Parent's can't get policy in Florida - help please.

[smilingnomad]

Hey ya'll. I need help with a tricky situation.

My parents are trying to close on a condo in Florida. It's a 1st floor unit in a flood plane.

Problem Is, they're struggling to get homeowners policy on this property.

They've got stellar credit, but have 3 separate claims in the last few years on their primary residence.

1. Claim 1 was a water leak which caused mold that needed to be remediated.
2. Claim 2 was theft (a contractor working in the house stole $5k in jewelry)
3. Claim 3 was damage repair to roof after a hail storm

Their agent quoted a policy, and then carrier wouldn't underwrite it. They've been declined by (Safepoint, Heritage, Edison).

They have just 2.5 days to secure a policy...or they lose their down payment and their dream of retiring in Florida.

Can anyone suggestion carriers and options here?

 

[marindependent]

What about the Non Admitted World or the Purchase of a Limited DP1 policy?

I am not a Florida agent -but more often than not there is an answer to the solution and the solution usually lays with an independent agent/broker, maybe even someone that specializes in these tough situations.

Also - how large are those claims? Are they all closed? How old are they? Lastly was Claim 2 caused indirectly by Claim 1? In other words were the contractors that stole stuff busy cleaning up from the first claim? [This last question probably does not matter, but its worth asking.]

 

[shawnmwalker]

What's Behind Florida's Soaring Home Insurance Rates? (mynews13.com)

 

[shawnmwalker]

Enojy the following Visual

 

[shawnmwalker]

Florida Consumers ‘Flabbergasted’ by Property Insurance Rate Hikes (insurancejournal.com)

• “Citizens issued 545,000 policies as of Feb. 5, a 23% increase from a year ago, and it expects the number to grow to about 700,000 by year-end, a spokesman said. The growth signals an unhealthy broader market by showing that typical coverage is not as widely available, industry experts said.”

• “Florida insurers requested 105 rate increases during the first ten months of 2020, Altmaier said. More than half of the increases that regulators approved were greater than 10%.”

• “Although there were no major weather events last year…Florida’s domestic property insurers reported a more than $1 billion underwriting loss for the first three quarters of 2020 and almost $500 million in negative net income, according to the Florida Office of Insurance Regulation.”
• “They are also facing what McFaddin described as “out of control” litigation in Florida, partly because of a law that can require insurers to pay attorneys “excessive fees” in those cases. The practice has spurred a cottage industry of contractors and lawyers who sue insurers to replace a whole roof when only a few tiles are damaged, insurers say.”

• Some some times on the links below the article as well within Insurance jounal website.