I bought a duplex that needed a new flat roof (it was fine but was 18 years old), electrical panel changeout, and hurricane protection. I was able to get a homeowners policy for $5500 for a year with the requirement that I change out the panels. I did that, and changed the flat roof and added hurricane protection. Told the insurance company then requoted me and now my rate is $5000 for a year. My broker shopped for other insurance companies and found one other who quoted similar coverage for $4500.
Mind you - in recent years I've bought other similar rental properties in similar condition/locations and did the upgrades....and my annual insurance rate for those (similar coverage) is more like $2500 per year. My insurance broker tells me that insurance markets have tightened a lot very recently.
So I went to another insurance broker....couldn't even get a quote from him because he said the other roof on the duplex (a pitched shingle roof) was 18 years old and they only write policies for houses with a shingle roof less than 15 years old! My roof inspection indicated the pitched shingle roof has 10+years of life left.
I use an insurer that provides insurance nationally. I like them because I have properties in several states so they are one-stop shopping. I find their price structure is often very different from local agent quotes. They may have a better rate for you. Google National Real Estate Insurance Group.
...get another quote. I own a couple of duplex with flat roofs. They were the best when I went insurance shopping! Very good rates!
Bars Insurance - Kathrine Sepulveda
Look up the number as BP prohibits us from putting telephone numbers here
There in Miami on Brickell Ave....
Tell them Jeff Hubert referred you!
Thanks to you both! I will followup as suggested.
If anyone else has a suggestion for a broker to try (or a comment on the type of rates I'm experiencing), I'd greatly appreciate it.
Try David Feather, from GreatFlorida Insurance of Coral Springs. Send a private message if you cannot find his phone number. David is very professional and has helped me find insurance for a few properties.