My wife and I are looking into our first investment property that we plan on owner occupying. Right now we are looking at a quadraplex in Florida and in order to get my numbers in line I decided to get some quotes on insurance. This is new territory for me but I was surprised at how much the quotes came back at. It's built in 1984, has a newer roof, and is 3412 sqft. with a purchase price at 294K. The numbers I received back were
$3218 (It shows $2700 for $366K coverage for the dwelling, $127 for 8K of personal property, and $225 for 300K of personal liability, and some other line items included)
$2999 (pretty much the same as above)
Was curious if any of you could share your experience with similar properties in Florida and if anyone had any references for insurance.
Can't specifically speak to FL, but, I always seem to pay more for owner occupied properties than for rental's. It cost the same to rebuild per square foot, but in an OO they are also covering your personal property, furniture, jewelry etc.
Shop around and see what type of deals you can get, you can also get better rates by going with a higher deductible, just make sure you can afford more out of pocket if you have to make a claim.
Get a quote from Universal Property. You can google Universal Property insurance Florida for their number. I have used them on multiple FL properties. I am not affiliated with them.
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