All Forum Posts by: Ricardo Alonso

Hi John, 

I currently reside and work primarily in SF and would love to help you out with any questions you may have regarding insurance in Florida. 

Ricardo Alonso 

Hey Patti,

I deal with this every single day especially here in South Florida, and YES the insurance will be MUCH higher due to older mechanical/electrical/plumbing. The price depends on the age, if there was any remodels done that will help you, and if you're getting a mortgage on the property they will require Wind coverage which is going to be the bulk of your cost. If you're purchasing cash, then you do not even have to put insurance on it. Be cautious and consider those factors before placing your offer, insurance is often an overlooked expense. 

Hope this helps!

Ricardo Alonso

Hi Ty,

There are certain companies that have to take him in FL, like Citizen's. It may be the case that the buyer cannot find affordable insurance if it's located on the coast and needs wind. There are a few good programs for Coastal properties here, the buyer just needs to find a good broker. 

Hope this helps. 

Ricardo Alonso

@Joseph Weiss

Hey Joseph, 

A good rule of thumb is if it's under the same roof you can usually keep it under one policy *for homeowners.* That being said since the single family home is a complete other structure, away from the duplex you would need 2 separate homeowners policy. Now if these 3 units are under 1 company than you can most likely get a property policy that includes both of the homes under 1 policy. Hope this helps. 

Thanks,

Ricardo A.

@Steve White

Hey Steve,

I used  to live near Port Orange in Ormond Beach, and I'm familiar with the situation you speak of. For the manufactured home you can probably get a Dwelling policy, but judging by your description this will come at a cost IF the insurance company decides to take the risk. Let me ask you why are you so set on getting insurance for this property? Bank refinance? 

The best way to get a dwelling policy is to reach out to a local agent and just tell them you're looking for a basic dwelling policy on a manufactured home, they should know exactly how to handle your situation. 

Thanks,

Ricardo Alonso

@Andrew Stewart

Hey Andrew,

Yes it is legal for an insurance company to cancel your policy based on renting to students if it wasn't disclosed in the application. They can basically cancel you for anything except discrimination. Have your insurance agent call the insurance company, and send them a letter signed by you stating that there is no students renting your property. This might suffice and the policy MIGHT remain in force. Hope this helps.

Thanks,

Ricardo Alonso

@Bradley Strack

Hey Bradley, I work primarily as an insurance broker in SF. I can assure you that if the property is as you've described the premiums will be higher than usual. My suggestions would be to find a broker who can market your house to surplus lines vendors as admitted companies in FL are probably charging you an arm and a leg. You should keep shopping around, be wary of low premiums on the front end, then an additional premium once the company does the home inspection. Let me know if you have any questions, would love to help.

Thanks,

Ricardo A.

@Deshawn Lewis

Hey Deshawn,

Given the brief description you've given on the property I can almost guarantee no insurer will take this property. Part of obtaining property insurance coverage for a home constitutes an inspection by the insurance company. This home has a tenant which adds another level of complexity to the issue. My best advice is to reach out to a local broker, and try to see if anyone will insure the home as is, if not you may have to invest some money in the home to bring it up to building code. 

Thanks,

Ricardo Alonso

@Scott Rosslow

Hey Scott,

Coincidentally, I am an insurance broker in South Florida. Florida is a tricky insurance state for the simple fact that admitted companies place so many restrictions that more often than not surplus lines are needed. It also depends on the age of the property, a newly built home will be way less to insure than a 1950's property (if they will even insure it.) The fact that an LLC owns the property shouldn't have much to do with anything, the insurance company is insuring the property not the owner. Would not recommend dropping windstorm in SF, look at what we just had happen here. I will be more than glad to help you out if you would like.

Thanks,

Ricardo A.