December is the optimal time for Florida property managers to conduct an annual insurance review. Hurricane season ended November 30. Your next renewal cycle is approaching. Any claims from the past year are in progress or settled. And you have several months before hurricane season preparation demands your attention in April and May. A thorough December review closes the coverage gaps that accumulate quietly during a busy year of leasing, maintenance, and claims activity.
This checklist covers the ten areas that matter most for a Florida rental portfolio.
The Year-End Checklist
Pull All Policy Declarations Pages
Gather the declarations page for every policy in your portfolio: property, liability, flood, umbrella, E&O, and any endorsements. Confirm nothing has lapsed, each property is listed, and all policies have renewal dates you have calendared. A portfolio with 10-20 properties can have policies with different insurers and different renewal dates -- a centralized record prevents a lapse from slipping through unnoticed.
Compare Insured Values to Current Replacement Cost
Florida construction costs have increased significantly over the past several years. If your Coverage A (dwelling coverage) limit was set two or more years ago without adjustment, it may be materially below current replacement cost. Request a replacement cost estimate from your insurer, broker, or an independent appraiser. Underinsurance at claim time means a proportional reduction in your payout under the coinsurance provisions of most policies.
Review Your Deductible Exposure Across the Portfolio
Calculate your total deductible exposure across the portfolio: multiply Coverage A for each property by the hurricane deductible percentage, then add them up. This is the amount you would owe out of pocket in a worst-case scenario where every property is damaged in the same named storm. Compare this number to your current reserves. If the gap is significant, either increase reserves or consider reducing the hurricane deductible percentage on higher-value properties.
Check Your Carrier's Financial Rating
Verify the current Demotech or AM Best rating for each insurer in your portfolio. Look for Demotech Financial Stability Rating of A or better, or AM Best A- or better. If any carrier has been downgraded or placed under a consent order by the Florida Department of Financial Services, discuss alternatives with your broker before the next renewal. A carrier insolvency mid-claim is far more disruptive than proactively switching at renewal.
Review Claims Filed This Year and Request the Loss Run
Request a current loss run from each insurer. Review open claims for timeline and status. Check that claims are recorded accurately -- errors in loss runs are not uncommon and can inflate your apparent claims history. If any claim is significantly delayed, follow up in writing. Understanding your current claims history helps you anticipate how it will affect renewal pricing and which markets may be receptive to your portfolio.
Confirm Wind Mitigation Inspections Are Current
Wind mitigation inspections are typically valid for five years. Check the date of every wind mitigation report in your portfolio. Any report that will expire before the next renewal cycle should be scheduled for re-inspection now. Properties where roofs were replaced since the last inspection should be re-inspected -- a new roof typically qualifies for better credits than the old one. Schedule inspections in December through February, before contractor demand increases in the spring.
Review Ordinance and Law Coverage Limits
Ordinance and law coverage pays to bring repaired property up to current building code after a covered loss. Given Florida's frequent code updates, especially for hurricane-resistant construction, ordinance and law exposure is significant for any property more than 10-15 years old. Review the limit for each property. The standard recommendation for Florida properties is ordinance and law coverage equal to at least 25-50% of the dwelling value.
Confirm Loss of Rents Limits Reflect Current Rent Rolls
Loss of rents coverage pays you when a property is uninhabitable after a covered loss. The limit is typically expressed as a percentage of Coverage A or as a fixed sublimit. Compare your current loss of rents limits against your actual annual rental income for each property. If rents have increased or new properties have been added to the portfolio, the existing limits may be inadequate. The standard recommendation is 12-24 months of fair rental value for each property.
Verify Umbrella Policy Limits Are Appropriate
A commercial umbrella policy sits above primary general liability and pays when primary limits are exhausted. Review your umbrella limit against your portfolio's total insured value and the size of potential liability exposures (pool properties, large multi-family buildings, properties in high-litigation markets). A $1 million umbrella may be appropriate for a single small rental; a portfolio of 20 properties likely warrants $5 million or more.
Schedule Needed Roof Repairs Before the February-March Inspection Season
December and January are the optimal months to schedule roof repairs and replacements in Florida -- contractor availability is higher, demand from the prior hurricane season has subsided, and you will have completed work before the February-March period when insurers often conduct pre-renewal inspections. Any properties flagged for roof issues during the year should be addressed now. Document all completed work with permits and contractor invoices.
Complete this checklist and share the results with your insurance broker before your renewal meetings. Brokers who receive a well-organized portfolio review can shop markets more effectively, identify specific coverage gaps, and negotiate renewal terms with the benefit of accurate current data. The property manager who brings a complete portfolio summary to renewal meetings consistently gets better outcomes than the one who relies on the broker to reconstruct the portfolio from incomplete records.
Centralize Your Portfolio Insurance Records
LossHQ helps Florida property managers maintain centralized insurance records, track inspection dates, and generate portfolio-level coverage summaries for year-end reviews.
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