All Forum Posts by: Chad R.

We are in the process of purchasing a condo in Florida and have been obtaining quotes from many insurance companies, getting different/ mixed messages and was hoping to clear things up.

The condo HOA has insurance that covers the exterior, so we just need to cover for the studs-in and contents. Some of the vendors are specifying that we need wind and Flood insurance. We aren't looking to pay for insurance if already covered.

Other Info:

The condo complex is raised (Stilted)

We have requested info from the HOA to see whats covered in the Master policy.

Scenario:

If we don't take this coverage (as its the master policy has wind and flood) and opt for the studs-in and contents only, would we be covered if say in a hurricane the slider glass got damaged by debris and the interior suffered damage, or if a flood affected our second floor unit, maybe even a wave?" 

He advised he could get a lower rate if it was classed as a second home (vacation) - which we will occasionally..

I had a second quote this morning from quicken loans, came in a lot better at 4.125%, have given the broker the option to match this...

Quick question, we are in the process of purchasing a property in FL for the sole purpose of STR, I have a question on the rate we are getting from our broker, hes quoting us 5.3% with 20% down (loan 228, 0000) this is in my wife's name (credit score 800+), I was hoping to get something in the 3's but hes saying as this is not primary residence we cat get anywhere near that.. Thoughts / Feedback?