Sarasota Real Estate News

With the number of insurance companies leaving Florida, we Floridians need to be diligent about filing claims. 

Florida needs two years of quiet storm activity. Eighty percent of the national claims happen in Florida, according to our insurance carrier. My condo association insurance has increased by $80,000 the past two years, which equates to $52 per month increase in monthly dues per unit. Our saving grace is that our roofs are only six years old, otherwise we would have been dropped because of the age of the property.  Citizens Insurance would have been the only option, which would cost us $100,000 more - or $119 per month per unit.

Three condominium communities that I know of currently have special assessments of $1,500 per person to cover increases in the association's property insurance. 

When working as a Buyer's Agent, I recommend that the Buyer use the same insurance company that the Seller currently has  to avoid the potential of an insurance inspection shortly after closing. That's particularly important with outdated electrical and roof issues. In my last two transactions, both companies insuring the homes  were not writing new policies. Neither is State Farm. Buyers are referred to Citizens Insurance.

If you're selling your home and your roof is leaking...get the leak and ceiling damage repaired; otherwise, Buyer won't be able to get insurance and they may be able to terminate the contract. If you're buying a home, be sure to use the contract addendum for insurance in case you can't get insurance, you can cancel the contract and your deposit will be fully refunded. Without the addendum, you will have a fight on your hands and may lose your deposit if you can't get insurance. 

Do you need flood insurance? Yes, if you're getting a mortgage. Even if you don't live in a flood zone, it's Florida and storms happen. I'm paying $300 per year for flood insurance that will cover my condo for standing water. The infrastructure in Sarasota is older and can't handle storm surges. Flood insurance will cover drywall replacement. I live in a first-floor condo that is near--but not in--a flood zone. The association's insurance "should" take care of replacing drywall after a storm....but I know that insurance companies and Boards of Directors number one duty is to save money, so I'm not taking any chances. There are poor people in Ft Myers who were hit hard by Hurricane Ian and they don't have the money to replace the drywall in their homes.

Sarasota had a "no-name" storm a few years ago and folks in central Sarasota were swimming to their mailboxes off Proctor near McIntosh Road. I recommend flood insurance for single family homes and first-floor condos.

This past year, I've had two insurance claims and one traffic ticket. A tree fell on my car during Hurricane Ian; I had a leaking dishwasher but thought it was plumbing; State Farm sent out leak and mold detection companies and found nothing. A plumbing company discovered it was the dishwasher--but a claim is a claim. And then there was that speeding ticket when I was driving 50 mph in a 35-mph zone. I took the online traffic school course to avoid this ticket being reported to my insurance company. Glad I did because I'm now at risk for being dropped for my car and homeowners insurance with the two claims this year.

I've bundled my personal property insurance with my car insurance. I saved a few hundred dollars on my homeowners insurance. Now I'm not so sure it's a good idea; if I have another insurance claim, I'll be shopping for both car and homeowners insurance and paying a much higher premium for property insurance.

I'm completing my Certified International Property Specialist (CIPS) training to have this third professional designation from the National Association of Realtors. Since I don't speak another language, I'll be focusing on Canadians and perhaps Indians who want to buy in Florida.

Linda Holley, Realtor, GRI, SRES, Fine Properties, Sarasota, Florida, 941-914-4914. 

LindaHRealtor.com   LindaHRealtor.com/blog