All Forum Posts by: Jared Townsend

@James Carlson We represent Proper as well - they have a time and place when regional companies are unwilling to write the risk. In our experience they tend to be 20-30% more expensive. They were founded in 2014 and based heavily on a prior Lloyds based insurer (CBIZ). We have been writing vacation rental insurance since 2006 and watched as multiple products have come and gone. 

Hi Owen,

There are a handful of carriers in FL that write short term rental insurance. Some of the best are ASI (owned by Progressive), FedNat, St Johns and Velocity. Best of luck to you! 

Insurance is South Florida tends to be the highest. The panhandle can be tough due to weaker building codes. Anywhere within a few miles of the coast tend to be higher but once you get 5-10 miles inland the rates tend to normalize. A few general rules to keep your insurance costs lower: 1) Newer is cheaper than older; 2) Concrete is cheaper than frame; 3) Inland is cheaper than coastal; 4) roof shape matters; 5) get a quote while you can still back out of the deal! 

@Raja Panyala A short lapse in coverage (less than 30 days) is generally easy to rewrite. The longer past 30 days you get you will have fewer options and potential surcharges. More often than not we write a policy for a year to reestablish coverage history then rewrite to a better carrier. 

Congratulations on the purchase! Are you planning to make some improvements to the property?

Wind mitigations are not required in order to get a quote since they do not impact eligibility - only premium. A four point is helpful to quote but shouldn't be required (for homes 30+ years it will typically be required to bind coverage). A good agent should get you a quote contingent upon a passing four point inspection within 24 hours. 

@David Cook The inspection you are looking for is called the Wind Mitigation report. The inspector takes measurements and photos in the attic to verify the wind resistance of the roof. It looks at the size of the nails, their spacing, applicable tie downs and more. 

The inspection doesn't always provide discounts but it is fairly common to see them, especially if the house is older. I hope that helps!

@Karl Sivert Skatland A quick google search shows the project was completed. Do you have an update on how the project went? Things you learned?

@Jason Crowe These are all easily done across multiple policies. 

DP3: Ordinance/law; wind/hail ; water; named storm (redundant)

HO4: Renters insurance (bought by the renters)

Umbrella/GL: Most policies only go up to $300,000 or $500,000 liability. An umbrella or commercial general liability policy would get you up to the requested $1 mil. 

Flood: Typically provided on a separate policy but a few carriers now offer it as an endorsement to the DP3 policy. 

@Johan Zafra Your best bet is to go with a local independent agent that has access to a variety of FL specific carriers. Florida is a unique state and many of the national carriers stay away so you will likely utilize a (relatively) smaller regional carrier.