I own a building that I purchased to store my boat. Its located in Sarasota Florida.

The building is 5,000 sqft 3,000 warehouse 2,000 and bathrooms office. The building was built in 85' but I remodeld in 05 with hurricane shutters and doors. The main building is block not metal.

I have been thru 2 carriers and now the current company is cancelling me because they had my building inspected and they believe that my boat creates to much risk. The company is MSA. I have several personal property items in my building including a flats boat, jet ski, tools and a luxury car.



I do not want hurricane coverage.

They placed my building at 427k I do not need content coverage.


I have qoutes for 3k.

Please point me in the right direction.


Dan

Not sure what all they do in FL, but Voyager insurance services is a very helpful agent. They basically do all the insurance shopping for you. They really made things easy for me.

Is this insured as personal property? Wonder if an LLC of some sort could help reduce cost and provide write-offs. I am also curious of ways around this.

It would have to be for business use. If you ran a business from the wharehouse - sure you could write off a lot and you don't need the LLC to do that. If you rented some of the space you would be allowed to pro-rate expenses for business use of the wharehouse. If its by itself on the side of the street visible by the public you may be able to use the wharehouse as a billboard type business and get the deductions that way, but you would have to find someone to advertise or advertise your own business if you have one.

Call Brown and Brown
That do all types of Bus. insurance.
I deal with the Miami office, but they have other locations.
Or Travelers.

Do you have a number?

Can you rent out the office?

Vacant properties are hard to insure.

Something to consider...

Set up a coprporation for building ownership, then insure it as a rental property. Rent it to yourself as an individual lessee. The corp can then depreciate the building. Insurers are often iffy on any sort of individual activity that looks commercial.

They're probably pretty nervous about all those expensive unattended vehicles full of fuel. Does the building have a to-code drain into a trap? Several hundred gallons of fuel into the muni sewer 9or the ground) is also a red flag. Your fire department might not like that either. An alarm is helpful and a sprinkler would likely make many of the problems disappear.

Is your agent telling you specifically what the underwriter doesn't like?

In my experience, a local independent agent that deals with vehicle-related business is going to be your best bet. If he's good and has these types situations already under coverage, he knows where to go. He doesn't have to educate an underwriter on the situation and probably has some sort of claims experience to show them.

website http://www.voyagerinsurance.net/

Thanks,

I own it under my trust and it is owner occupied.


This is the cancellation letter.



Dan