Homeowner Insurance Canceled? (Melbourne, Palm Coast, West Melbourne: rentals, homeowners insurance, condo)

[Reddog53]

Good morning,

We are planning on moving to Florida next year after my husband retires. I have two daughters in Florida. One in Indialantic and one in West Melbourne.

My daughter in Indialantic called last night to tell us that her homeowners insurance had been canceled effective June 15. They were notified of an end of July cancellation date and just had a new tile roof put on after damage from a hailstorm.

She sent us an article noting that 68K homeowner policies are to be canceled by FedNat insurance. Lack of the ability to obtain a good homeowners policy would be a big concern for us.

Has cancellation happened to anyone on this forum? And if so, what did you do to remedy that. Thank you!

Best,
Reddog53

[SuiteLiving]

Yep, FedNat cancelled mine as well, effective end of June. Beachfront condo so roof isn't an issue, they're just doing a wholesale reduction of exposure to this market.

My broker is getting a quote from Citizens, may very well be the only option available.

[Gypsy3n8]

We had Universal Property through Brightway for the condo homeowners. Very happy with their rate as well as Brightway's customer service. We checked with Universal when we bought the house in Palm Coast but ended up with Olympus through another local broker.


Your best bet is to find that local broker and have them search. We also got a quote from Progressive for homeowners on the house, but since for now it's a second home, Progressive wouldn't underwrite the policy. Once we get it homesteaded, we'll likely switch since Progressive was about $300/year less than Olympus.


Good luck.

[Nypafl4u]

I have several different companies for my rentals. More and more are dropping out of Florida. Then if an older house, you are stuck with Citizens. Not a good thing

[quattrohead]

St Johns cancelled my renewal and I subsequently found out they had actually folded. My insurance on a 2005 house well inland went from $900 to $1900. I am selling off the rentals before the do-do hits the fan.

[Reddog53]

Good morning,

I have read that Gov. DeSantis will be putting legislation in place to help remedy this situation. We are wondering if the critical insurance issues are a deal breaker for us.

Best,
Reddog53

[Nypafl4u]

See my post I just wrote in in the other thread on benifits of living in Brevard. It hopefully answers your insurance concern.

[jerlin]

Cancelled by FedNat after a catastrophic ceiling collapse; hooked up with USAA.

[Suzebee]

I had USAA several years ago and was canceled following several storms within the state though I never had damage or made a claim. This is fairly common for Florida. Having your insurance drastically increase, or being told to make a very costly improvement/repair, or having your policy canceled. My daughter's roommate in St. Pete just had his insurance premium triple so he is considering selling the place and moving inland. I know several retirees whose taxes and insurance has risen so high that they were priced out so moved to south Georgia. Advice: consider your housing budget carefully leaving a cushion for repairs/improvements.

[gatorlyn]

Those houses along OBX that are being dragged into the Ocean probably have cheaper insurance premiums than my house here in FL, go figure.