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Old 10-01-2011, 03:50 AM
 
Location: Phoenix, AZ > Raleigh, NC
15,181 posts, read 19,239,528 times
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Thank you, TexasTim and PonyPride. Enjoy your new homes
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Old 10-01-2011, 05:37 AM
 
Location: New Jersey
794 posts, read 1,647,931 times
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It should be noted that the "hurricane type" of insurances are only required by a bank or mortgage company to insure their loan..... if there is no mortgage on the house these insurances are not required.
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Old 10-01-2011, 09:07 AM
 
Location: Phoenix, AZ > Raleigh, NC
15,181 posts, read 19,239,528 times
Reputation: 24352
Quote:
Originally Posted by Stonecreek67 View Post
It should be noted that the "hurricane type" of insurances are only required by a bank or mortgage company to insure their loan..... if there is no mortgage on the house these insurances are not required.
Are you Suggesting that those coverages aren't necessary in SouthPort?
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Old 10-01-2011, 09:33 AM
 
Location: New Jersey
383 posts, read 747,277 times
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You should have wind and hail in St. James. Most of these coverages come with a deductable that is a percentage of the home value. I believe in most cases it is 1 or 2%. Because of the frequency of tropical storms or hurricanes, most insurance companies will not write insurance in this area. Thus, the State of Carolina put a program in place where the Farm Bureau underwrites the insurance and thus the higher deductable. If you are not in the flood plain areas of St. James you don't have to purchase flood insurance.
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Old 10-01-2011, 09:41 AM
 
Location: New Jersey
794 posts, read 1,647,931 times
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This is what I am told by almost everyone I meet.... as I am preparing to build a house myself here in St James in the next few months, that is a subject I bring up with everyone we come into contact with. Unless I am speaking to a select bunch of folks, and I do not believe I am, the concensus seems to be that this expensive "wind and hail" insurance is not being gotten by the residents that have been here in St James for many years. The same with "flood" insurance...... if the property that I am building on is not in a flood zone ( 50 year OR 100 year )... and it is not..... AND it the area has never flooded.... AND it has not..... AND it is 51 ft above sea level.... then I do not see the reasoning for having any type of flood insurance either. But that's just me.
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Old 10-01-2011, 03:10 PM
 
Location: New Jersey
383 posts, read 747,277 times
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I agree that St. James is not subject to major flooding. Even last year when the area got 23 inches of rain, they were ok. Wind and hail is another story. They have experienced many Cat 1 storms and it does not take much to uproot the pine trees and have them fall on your house. They also get hail and on person I met had to have their roof replaced. Bottom lines is that it depends how adverse you are to risk. I am conservative and like to have piece of mind, but if you finance your dwelling, you will not have a choice and insurance will be required.
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Old 10-03-2011, 04:22 AM
 
111 posts, read 208,906 times
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And do you really think that that the two remaining insurance underwriters could even financially keep their heads above water if a Cat4 or 5 trounces this area, you're dreaming. I feel sorry for the mortgaged home owners that require it. Just ask the people of New Orleans and the surrounding area, my wife and I visited there a few years ago and it seemed like half the "insured" homeowners we talked to never received a nickle. And sure the "government" is supposed to cover those insurance losses but get real, after the recent string of natural disasters ("natural" that's a whole nother story) will have the financial wherewithal or stomach to help

The day my insurance carrier denied me any discount after installing Miami/Dade county approved storm shutters at a cost to me of $7,000 was the day I told them to shove it. It's been 5 years now and yes I know that the money I saved might not cover major damage but that's the chance I'm taking.

Ron W.
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Old 10-03-2011, 10:03 AM
 
Location: New Jersey
383 posts, read 747,277 times
Reputation: 214
rj surfer,

I am not advocating insurance, but stated it depends on how adverse to risk as to whether you carry it or not. It is a personal decision. No doubt many Katrina storm residents got the shaft from their insurance companies. Unfortunately if you finance a property, the bank will want protection against loss on the property and carrying insurance will be a requirement and not an option.
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Old 10-03-2011, 10:06 AM
 
Location: New Jersey
383 posts, read 747,277 times
Reputation: 214
On another topic,

For those of you who have built in St. James, what builder did you use and why did you choose them?
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Old 10-03-2011, 12:59 PM
 
Location: Long Island NY
473 posts, read 491,847 times
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Quote:
Originally Posted by PonyPride View Post
On another topic,

For those of you who have built in St. James, what builder did you use and why did you choose them?

This ought to be interesting because almost everyone I asked was very pleased with their builder. Almost no negative feedback that I heard.
I'm curious to find out if there are any less than positive experiences.
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