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Michele Mason
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Insurance for Quad going up from $4700 to $11,000

Michele Mason
Posted Jan 30 2023, 10:23

Hello,

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 

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Jeremy Kloter
  • Real Estate Broker
  • Tampa Bay
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Jeremy Kloter
  • Real Estate Broker
  • Tampa Bay
Replied Jan 31 2023, 09:10

PM me, we got an increase from 2,200 to 4,800 and shopped with our guy and it is only increasing $100 with a new 4pt inspection.

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Patricia Steiner
  • Real Estate Broker
  • Hyde Park Tampa, FL
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Patricia Steiner
  • Real Estate Broker
  • Hyde Park Tampa, FL
Replied Jan 31 2023, 09:37

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.  

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Replied Jan 31 2023, 10:29

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.

Jason

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Michele Mason
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Michele Mason
Replied Jan 31 2023, 11:58

Thank you so much!

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Michele Mason
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Michele Mason
Replied Jan 31 2023, 11:59

Thanks Patricia!

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Replied Jan 31 2023, 17:40

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).