Insurance for Quad going up from $4700 to $11,000
We just received our insurance bill for this year for our Quad in St. Petersburg Florida and it's going from $4700 to $11,000.
Our city also put a rent control in place and we are also trying to get over the more than double tax increase.
If anyone knows of an insurance company that you can recommend for our Quad I would appreciate it so much.
Kind Regards, Michele
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.