Property Insurance Denied - Florida 2nd Home - Help.

[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?

 

[gambrinus]

Find a local ( close to them in FL ) broker who deals with "E&S" which is "Excess and Surplus" insurance. Specialty coverage.. Be prepared to pay $$ until those claims fall off of their report.

 

[smilingnomad]

Find a local ( close to them in FL ) broker who deals with "E&S" which is "Excess and Surplus" insurance. Specialty coverage.. Be prepared to pay $$ until those claims fall off of their report.

Thanks - local brokers haven't been super helpful (and are very slow to respond). Will look for those offering E&S. $$ isn't an issue (provided it's not more than 2-3x normal rates.

Very much appreciate your help!

 

[fed up]

First floor in a flood plain? Get a flood policy that covers contents!

 

[ICACharleston]

If your flood policy doesn’t include contents you don’t get loss-of-use.I learned that the hard way.

 

[adjusterjack]

Find an agent (where the condo is located) that reps Nationwide. Nationwide owns its own E&S facility (used to be called Scottsdale Ins Co) that writes plenty of non-standard homeowners business in Florida.

Florida Car, Homeowners, Life Insurance - Nationwide

 

[billyb]

Tower Hill is popular here. Claim history haunts you. My 85 year old MIL had a water leak and State Farm paid to replace some flooring. She had been a customer for 30 years and they cancelled her policy. Before anyone would insure her house she had to get a new roof, replace the wiring in the home and now they made her replace her drive because the old one was cracked. She is in a nicer neighborhood in the area, not a shack. Sure glad she is paying to get all of this done so my wife won't have to before she sells it after her mother's death.

 

[fed up]

Before anyone would insure her house she had to get a new roof, replace the wiring in the home and now they made her replace her drive because the old one was cracked.
The roof needed to be replaced regardless of the loss claim. The wiring could have been an issue prior to the claim or because if the claim. The driveway was cracked before the claim and I doubt it would pass a semi yearly inspection.

 

[billyb]

A semi yearly inspection done by who?

 

[fed up]

A semi yearly inspection done by who?

Insurance companies do reinspections all of the time. When they reinspect, be it once every 2 years or 5 years, they will note the deficiencies and send a non-renewable. They just had not gotten to MIL's house yet.