Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
3y
My recommendation is to shop the heck out of it. My clients and I have had the same experience but, in every case, we found resonable insurers did exist. I also recommend raising your deduction as much as you can and ensuring you have a clean 4-point as all insurers are requiring a new one. Hang in there.
And, here's the ordinance on rent increases in St. Pete: "The ordinance that takes effect on Jan. 1, 2023, says if landlords raise the rent by more than 5 percent, they have to give 60 days' notice for a year lease, 30 days' notice for a 3-month rental and three weeks' notice for month to month renters."
It's a notice game but it doesn't keep you from doing what you need to do to cover rising insurance costs and taxes.
Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
3y
My recommendation is to shop the heck out of it. My clients and I have had the same experience but, in every case, we found resonable insurers did exist. I also recommend raising your deduction as much as you can and ensuring you have a clean 4-point as all insurers are requiring a new one. Hang in there.
And, here's the ordinance on rent increases in St. Pete: "The ordinance that takes effect on Jan. 1, 2023, says if landlords raise the rent by more than 5 percent, they have to give 60 days' notice for a year lease, 30 days' notice for a 3-month rental and three weeks' notice for month to month renters."
It's a notice game but it doesn't keep you from doing what you need to do to cover rising insurance costs and taxes.
Options including wind/hail are continuing to decrease along with significant rate increases for the same exposures. Unless you go with Citizens, capacity for older construction is difficult to find for Miami-Dade/Broward/Palm Beach/Hillsborough and Pinellas. Try Austin Richardson at Capstone Insurance. He has access to decent markets and knows how to get creative. 727-937-4291.
I heard a lot of people in FL just has their insurance doubled. And many people are going with the one offered by the government ( I forgot the name but FL has its own insurance carrier).