Help! Insurance quote with or without wind

5 Replies

Got a 2500sqft house with a pool in the state of Florida.

Proper insurance quote was $1800 Wind Excluded $3000 with Wind

CBIZ insurance quote was $2100 Wind excluded $3600 with Wind

I like to get with Wind just incase we have another hurricane blow by since Florida is on Hurricane alley, how's everyone getting around this wind cost, are you just eating up the cost?

In the state of Florida you are required to have wind if you are in certain areas and have a mortgage. It is only a requirement of your bank so if it’s free and clear you can do anything you want. I always have wind on all our properties. Now, filing a claim and getting compensated is a whole other story. Good luck!

Yes, we have several short term rentals and we absorb the cost. Your lender will make you take on the additional cost if you are in certain coastal zones. I’m assuming you are inland because of the low cost of your quotes. It’s really not a lot when you spread the cost through the cleaning charge and raising rates minimally throughout guests’ stays. Take care.

Because our properties are tiny houses, and their replacement value is relatively low, we've decided not to carry windstorm insurance.  Insurance is always a waste of money when you don't end up using it, but very valuable if you do need to use it.    You'll need to decide whether you can absorb the loss if you have significant windstorm damage.

Also, check out the windstorm deductible.  We have Proper Insurance, and the windstorm deductible is 5% (subject to a minimum of $25,000!).

Nevertheless, @Eric A. is correct that your mortgage company will require it if you have a loan on the property.

If it makes you feel any better, many (maybe most) of the other vacation rentals in your area also will be paying for windstorm insurance.  It's part of the cost of doing business in a hurricane-prone area.  There is no getting around it unless you decide to just take on the risk of being uninsured.

@Chai Xiong   My wife and I are purchasing a house in Kissimmee and in a nearly identical situation as your original post. I'm curious as to what you chose to do. (My house is a little smaller so I'm looking at $2500 vs $1600 with Proper).