Florida Property Owners

[Saleen836]

I know there are a few on PH that have a property in the sunshine state!
Received an email today from my US bank, I have had an account with Wells Fargo for over 10 years but they are now stating unless I have a primary residential address in the US I have to close my account, what banksare you owners using? I need to find another and go through the hassle of opening an account from here

[Saleen836]

Rather than start another thread I will add to this one..

Banking has been sorted with exceptional service but the problem I am now having is property insurance!
Previous insurer informed me they can no longer supply cover as the roof is too old (due to be replaced next year) found another insurer who would cover the roof with an increase in premium who then after some expensive phone calls to arrange cover informed me they will not cover my property as the water heater is over 15 years old, when I pointed out there was no mention on the questionnaire they sent me the agent just said sorry can't help!

Anyone have any contacts or companies I can contact to sort insurance?

[Matt Harper]

I live in Central FL (as opposed to own a vacation property), but I had an unsettling experience last year, when my chiseling property insurance company (St John's) doubled my premium because my roof was 15 years old.

My daughter-in-law is a realtor and suggested I hire an inspector to conduct a "4-Point Inspection" of my property - a significant chunk of which is dedicated to wind-mitigation. My home was built in 1982 and I replaced the roof in 2005 - post Hurricane Charley, which had seriously compromised it. It was replaced with 25 year architectural shingle, which my inspector assured me was good for another 3-4 years minimum. Essentially, St Johns Insurance Co was just trying to fleece me.

With my 4-Point inspection results in hand, we shopped around - and landed on Farmers and reduced our annual premium by nearly $3k and no issues with my roof.

My inspector is a great guy and based locally (Orlando FL) - Spencer Schmitt - 386.414.3191 www.inspectionsnearme.com [e-mail]

A couple of caveats:
Your property doesn't have a flat roof, does it?
If you let your property for short-term vacation rentals, you may have some difficulty getting competitive property insurance. Insurance companies will look for any excuse to stiff you.
You can replace the water heater for less than $500.....

[Grey_Area]

We used Doug Fudge for a number of years; trouble is the insurance companies have taken hits on paying out, reducing market coming in during Covid, and are now making hay…
Most folks I know on the forums and in real life are having challenges when a roof exceeds 10 years, we were lucky, ours was tile….
We also banked with BOA, no real issues in 13 years or so..

[Saleen836]

Matt Harper said:

I live in Central FL (as opposed to own a vacation property), but I had an unsettling experience last year, when my chiseling property insurance company (St John's) doubled my premium because my roof was 15 years old.

My daughter-in-law is a realtor and suggested I hire an inspector to conduct a "4-Point Inspection" of my property - a significant chunk of which is dedicated to wind-mitigation. My home was built in 1982 and I replaced the roof in 2005 - post Hurricane Charley, which had seriously compromised it. It was replaced with 25 year architectural shingle, which my inspector assured me was good for another 3-4 years minimum. Essentially, St Johns Insurance Co was just trying to fleece me.

With my 4-Point inspection results in hand, we shopped around - and landed on Farmers and reduced our annual premium by nearly $3k and no issues with my roof.

My inspector is a great guy and based locally (Orlando FL) - Spencer Schmitt - 386.414.3191 www.inspectionsnearme.com [e-mail]

A couple of caveats:
Your property doesn't have a flat roof, does it?
If you let your property for short-term vacation rentals, you may have some difficulty getting competitive property insurance. Insurance companies will look for any excuse to stiff you.
You can replace the water heater for less than $500.....

Thanks Matt, roof is pitched and is asphalt shingle and 18 years old with the house rented out long term (same tenants in their 8th year) I'm expecting to pay a hike in premium for a year until the roof gets replaced Jan/Feb next year, the initial quote I received online was just over $2k but jumped up a further $500 odd when I spoke with them on the phone,just waiting to hear back from my management co. to check their records to see if the water heater has been replaced in the past 15 years, if not will look to get it replaced.