Insurance Options Scarce – and Costly – for Older Single-Family Homes

Coral Gables condominium building Merrick Manor is attracting buyers from older nearby single-family homes because insurance is so much more expensive – and harder to find – for Miami-area single-family properties. Merrick Manor’s final collection of one-bedrooms gives these buyers an opportunity to rightsize into a newer residence without the costly insurance headaches.

The Miami Herald surveyed numerous independent insurance agents in a new report and found that only a few insurance companies are open to writing new policies for single-family homes in South Florida. Those insurers are primarily taking on policies from the state-created Citizens Insurance. In short, this means options are extremely limited and much more expensive than if the market had more participation from insurers.

“The market is very difficult right now,” one agent told the Herald. “We have a crisis, and the tri-county area is where the situation is most difficult.”

South Florida homeowners pay an average of $5,000 to $12,000 a year for insurance, according to the Herald. Condo unit owners have significantly lower insurance costs, with additional peace of mind knowing their associations must also have insurance coverage for the structure of the building and common areas.

Merrick Manor further benefits from its elevated inland location when compared with coastal condo buildings in the Miami market.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.” The building is surrounded by three championship golf courses and is just 20 minutes from Miami Beach.

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the new Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday.