stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,616
Hi All,
So, am looking for some feedback regarding the reasonableness of terminating the insurance on our rental properties ...
All are paid for, all are valued at around $275-300K/each, all are 3 br/2 bath, single story, single family detached, slab on grade with car attached garages, all are vinyl siding construction, all have hurricane enhanced garage doors, and attic bracing, all are located about 16 miles from the Gulf of Mexico in northwest Florida, none are located in a flood zone, none have ever flooded, the most significant hurricane damage (have had one Cat 4 direct hit, and several 3-4 close hits) has been a couple of roof shingles and a few bits of aluminum cladding on the facia.
Insurance continues to increase and is now approaching $4,000 per house, which is beginning to irritate me ... especially given a new roof on them is about $15,000.
I have a $3M umbrella policy and each house has $300,000 liability coverage, in addition to the damage components.
The complete loss of half of them would not affect our lifestyle, nor financial stability.
Would appreciate your thoughts!
So, am looking for some feedback regarding the reasonableness of terminating the insurance on our rental properties ...
All are paid for, all are valued at around $275-300K/each, all are 3 br/2 bath, single story, single family detached, slab on grade with car attached garages, all are vinyl siding construction, all have hurricane enhanced garage doors, and attic bracing, all are located about 16 miles from the Gulf of Mexico in northwest Florida, none are located in a flood zone, none have ever flooded, the most significant hurricane damage (have had one Cat 4 direct hit, and several 3-4 close hits) has been a couple of roof shingles and a few bits of aluminum cladding on the facia.
Insurance continues to increase and is now approaching $4,000 per house, which is beginning to irritate me ... especially given a new roof on them is about $15,000.
I have a $3M umbrella policy and each house has $300,000 liability coverage, in addition to the damage components.
The complete loss of half of them would not affect our lifestyle, nor financial stability.
Would appreciate your thoughts!