Hurricane Insurance or NO Hurricane Insurance?

[Daniel Burdi]

I own a 12 unit apartment complex in Venice, Florida on the Gulf Coast. The property was purchased for about $500k and is probably worth about $700k at this point which is mostly the land value. Essentially, the land is probably worth $700k with or without the three buildings it has on it, on it. That said, the question becomes, is it worth carrying hurricane insurance on this property and paying high premiums, high deductibles in the event of a claim etc.? My insurance agent has alluded to it possibly not being worth it. Is that potentially the case?

[Jared Townsend]

@Daniel Burdi Realistically since these are concrete block you would still have a partially demolished frame of the buildings. At that point you would likely need to either rebuild, pay to clear the land, or sell the lot at a diminished price since it would need work to be useable again.

It is my understanding that you would not need to rebuild the structures but you may not receive a 100% payout of the policy limits. It depends on the carrier that you are written with.