Are you considering the purchase of a vacation home or investment property in the Southeast or Gulf coasts? Before making an offer on coastal property, make sure you've done your homework regarding the insurance requirements and costs for such property.
Recent hurricanes and the probability of future events have caused significant problems regarding insurance availability and cost. Many insurance carriers are not writing new policies in these areas, and others have pulled out completely from southeast coastal areas.
Many of those still in business exclude wind-related damage which must be insured through state-subsidized wind insurance pools. These pools are underfunded despite the premiums being charged. The net effect of all this is resulting in exceptionally high property insurance costs in the Carolinas, Georgia and Florida.
Contact our offices if you have any questions about this topic or any insurance needs.
Call 614-459-6500 and ask for Dan.
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