homeowner's insurance in FL - advice please! (HOA, condos)

[simple girl]

Hello!

Well, we found a townhouse we absolutely LOVE and have a contract in on it. Yay!

Soooooooo...now begins the search for decent insurance.

I've received several quotes which vary widely in cost and what they cover.

I know the insurance market in FL is crazy with national insurers moving out due to the hurricane history.

Looking for opinions - good and bad - on insurers.

Two quotes we are looking at right now are for:

1) People's Trust (cheapest, but not so sure about them after reading some bad online stories)
2) Universal Insurance (more expensive, but cover more...haven't seen anything too bad yet in my research)


I welcome any additional recommendations of companies to investigate.

Thanks!

[Old Gal]

Originally Posted by simple girl

LOL you sure did wake up on the wrong side of the bed. Why the attacking nature of your reply? I'm asking for help, not an unprovoked lynching. Wowzers!

I will not respond to your post otherwise because I believe your reaction is really out of line. Shame on you for being so critical without any basis whatsoever.

I look forward to replies from the other very pleasant and helpful people I have met on this forum! Thank goodness this is not my first introduction to the people here!

Don't take personally. He attacks everybody. I think he has a bad case of grumpy old man disease.

[Ladywithafan]

Give Jeff Polivchak a try.

[bbronston]

I don't know anything about the companies but your insurance agent can provide you with their rating reports or you can look them up yourself online. I know I have looked up ratings on Demotech but other companies that rate the financial strength of insurance companies include: AM Best, Fitch, Moody's, and S&P.

Financial strength is important but it won't tell you much about their customer service. I image a quick Google search can provide you with plenty of anecdotal info, though.

[simple girl]

Originally Posted by Old Gal

Don't take personally. He attacks everybody. I think he has a bad case of grumpy old man disease.

LOL Sounds like a proper diagnosis.

[simple girl]

Originally Posted by bbronston

I don't know anything about the companies but your insurance agent can provide you with their rating reports or you can look them up yourself online. I know I have looked up ratings on Demotech but other companies that rate the financial strength of insurance companies include: AM Best, Fitch, Moody's, and S&P.

Financial strength is important but it won't tell you much about their customer service. I image a quick Google search can provide you with plenty of anecdotal info, though.

Thank you, I have done that. One is rated A, the other A-. Lots of negative stuff on People's found online, not so much on Universal - yet. So was looking for more anecdotal info here, too.

[motordavid]

Well, it can be cut & dry and just pick a company and take that policy, but SK makes some valid points, albeit in a vigorous style...

The OP should check out what coverage if any, the COA has on the building and its units.

I assume OP has a mort on unit, so coverage of minimum levels are required by the mort lender/mort holder. OP might check with mort company to determine those levels, and don't just ask the phone answerer at your mort holder office.

The item that most condo unit owners with a mort have to deal with is The HO-6 policy, which in a nutshell covers contents against a host of calamities, and many insurers will offer different levels of coverage with minimum req'd, but they often tack on items/coverage increases that some will want and others will not want, or need vis a vis their mort holder.

I would rec'd emailing/calling a half dozen 'agents' in your area: some will respond quickly, some will not, but ask them for HO-6 policy and any add'l coverage/limits your mort company requires.

Check out the offerings from the agents, (most have a few underwriters they work with and costs and coverage limits can vary considerably through same agent but using different underwriters.)

Try to avoid the add ons like ID Theft, too much contents coverage, asteroid hits, etc. J/K but not really as most policies these days have automatic added on and more costly stuff to allow the agent to make a better commission.

Spend some time getting 'must have coverage info' from your mort, and spend more time sifting through the different offerings from the agents that respond to you.

For any of us to say, "Call Joe or Jane at XYZ" is vague and anecdotal at best.

Yes, it is complicated, but welcome to house/condo insurance, especially in SW FL.

Also, if you have car(s) insured and have been happy with those rates/coverages and costs, you might inquire if your car insurer/agent also writes condo coverage in your area; maybe yes, maybe not.
My 50 Cts.
GL, mD

[simple girl]

Originally Posted by motordavid

Yes, it is complicated, but welcome to house/condo insurance, especially in SW FL.

Thanks so much for the detailed response.

I have contacted my lender for what their specific requirements are.

I have read the entire HOA documents/rules, analyzed their finances and spoken with their accountant and treasurer, and have talked with the HOA management company at length.

We are required to insure the entire unit, so I am looking at HO-3 policies.

Fun times!

Glad to hear you recommend contacting multiple brokers. Will do so. Thank you again.

[Old Gal]

Try Great Florida Insurance. I don't know if they do Townhomes or Condos though.

[simple girl]

Originally Posted by Old Gal

Try Great Florida Insurance. I don't know if they do Townhomes or Condos though.

Ty!