I have 2 rentals in SW FL- both have open insurance claims and a public adjuster is involved.
My insurance policies renew April/May. I have tried to get quotes for these properties and I haven't found a company that is willing to insure me because I have open claims. I don't know if the current insurance company (loggerhead) where I have the open claims is willing to renew the policy or not. I am supposed to be having mediation with the public adjuster and insurance company- upcoming- but I don't have a date yet. Both these properties have mortgages and they both are required to have insurance on them. I am not sure how to handle this situation?
Lender · St. Augustine, FL · Member since 2015 · 120 posts · 26 votes
1y
@Nancy Kittleson Have you any updates on this? We have a similar situation where we have a multifamily under contract and have a traditional lender set up and had insurance good to go. The seller offered seller financing terms later on in the game, and we wanted to pivot to seller financing, and when we did, our insurance carrier said they would no longer issue the policy if the seller was going to hold the note. I have never heard of this before but I was wondering if this was happening in Florida because the insurance market is a mess right now, or what.