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Florida Property Insurance Information

Florida Holiday Home Insurance Requirement

Property insurance requirements in the United States differ greatly from that of Britain. We have compiled the following insurance details for your information.

The choice of insurer and/or Insurance Broker to arrange your cover remains your responsibility. However any plan you arrange should meet the following minimum standards:

Insurance must be continuous throughout the life of the loan and cover the greater of:
  1. 100% of the required loan, or
  2. 100% of the Flexible Tracker loan limit, or
  3. 100% of the replacement cost coverage.
You must arrange cover with an insurance company that has, at the time of placing the business, a B+ Class VI or better rating (this is the rating given to an American Insurer that recognises the financial strength of the Company) as rated by Alfred M. Best rating guide, and include:
  • Hazard Insurance
  • Extended Coverage and other perils
  • Wind Cover
  • Earthquake Cover (where applicable)
Deductibles must not exceed $1000.00 or 1% of the loan amount or loan limit whichever is the greater.

If you intend to use the property to generate Rental Income then the chosen policy must include Landlords coverage.

Cover must be for a minimum period of three months at the outset with renewed annual schedules and policies forwarded to the company together with proof of payment one month prior to the expiry of the current cover.

If your chosen property is located within Special Flood Hazard areas A or V, Flood Insurance will be required to cover the greater of 1 to 3 mentioned above. In the case of Planned Unit Developments and Condominiums it will be necessary for the Closing Agent to review existing policies. In some cases it may be necessary for you to arrange your own top-up cover to ensure that the needs of First National are met - the Closing Agent will advise accordingly should additional cover be required.

Insurance Requirements for Different Types of Properties

    Planned Unit Developments:

    These types of properties will invariably have additional insurance policies arranged to cover Common Areas and whilst you will remain responsible for arranging your own insurance as specified above the Closing Agent will verify the adequacy of the 'Fidelity Insurance' and 'Liability Insurance'. In some cases it may be necessary for you to arrange your own or top-up cover to ensure that the needs of First National are met.

    Condominiums:

    Cover for these types of properties is usually arranged through a 'Master' policy (Hazard, Fidelity and Liability Insurance and Wind Cover if applicable) to which the individual Condominium owners will contribute. In some cases it may be necessary for you to arrange your own or top-up cover to ensure that the needs of First National are met.

    For your information, not all insurance companies cover rental properties. We have included some companies that have been used by many of our clients.


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