OT: How to Get Gulf Coast Homeowners ins. ?
09-13-2005 | 09:42 AM
#1
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From: SLC, Utah
OT: How to Get Gulf Coast Homeowners ins. ?
Just looking for some ideas for my folks. They are due to close on a home about 100 yards off the intercoastal in FL. but suddenly insurance co's won't write a policy unless they spend about 250K in wind protection (Steel shutters, 130mph windows and pool enclosure) and accept a 250K deductilbe. If they don't close they forefit earnest money which was very high due to current market conditions. Any suggestions or ideas would be greatly apreciated.
09-13-2005 | 09:53 AM
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From: medellin colombia, pablo escobar's lil town
Re: OT: How to Get Gulf Coast Homeowners ins. ?
there is goverment ins for flood and wind any agent should be able to set them up its gov backed so the take evveryone its just pricey
09-13-2005 | 08:04 PM
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Re: OT: How to Get Gulf Coast Homeowners ins. ?
It's getting harder and harder to get HO insurance on the water here in Florida. Mine has gone up about 40% this year, it now over 5k a year. I'm with State Farm but they won't write new customers on the water over here and god forbid I should pay the bill 1 day late they will cancel me in a heartbeat. I know Allstate won't write here anymore either. You almost have to go to the secondary insurance markets and get raped at this point which sucks. What part of the Coast are you talking about?
09-13-2005 | 08:14 PM
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From: SLC, Utah
Re: OT: How to Get Gulf Coast Homeowners ins. ?
They are in the Clearwater area (Bellair country club). They got Lloyds to write a policy today so they can close tomorrow but they dinged them for 11k with a 60k deductible. They'll shop the policy again after a mandatory 30 days and see if they can get a better deal. Allstate would'nt even consider a policy just gave a flat "No we don't insure waterfront property in FL anymore" and they consider waterfront 2 miles inland right now. The only other agency who even sniffed at it was Chubb (who I've never heard off) the said they would write it for 7.4k with a 250k deductible but then backed out at the last minute.
09-13-2005 | 08:43 PM
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Re: OT: How to Get Gulf Coast Homeowners ins. ?
Yea I went thru the same stuff. Bought some land on Mobile Bay. Wanted to do the ocean thing. Had enough. Luckily I sold that bayfront lot for a good profit just before the hurricane and bought a lake lot. No offense guys but lakes are so much easier - no corossion - no hurricanes - and my small (24', twin 300's) cat handles any lake wake with ease.
Just my thoughts....
TJ
Just my thoughts....
TJ
