So another tumultuous year has come to a close; the new year begins with new hopes and new opportunities. Opportunities increase with knowledgeability:

Insurance 101 is the name of the game in 2024 and beyond

For starters, insurance companies are requiring more 4-point inspections when your policy renews. More details to consider:

 1) If the water heater is over 12 years of age – they may require you to replace – Avg cost $1,750 to $1,950

 2) Roof age if over 12 years of age they are possibly changing coverage to ACV (Actual Cash Value minus depreciation) instead of replacement cost unless you replace the roof

3) If you claim a loss expect your insurance cost to rise, so consider raising your deductible and do not make claims if you can pay for it out of pocket

4) Trees need to be 1 foot off the base of the property and limbs that hang over roof need to be cut back

Also, when your insurance policy renews watch to see if the water loss has been reduced to $10,000 to $15,000 or that you have wind coverage.

When shopping for insurance check for these items:

1) Flood Insurance does not cover water accumulation – you would need private insurance to cover accumulation of water

2) Does the insurance cover you or exclude you for:

    a) Human trafficking

    b) Habitability

    c) Crime

3) When reviewing your insurance policy

   a) Look at the forms list

    b) Look at Declarations Page

 4) % deductible is based on value of building not the loss Example 2% of $486,000 = $9,720

7 quick tips to get the right insurance:

• Start in areas where you are not competing with other investors
• Avoid properties that carriers do not like

a) Aluminum wiring

b) Over 50 years old

•  Can you improve tripping hazards, improve lighting

Disclaimer: information shared from property manager experience. Consult a licensed/professional agent before making any decisions.

Meanwhile, FPM Properties continues working hard to keep abreast of trends and dynamics and anticipated impacts.

We’re entering this new year with additional tools to contend with whatever may evolve. We’ve endured through quite a bit in 2023 and always with an aim to minimize any impact to you. We’re armed and ready for 2024 and remain vigilant on your behalf.

New Year, New Laws

That includes expert guidance on acquiring investment property in Jacksonville and/or providing association management services to your community! Contact marketing for more details!

Here's a link to the latest news re: Rental Rates

Lastly, as we head into tax season make sure we have current information for you: mailing & email address and phone #. You can update it right in your portal!

Have a happy and blessed 2024!

The Team at FPM Properties