Florida insurance rates are going up a lot. would switching brokers help?

Question

I think this may be happening in many states. But I see that the insurance rates are going up. I am in Florida and that is the case for inland and properties in coastal areas. Personal home and rental properties .

Trying to figure out the best way to mitigate this issue. Do you have the same issue and how did you solve this?

I can start contacting brokers and fill out so much paperwork but not sure if there is any other way ? Kindly share your thoughts and suggestions.

Ben Guttman · Answer

It is happening everywhere! Florida is more extreme due to the lack of insurance reform, Surfside,and Ian.

Anna Sam · Answer

Thank you all for your thoughts and suggestions. Awesome suggestions. Really appreciate it.

Will check with a few insurance brokers, get a wind mitigation report and will also contact Tyler.

Alex Bekeza · Answer

@Anna Sam I've been having a lot of luck with Tyler Nagle lately. He's saved quite a few of the deals I've been working on where insurance was either killing DSCR or coming back prohibitively expensive on builder's risk in Florida. In a variety of scenarios, he's been fast and competitive.

Shawn McCormick · Answer

@Anna Sam There aren't really any ways around it (for now), but the best thing you could do is to have a wind mitigation report done. Depending on the age of your roof, that is likely the case. You can have one done for $200-300 and it 'should' help keep your rates reasonable if the report comes back clean.

With the rise in home values, the cost to reconstruct your home should damage occur is much higher (replacement costs). And values won't be going down here, there is just too much demand.

Best of luck

Ika Sargeant · Answer

@Anna Sam I have properties in Orlando area. I have been told insurance companies are leaving Florida. It seem there is a crisis. Two insurance companies were going to drop me if I did not replace the roof. Age of the roof requirement is 10 years or they will not insure you, including many other requirements. I expect the building code to change for windows and other things. My rates went up 40% for me.

Greg H. · Answer

I am in Florida in Jensen Beach and was able to lower my insurance to less than $2000yr for $500,000 in coverage. It helps that I have a 2022 construction with Hurricane windows, doors and double tied rafters. Definitely do some checking with some insurance brokers

Chris Seveney · Answer

@Anna Sam

I am in Virginia and my insurance has skyrocketed

It’s happening everywhere because insurance is based on replacement value and costs have gone up significantly ￼

Florida insurance rates are going up a lot. would switching brokers help?

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