Homeowner's insurance for condo in FL?
Answers:
Does your mom happen to have her auto insurance through State Farm? They are one of the only other insurers besides Citizens (state insurer) in FL that are willing to write policies for homeowners in FL, provided that you have some other business with them. As far as tips, just warn her that she will be paying a lot. I've lived in FL all my life and our homeowners insurance has steadily increased year after year.
Good luck.
State Auto, they have very highly rated claim service, were rated very highly by consumer reports and do write Homeowners coverage in some parts of Florida.
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It doesn't matter SQUAT what company anyone recommends, NO ONE is writing new homeowners policies in Florida right now.
She's going to pay MUCHO bucks. She'll need at least two, maybe three policies - the "condo unit owner's" policy, which she'll have to get from Citizens - the Florida state fund. Last time there was a big hurricane there, they took 9-12 months to pay claims. But they're the ONLY guys writing right now. The bank might be requiring her to buy FLOOD insurance, and, of course, WIND is a seperate policy, through the Florida Windstorm Assn.
You should be aware that dwelling and wind rates are going to be doubling or tripling in the next year or so - because Citizens only has $80B in reserves (including credit lines) to pay claims, but over $400B in exposure. So they are seriously underfunded.
I would seriously have your mom think about why she's buying on FL right now - the real estate market there is dropping like a stone down a deep, deep well.
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