The costs of rising insurance is not sparing rental properties, and landlords say they too are struggling with the hikes and demands by insurers.
“We don’t know what the insurance for this year because they’re waiting on the outcome with the new roof,” Randy Paigo, who owns five rental properties in Palm Beach County, said.
Randy Paigo owns five rental properties in Palm Beach County and has to pass on increased costs, including insurance, to tenants.
“I just put a brand-new roof on the one I have in Boynton Beach and that roof never had any problems.”
The rising costs, he said, have led him to raise rents around $150 a month but he said doesn’t want to drive away tenants.
Paigo said he’s tried shopping around, but out of three quotes the cheapest was still $1,300 more than his Citizens policy.
Insurance agent Lee Wiglesworth at Wiglesworth-Rindom Insurance in Stuart said he hears from homeowners who think it’s a better option to sell their homes and start renting.
“What I advise them is there is no hiding from those because those landlords from where they will rent is going to be getting these insurance bills,” he said.
“Those buildings are getting the things from their companies. They’re getting requests to replace the roof.”