Insurance Coverage for Apartments in Miami (Noob help!)

[Julian Fanghanel]

Hello,

I'm quite new to this, so I would appreciate your help. Long story short, my father passed away and I inherited some apartments he left me in Miami (Brickell area). I currently live in PA so I am not in the state but, these are managed through a managing company (thankfully). I know some of these have insurance through their mortgage company (don't know what kind) but, do I need any other extra insurance like Rental Dwelling Policies? Other apartments are paid off and I am trying to gather the information to see if we have insurance for these. If they don't what kind of insurance would you recommend? Finally, should I ask several insurance companies directly or just get a broker?

I apologize for the number of questions, this is a little overwhelming. Any and all input is greatly appreciated.

Best,

Julian

[John Mocker]

Julian,

Sorry to hear of your Dad's passing.  I will give you some info based on what you indicated:

1. Insurance through the Mortgage:  Generally the Mortgage company places coverage if you do not maintain it.  Normally that coverage just protects the amount of their mortgage.  Also, it may not include other important coverage such as Liability, loss of Rents, Contents, etc..)

2. FL is very difficult to get coverage.  Large numbers of Insurance Companies stopped writing there for Home and Rental Dwellings.  

3. Roofs need to be updated in a lot of the remaining companies.  I have heard 10 years old as maximum age with some companies

4. In this market I would recommend that you seek out multiple Independent Agents to find the coverage

5. Most companies will write 1-4 family homes in Personal Insurance department and 5+ unit buildings in Commercial