Who in Florida can bind coverage before a roof leak is repaired via an approved 203k rehab loan? Citizens won’t. Help!!

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Oct 6, 2011

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Insurance Question from Clearwater, FL

Asked on 10/06/2011

Who in Florida can bind coverage before a roof leak is repaired via an approved 203k rehab loan? Citizens won’t. Help!! Purchasing a bank-owned home in Clearwater FL with an active roof leak. The roof is tarped and a 203k rehab loan has been approved with guaranteed money for complete re-roofing just after closing. Closing is scheduled in a week and now Citizens Insurance says they will not bind coverage because of the active leak. They don't care that a new roof (already approved and to be funded by the lender) will be installed within a week after closing. I need another company that will do it ASAP for a similar price as the closing cost estimates already include that cost to be paid by the seller. Help!!

Answer given on October 07, 2011

There are several companies in different states that will take on risks that are consider substandard.  I contacted your Department of Insurance for the state of Florida at 877.693.5236.

They advised that there is an entity called Florida Market Assistance Plan. Go to their website, https://www.fmap.org/contact.cfm and register your property.  Advise them what the issues is and why you are having trouble. Agents in your state will see this posting and give you quotes for this risk.  You can also call this company inside the state of Florida at 800.524.9023. 

If this does not work for you, call the Department of Insurance back in Florida at the number provided and they may offer alternative help.  GOOD LUCK!   



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