What types of insurance are needed on rental property in Florida? Manatee county?

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Looking to understand better whats required by law not just recommended to protect the property. I have a 1 story cottage…do i need wind, hurricane, renters, fire…etc.
Also if whats required by law/state vs typical mortgage companies that would be great.

  1. Reply
    July 17, 2011 at 8:31 pm

    By law you don’t require any insurance on a property. I have never seen a by-law or any other state, provincial or federal law saying a house must be insured. However if there is a mortgage on the property you can bet your bottom dollar there’s an insurance requirement clause in it. What the specific requirements are no one here will know as we can’t see your mortgage contract, however I can guarantee the lender will want the building covered for it’s replacement value. Also for Florida I imagine they will want windstorm coverage, in addition to the standard named perils. However beyond this you would be wise to cover premises liability, rental income and landlord’s contents.

  2. Reply
    July 17, 2011 at 9:06 pm

    NOTHING is required by law. Nothing at all.

    However. If you have a MORTGAGE, you will have agreed, in writing, on the mortgage paper, to carry hazard insurance – including flood, wind, and a “special” risk like dwelling fire coverage, up to 100% of the cost to rebuild the insured dwelling.

    And you’re crazy, if you don’t also add liability coverage to that.

    If you can afford to lose the cottage, in a total fire or hurricane, and do not have a mortgage on it, you can skip the flood, wind, and dwelling fire coverage, but you probably should STILL carry liability insurance.

  3. Reply
    July 17, 2011 at 9:53 pm

    homeinsurance.awardspace.us – try this one. Got my home insurance from them. As I know they provide such a service.

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