All Forum Posts by: Jared Townsend

Hi Matt,

I have worked with B2R and First Key for properties in Florida in the past. One obstacle is that B2R sometimes requires a carrier to be AM Best "A" Rated. Most carriers in Florida are local or regional and therefore are not large enough to be rated by AM Best. They have strong Demotech ratings (smaller carrier rater) but this simply limits our options.

I would be happy to discuss any specific questions you have regarding insuring properties in Florida!

- Jared

Hi Richard,

Getting a quality inspection before you purchase can save you costly repairs down the road. I like working with Brian Bentley of Pillar2Post. Another option is 20/20 Property Inspections. Either one does great work!

- Jared

Builders risk coverage is generally used for new construction or very large reconstructions. If you are just doing minor repairs (cosmetic,  appliances, etc) then I would recommend a vacant home policy that allows for repairs. 

These typically run about $900-1200 for a 6 month policy. Deductibles are negotiable from $1000-5000. 

I hope that is helpful!

Hi Jose,

Are you looking for warehouses, retail, apartments, etc? What size investment are you looking to make?

- Jared

@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.

Hi Daniel,

This is a common question for insurance in Florida. I wrote an article a while back that may be helpful: 

What are the quoted rates your agent has offered for wind and non-wind?

There are hundreds of carriers here but. 99% will not insure a roof over 20 years. How old is the property and roof?

Hi Scott,

I am sorry to hear that you are having issues with the National Flood Insurance Program (NFIP). it was my understanding that the rates for rentals went up because people are mute likely to sand bag or protect a primary residence. 

There are in fact at least two new private flood options here in Florida. We have seen the rates are often times less that 2/3 of the NFIP rates. 

The other consideration is that nobody can force you to have flood insurance on a paid for home. I don't know if that is feasible but it is certainly a way to stop paying for flood coverage that you don't want. 

Thank you @Ellie T.!

@Colin G Murphy, I would be happy to answer any questions you have regarding vacant or rental insurance. We have clients in 73 countries so we are familiar working with foreign based investors. 

@Domingo Santana Are you able to pay cash or do you need a loan from a bank?