STR in SW FL - Hurricane / Insurance Concerns

[Mike McGee]

I want to buy an STR in southwest Florida. My wife is very concerned about the insurance costs and the hurricanes which drive them up. I'm trying to find a way to search only for properties that have maximal hurricane mitigation (elevated out of flood insurance requirements, impact windows or shutters, roof up to current code, etc.) to keep insurance costs down.

Is there any way to search for only properties with these mitigations?

[John Mocker]

Mike.

Here are a few things that relate to the question and some of the answers:

1. Costs and availability are issues in FL (Hurricanes are one issue but there was an issue with roof claims.  The laws allowed insureds to sign over claims.  Roofing companies would promise a new roof and put in a claim of damage.  If the insurance company did not pay for a new roof, there were Law Firms waiting to sue them.  This claim activity plus the normal storm ativity were too much form many Insurance companies.  They either pulled out or refused to write new business.  That drove up costs

2. The roofing issue caused many carriers to refuse to insure a house with a roof over 10 years old

3. Condo Associations are facing new requirements for capital accounts to make sure they have enough on hand to do the regular maintence. That, plus insurance premium increases are pushing up HOA fees

4. Flood zones B, C, & X normally do not require flood insurance by the Mortgage company.  That does not mean that you should not get the coverage, just that it is not going to be required for closing.

5. If you do have to or chose to get flood insurance. Be sure to use an agent who will shop both FEMA's National Flood Ins. Program (NFIP) and the "Private Market" policies. There are dozens of Flood programs that are not part of FEMA and use their own rating systems. Often, they can be significantly less. Also, most that we quote with do not require an Elevation certificate.

hope this info helps