Living on an island comes with risk of rising water and hurricanes. Due to historic losses in Florida few insurance companies will insure in Monroe County, Florida for Wind and Flood. As a result, insurance is offered through Citizens Insurance, a government established, not-for-profit insurance company providing insurance for Florida and Louisiana. Since Monroe County is combined with other higher risks and not rated by it's historic losses we bear the burden of higher premiums to offset risks from other losses in Florida. An effort is being made to prove a lower risk factor for Monroe County through FIRM (Fair Insurance Rates for Monroe County - click here for more information) to bring rates down based on local historical losses.
As of 2013, insurance rates are expected to rise on many levels. Some properties rates could increase as much as 25% on new purchases. It's important to know how these changes will affect your premiums in the future. Check my vendor list of insurance agents to get a quote or contact the agent currently insuring the property. All rates are promulgated and the same no matter where you purchase the policy.
Items of consideration: Not all properties are at risk. Call Gidget Jackson or "Send Me A Note" and request confirmation of Flood Zone (s) for your property.