Insurance for a 1959 duplex in Broward Co, Florida

[Jim Hern]

Advice please.... I bought a duplex that needed a new flat roof (it was fine but was 18 years old), electrical panel changeout, and hurricane protection. I was able to get a homeowners policy for $5500 for a year with the requirement that I change out the panels. I did that, and changed the flat roof and added hurricane protection. Told the insurance company then requoted me and now my rate is $5000 for a year. My broker shopped for other insurance companies and found one other who quoted similar coverage for $4500. Mind you - in recent years I've bought other similar rental properties in similar condition/locations and did the upgrades....and my annual insurance rate for those (similar coverage) is more like $2500 per year. My insurance broker tells me that insurance markets have tightened a lot very recently. So I went to another insurance broker....couldn't even get a quote from him because he said the other roof on the duplex (a pitched shingle roof) was 18 years old and they only write policies for houses with a shingle roof less than 15 years old! My roof inspection indicated the pitched shingle roof has 10+years of life left. Advice?