium. I am sure that the price will depend greatly on other factors including condition of the roof and whether you are adding coverage for furnishings, etc. I know that there is some type of appraisal / inspection that you can pay for, but if it is done, it will save you lot on insurance costs.
We also have this property listed under our umbrella policy through a different company for additional protection.
Investor · Northridge, CA · Member since 2015 · 47 posts · 3 votes
11y
Hi Beth,
yes, the process looks awkward but it's rented and now i am looking for insurance. I should have insured property long time ago. I will try your referral.
The quote i got had a windstorm protection, don't know if it's the same as hurricane... No flood protection etc. It seems to be very basic and the asking price is pretty high.
Rental Property Investor · Tulsa, OK · Member since 2014 · 241 posts · 187 votes
11y
@Sergey Perevalov... one more note. Make sure you get a "Wind Mitigation Report" done. This can save you a few percent off the cost in Florida. Ask if the broker has a "coupon" or a discount for the cost of the report.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
11y
@Sergey PerevalovI don't have insurance on one of my rentals due to the price. Insurance will vary due to year of construction and construction type (wood frame vs concrete block). As an example, I have a nice 3-2-2 worth in the 150K range that costs around $700 per year. It was built in 2006 and is CBS. My uninsured house (I do carry liability) is wood frame, built in the 80's and worth about 85K. I declined insurance due to quotes in the $1700 range.
Investor · Northridge, CA · Member since 2015 · 47 posts · 3 votes
11y
That's the thing! the house is 1923 and there was a lapse in insurance etc... that's why it's pretty pricey. BUt it concverns me not to have an insurance fromthe other hand.