An “uninsurable property” can mean one of two things: The home is not in good enough condition to qualify for FHA mortgage insurance (and thereby for an FHA loan). The home is ineligible for property insurance because the insurance company considers the home too great a risk to insure.
What does it mean when a house is uninsurable?
DEFINITION of Uninsurable Property. Uninsurable property is a home that is not eligible for insurance through the Federal Housing Administration (FHA) because it is in need of extensive repairs.
Are Florida home insurance companies making a profit or loss?
Florida insurers saw a profit of almost $800 million in 2014 dwindle to a net loss of $340 million in 2019, according to Citizens CEO Barry Gilway. Then non-renewal notices for Florida home insurance policyholders most at risk started to arrive.
Why choose insurance resources for homeowners insurance in Florida?
At Insurance Resources, our licensed agents are highly familiar with the Florida homeowner’s insurance market and all its nuances. Our agents always review our carrier guidelines prevent issues after the policy goes into effect.