Buying a Home in Naples? Insurance Is Now the First Thing You Should Check

Written by:

Alejandra Rodriguez

Date:

09 Jun 2026

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You find a beautiful condo two blocks from the beach. The price looks reasonable – actually, surprisingly reasonable given the location. Then you get the insurance quote. And the HOA statement. And the structural inspection report. Suddenly, that “deal” looks a lot more complicated.

This is the reality for buyers in coastal Southwest Florida right now, and it catches people off guard more often than you’d think. David Jablonski, co-founder of the Owens Jablonski Team at Compass, has worked in the Naples and Bonita Springs market for nearly 16 years. He’s watched insurance go from a background detail to a deal-defining factor, especially for condominiums near the water.

What’s Actually Going On With Insurance Here

For single-family homes, insurance concerns are somewhat overstated. Florida passed legislation in recent years expanding reinsurance – backstop coverage that makes the state more attractive to insurance carriers. That’s brought new companies into the market. Citizens Property Insurance, the state’s insurer of last resort, has seen its policy count drop significantly as private carriers have returned.

But coastal condominiums face a different situation, one rooted in the 2021 Surfside building collapse in Miami. That tragedy prompted Florida to overhaul how condo buildings are inspected and reported. The result is a structural integrity reserve study, known as an SIRS report, that must be provided to any potential buyer before closing. The buyer review period was recently extended from three to seven days.

These reports examine the actual structural condition of buildings in far more detail than previous disclosures. When problems surface, they become part of the record and insurance carriers respond accordingly. “If the reports are too negative, it’s really hard for these buildings to get reasonable insurance,” Jablonski says.

The Ripple Effect on Costs

When a building’s structural report reveals issues, several things happen at once: insurance premiums rise, HOA dues often increase to fund required repairs, and special assessments may be levied, meaning owners receive a lump-sum bill on top of regular dues.

Some coastal condo buildings in Naples remain partially closed following recent hurricanes due to structural issues uncovered during this process. For buyers, that means a property that looks affordable at the purchase price can carry high ongoing costs that aren’t visible in the listing.

What to Do Before You Make an Offer

Get an insurance quote before you’re under contract, not after. This is the single most important step buyers skip. A quote takes a day or two to obtain, and it can completely change the math on a purchase. For coastal condos, the difference between a well-rated building and a troubled one can mean thousands of dollars per year in premiums.

Request the SIRS report and actually read it – or have someone explain it to you. Look specifically for flagged structural issues, deferred maintenance, and reserve funding status. If reserves are underfunded, an assessment could be coming.

Ask about pending or recent special assessments. Your agent should be asking this on your behalf, but ask directly too. A $15,000 assessment that hits six months after closing is not a surprise anyone wants.

For Investors Specifically

Buyers purchasing coastal condos as investments should run the full cost picture before committing: HOA dues, insurance, potential rental income, and a realistic appreciation timeline. “You want to be well aware of what you can rent these properties for if you need to carry it while waiting for the market to peak,” Jablonski says.

The coastal condo market in Naples remains soft, but Jablonski believes it’s closer to a bottom than most people realize, with meaningful appreciation potentially two to three years out. For buyers with patience and the right property, the current discount from pre-hurricane prices can make the numbers work. The key is knowing exactly what you’re buying into before you close.

Flood Mitigation as a Cost-Reduction Tool

Beyond insurance quotes and structural reports, the physical features of a property also affect what you’ll pay. Flood mitigation systems and panel systems covering windows, doors, and other openings have become increasingly common in coastal homes and can lower insurance costs while making a property easier to sell later. Not every system is perfect (some homes still experienced water intrusion through foundations during Hurricane Ian), but having one in place is both a selling point and a risk-reduction tool worth asking about.

The Bottom Line

Insurance in coastal Naples is no longer a formality; it’s a core part of the buying decision. Get your quote early, read the structural report, and understand what the HOA dues actually cover. The properties that look like bargains sometimes are. But sometimes the price is low for a reason, and the carrying costs tell the real story. “I’ve seen buyers walk away from deals after seeing the insurance bill,” Jablonski says. Make sure you see it before you’re too far in to walk away easily.

About the Expert: David Jablonski is co-founder of the Owens Jablonski Team at Compass in Naples, Florida, where he has worked in the Naples and Bonita Springs residential market for nearly 16 years.

This article is intended for informational purposes only and does not constitute legal, financial, or investment advice. The views and opinions expressed herein reflect those of the individuals quoted and do not represent an endorsement of any company, product, or service mentioned. Readers should conduct their own due diligence and consult qualified professionals before making any investment decisions.