Happy Holidays!
Are you feeling the holiday burn yet? It's starting to kick in around WILMOTH. New investor clients wanting to transfer to our company always makes December a little busier than usual. Then throw in all the holiday celebrations and trying to race to the finish line to achieve those year-end goals, and the stress can kick in!
Post Irma Insurance Rates
While Irma did not bring the storm wrath and massive damage claims initially projected as the storm crept out of the Caribbean, it did cause SWFL the most storm damage since Charlie in 2004. What makes this challenging for landlords is to balance rent increases with the market and your increased insurance costs. Or anticipated costs.
It is not just Irma that is going to affect our insurance rates. It will be a cumulation of the unusually heavy storm season this summer.
So what is there to be jolly about for a landlord?
It looks like we will have up to two years to adjust for the likely increased expenses. According to the Florida Sun-Sentinel "most experts are expecting only modest increases resulting from the storm season" in 2018. Insurance rate increases are more likely to hit most policyholders in 2019. The reason? Most 2018 rate requests have already been filed.
So there is a holiday gift for the landlord. Extra time to adjust your rentals, tenants and business for likely increases. Hopefully a year to make whatever move helps to absorb the almost certain increased fixed costs associated with owning property in paradise!
Happy holidays! Can we help you solve your real estate problem?
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