Homeowner's Insurance

Most insurance agencies listed below insure throughout Florida.  Local agents can have risks to consider on a local level.

Lee County Insurance Agencies

Jared Hartley / Rider Insurance Group

• Phone: (239) 992-9711

• Fax: (239) 947-8076

• 9180 Estero Park Commons Blvd #9

• Estero, FL  33928

• www.riderinsurancegroup.com

Cory Allen / Sunrise Insurance Group

• Office: 239.317.7160

• corey@sunriseinsurancegroup.com

• www.sunriseinsurancegroup.com

Chapman Insurance

• (239) 205-2012

• mfinley@cigflorida.com

• https://www.cigflorida.com/ 

John Tankersley - Statewide

• 407-277-0854

• JTankersley@pineinsurance.com

• www.pinestinsurance.com

Peter Craig

• (239) 686-0401 

• peter@heidrickandcompany.com

• https://heidrickandcompany.com

Below is the information we will need to provide a smooth quoting process.  Please list what you have and prospects' phone and email, and we will reach out to gather and complete the below:  

• Client contact info: Name, phone and email

• Dates of birth for applicants

• Current residence address

• Property address

• Notate is the property is lender-financed

• List how the deed will read

• Notate the closing date or approximate closing date

• Number of months per year to be occupied by the owner

• If rented to others, the minimum rental term

• Seller’s NFIP flood declarations page (may be advantageous to a Buyer)

• Wind mitigation and four-point inspections when requested

• Prospect property claim history last 5 years

• Notate that is home will have monitored burglar alarms

• Note pets and breeds

• Note is jewelry or collectibles need scheduling

Florida Keys Insurance Agencies

Regan Roth Insurance Agency

Grimi Betancourt

305 743-3414

gbetancourt@reganinsuranceinc.com

Note: She responds quickly and offers coverages in the keys for DSCR

IOA USA Insurance

SimplyIOA CA Agency License#: 6004955

Vianey Diaz

Direct:   305.537.2783   

Email:  vianey.diaz@ioausa.com

Web:     simplyioa.com

Address: 98840 Overseas Hwy, Key Largo, FL, 33037

***

Delana Rollins

Personal Lines Account Executive | SimplyIOA

98840 Overseas Hwy, Key Largo, FL 33037

Direct: 305-537-2820 

ruth.rollins@simplyioa.com

Specialty Insurance Carriers

Higher Limit Flood Policies

•  NeptuneFlood.com incudes residential and commercial including condos, coops, commercial buildings and excess coverage

Commercial Insurance

• Coming Soon

Flood Insurance

Flood insurance is separate from a standard insurance policy and in addition to homeowners' or dwelling policies.  FEMA sets the rates.  IF you get several quotes and they are far apart something may be wrong with the rates so double check the quote.  Agents listed above usually quote insurance with additional coverages.  

By John Tankersley Johnwatershed2018@yahoo.com

What is a ‘Flood’ by definition? 

According to FEMA: 

A general and temporary condition of partial or complete inundation or two or more acres of normally dry land area or two or more properties (at least one of which is your property) from:

• Overflow of inland or tidal waters

• Unusual and rapid accumulation or runoff of surface waters from ANY source

• Mudflow

• Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.

Flood Zones

• All homes are in a flood zone. Zones- X, B, & C are Non-Hazardous zones.  Zones that start with V & A are considered a “Special” flood hazard zone and lenders will require flood insurance.

• https://www.floodsmart.gov/flood-map-zone

• Not in a flood zone? No flood needed unless required by a lender.

What does a Flood Insurance Policy Cover?

• Single Family Dwelling

• Rental Properties

• Vacant Dwellings

• Manufactured Homes

• Commercial Properties

• Condominiums & Townhomes

Clean water is covered by Homeowner's Insurance and dirty water by Flood Insurance.

Maximum limits:

• Covers up to $250,000 in coverage for residential dwellings or $500,000 for commercial buildings.

• A detached GARAGE can be covered up to 10% of the coverage limit, and a loss would be paid within the limit amount (not above)

• Personal Property up to $100,000 for a residential property and up to $500,000 for commercial business property.

• Non owner-occupied residential properties have a $250 surcharge.

Rates:

• FEMA determines the rates.

• Provisional is a rate without an elevation certificate.

• Private Flood Insurance now available, includes higher end homes, conservation areas.  Rates can be lower than FEMA rates with higher coverage amounts.  Eliminates surplus lines.  Neptune Flood Ins.

There are two main programs, the Regular & Preferred.

1. Preferred rates are pre-set and apply to most homes in X, B, and C zones.

2. The Regular program applies to homes in “Special” flood hazard areas or homes that have had prior flood losses.

• Basements have very limited coverage extended (no coverage for personal property, finished walls, floors, ceiling).

• Each building on a property must have its own policy.  For example: If a property has a dwelling, barn, and a shop then the client will need three different policies to insure all buildings.   (keep in mind a detached garage does have minimal coverage)

***Check with your lender to see if the outbuildings will require flood insurance to qualify for the loan or not.

Why buy Flood Insurance?

Consumers frequently asked questions… 

Q: I already have a homeowners insurance policy?

A: Most homeowners insurance does not cover flood damage. Only flood insurance covers the cost of rebuilding after a flood.

Q: My community has never flooded?

A: Flooding can happen anywhere at any time. Poor drainage systems, summer storms, risk areas, there is at least a one-in-four chance of flooding during a 30-year mortgage.

Q: I live outside of the high-risk flood area?

A: Even though flood insurance isn’t required for your property, flooding can happen to anyone. In fact, from 2014 to 2018, policyholders outside of high-risk flood areas filed over 40 percent of all NFIP flood insurance claims and required one-third of federal disaster assistance for flooding. Property owners in the moderate- to low-risk flood areas are eligible for lower-cost Preferred Risk Policies (PRPs). The PRP provides the same building and contents coverage at a more affordable price.

Could my home flood damage be covered by federal disaster assistance?

A: Federal disaster assistance is only made available when there is a Presidential disaster declaration, and most flood events do not result in a declaration. Disaster assistance typically comes in the form of loans that must be repaid, with interest! Disaster assistance from FEMA and the U.S. Small Business Administration is designed to kick-start recovery, but it is not enough to restore your home to its pre-disaster condition or to replace your treasured household items. Flood insurance does not have to be paid back, and it is designed to restore your property to its pre-disaster condition. There is no better way to protect the life you’ve built than with NFIP flood insurance.

Q: I'm renting a property?

A: It’s likely your landlord has flood insurance that covers the building, but not its contents. Affordable, contents-only flood insurance will help you protect the items inside of your unit in the event of a flood.

Source: www.floodsmart.gov

Managing Premiums

• The National Flood Insurance Program (NFIP) SHOULD be the same regardless of what company you use.

• Look at increasing deductibles.

• The standard deductible given is$1,250, but there are deductible options up to $10k

***Check with your lender about what their highest allowable deductible is.  

• Make sure the home has proper venting.  If the enclosure space is 1000 SF, then the venting square inches should be 1000.   

• Engineered vents such as Smart Vents are rated slightly differently and could be advantageous to the property owner.   These vents allow the entry and exit of flood water and operate without human interaction.  They are engineered to stop debris from clogging the vent.  Fewer engineered vents may be required to satisfy venting requirements than a standard vent due to the difference in formula calculation. http://smartvent.com/

Reading an Elevation Certificate

Depending on a flood zone, an elevation certificate might be required to quote or purchase flood insurance.  This is usually provided as part of an appraisal.  These certificates normally cost around $400.  If the elevation of a home is lower than the base flood elevation, this property will likely have higher insurance rates.  If the home is above the base flood elevation the premiums will be lower.  The certificate lists: 

• Base flood elevation

• Home venting information

• Home diagram (outlining foundation type)

• Elevation of home

• Photos

B9 Base Flood Elevation.  If C2 is less than B9 insurance should not be a problem. 

Flood Assignment

Sometimes it is advantageous for the seller to assign their existing flood policy to the new prospective buyer.  In fact, in some cases, it can mean the difference in a transaction closing or not.  If the existing flood policy can be assigned with the existing premium, it can save money in the deal! For example,  if the seller has an existing premium of $800 but the new flood premium for the buyer is $1500, the assignment can save the new buyer $700!

The contingencies are as follows:

1. The policy premium stays the same

2. The effective date and coverages stay the same

3. The lender has to approve it, and so far, so good

4. The seller does not receive any pro-rated refunds on the premium

Flood assignment is becoming more and more prevalent in Central Florida for real estate agents to utilize.  If you have questions on a scenario where you think this may be beneficial in your transaction, please call me and I can walk you through it.

Your home was relocated to a Flood Zone

Consumer tip – what to do next:

• Contact your insurance agent right away to get a quote on flood coverage.

• Ask about Newly Mapped Rates. If the home was built to flood code at the time of initial construction, it should qualify for newly mapped rates, which are similar to the preferred program rates.  Homes within this program could see an 18-25% rate increase per year until an elevation certificate is completed and received.

• Ask your agent if an elevation certificate is necessary or would help with the rate.

• There is a 30 day wait period from the date the policy is initiated to the date the policy will be effective.

• Check with your county flood department office regarding the re-map.  Many homes currently are receiving letters from the county that are helping customers petition FEMA to get a Letter of Map Amendment (LOMA) to be removed from the hazardous flood zone and lift the mortgage requirement to have flood insurance.

The Home you’re buying is in a Flood Zone

Consumer tip – what to do next:

• Confirm the building is in a flood zone.

• Ask the property owner or the listing agent if there is a current elevation certificate.

• If the home is in a zone that starts with A or V, an elevation certificate might be required. NFIP could authorize tentative or provisional rates for the first year to give the customer time to get an elevation certificate.

• Find out how much the seller is currently paying for flood insurance.  (A flood insurance policy can be transferred to a new buyer.)

• Check with your lender to see if they will require you to pay the annual premium upfront prior to closing.  Some require it is paid, others can pay out of closing costs.

• Get a quote from an insurance agent. (Many agents will only provide flood coverage if they also write a homeowners policy.)

Map Adjustment to be removed from a Flood Zone

• Contact Eric Radcliffe CFM for a Letter of Map Adjustment

• 844-439-2378 x 703

• If the elevation of your home is higher than the map is reading have it adjusted.