FL Beachside Homeowners Ins WITH wind?

Question

Has anyone purchased a beachside Florida rental home this year or late last year and successfully obtain homeowners insurance WITH wind/ hurricane coverage? If so, who was the carrier? Here are the challenges/ reasons we’re being denied now (after originally being denied bc it needed electrical and new roof):

- Home is 1960s built

- Dwelling coverage portion is less than $500k

- It will be a full time short term rental

- 1.5 blocks/ less than 2 miles from coast

- Single family home, not condo

Proper (underwritten by Lloyds of London) will write us but it excludes wind/ hurricane. Lender won’t accept that but would accept if we found supplemental wind/ hurricane. We’ve contacted 4 or 5 brokers who have been unable to do either the policy as a STR or supplemental wind/ hurricane.

Citizens is not an option because they don’t allow rentals less than 30 days.

I feel like we’ve exhausted our options but hoping for a holy grail so thought I’d ask here! Any contacts would be highly appreciated - we have until noon tomorrow to figure this out. 😭

January Johnson · Answer

You are going to have a helluva time with wind coverage on a 1960s build if it's beachside.  I tell all my buyers to purchase properties built after 2001 if SFRs for this very reason.  Even condos built in the 70s and 80s are having a hard time.

If you haven't already, I would cancel this contract and look for something else.  FL is hell for insurance right now.

Todd Goedeke · Answer

Contact commercial insurance carriers. Any independent commercial insurance agent that has policies on small businesses close to the coast should be able to help you.

Think about all the businesses, restaurants and building owners who are less than 2 miles from the coast. Those that have a lender all have insurance coverage for wind.

Megan McCrea · Answer

Thank you so much! Town Hill denied us but Proper will write without wind. If you have an agent contact for Geovera that may write hurricane/ supplemental that would be amazing!

Megan McCrea · Answer

Thank you so much! Town Hill denied us but Proper will write without wind. If you have an agent contact for Geovera that may write hurricane/ supplemental that would be amazing!

Nick Velez · Answer

@Megan McCreaInsurance in Florida is such a mess and it is a shame. Tower Hill allows STR's but I could see them denying you for similar reasons. I had clients get coverage with proper and supplement wind with Geovera Specialty but they were much more inland. Unfortunately there are very limited carriers in Florida but I would be glad to connect you to agents at either of those companies if you have not already contacted them.

Sarah Kensinger · Answer

I feel for you SO much!! We just came through a similar situation, although it wasn't an insurance problem. But the deadlines, trying to get people to work with you, holding your breath that it'll come together, etc. It's beyond frustrating and stressful!

We checked in to Steadily Insurance for a FL property and I believe they had wind, so did a local STR insurance agent but we were in Miramar Beach area. I thought Proper Insurance did have that option for us if we wanted to pay more, but maybe not. Wish you all the best and hope you can get everything figured out in time!

Megan McCrea · Answer

Thank you so much! I will give them a try! It's insane!

Andrew Steffens · Answer

I feel your pain! Unfortunately the only carrier we are having any success with is Kin.  I would reach out to them.  Hope that helps!