Do you rent out your property without home owners insurance?

[Brian Powell]

I'm looking to buy my first investment property in Merritt island or Cocoa Beach Florida area and I would like to know if there are others who roll the dice on not carrying a full home owners insurance policy. I would be paying cash on a 3 bedroom house so insurance and flooding coverage is not required by any lender. Anyone who buys on East Coast of Florida knows the pain of high insurance rates so I would like to hear some opinions from those who have already made their decisions. This house will either be 2 blocks from the beach or 3 miles west of the beach, depending on if I buy in Cocoa Beach or Merritt island. I'm pretty sure that full insurance policy will run around $3000 per year + $400 for flood. For those of you that have opted to not carry full insurance, have you opted for renters coverage (theft, injury) or umbrella policy only (liability). 

I appreciate any input I can get on this.

BP