[Mathguy]

What I'm trying to discern is how much your insurance went up from rate increases and how much it went up from value increases.

My readings lead me to believe that most rates went up maybe 50% (but maybe more some places and less others) so when I have people saying they went from 1k to 8k I figure it's not all rate increases but maybe that they weren't previously buying flood insurance, the home went way up in value, etc etc. I'm just trying to get a reasonable comparison basis.

I've read of similar situations where people in say...Chicago...were property taxed out of thier homes in areas with exploding housing values. This is the local governments just partying on your $$$. My buddy saw the local fire dept. grilling out on a 15k gas grill outside the station....his tax dollars at work.

[Dee74]

Our prop value has gone up 60% from 2003 prices as per the CMA I just received,(and we live in south tampa) our insurance has increased fourfold + from that same time frame. The prop taxes and insurance on my non homesteaded rental home have also increase fourfold and even with the so called freeze on tax rates our rental just went up another $400 per year in taxes. Just got another letter stating we will be canceled in Sept (who knows) so I will get to see if citizens can save our home. Gee it's been another great day in paradise. So no it does not seem to be valuation alone, it's everything.

[crystalblue]

Efforts to change flood insurance stall - Yahoo! News (broken link)


this certainly wont help matters at all...

[poster]

I guess their opinion is that if you can afford to live on/at the beaches you can afford to self insure.

But it is bad that people living in high risk areas (by choice) get rates supported by others in less risky areas that end up paying inflated rates. Insurance is about spreading the risk around but with planning boards approving building in known flood plains and right on beaches it does force the issue.

I believe that an insurance company certainly should have the right to insure a particular property or not as long as their reason it isn't racist, sexist or whatever.

[Mathguy]

Originally Posted by Dee74

Our prop value has gone up 60% from 2003 prices as per the CMA I just received,(and we live in south tampa) our insurance has increased fourfold + from that same time frame. The prop taxes and insurance on my non homesteaded rental home have also increase fourfold and even with the so called freeze on tax rates our rental just went up another $400 per year in taxes. Just got another letter stating we will be canceled in Sept (who knows) so I will get to see if citizens can save our home. Gee it's been another great day in paradise. So no it does not seem to be valuation alone, it's everything.

No one is saying it's valuation alone, but if we net out the valuation increase...your costs have gone up by x2.5 which seems like more than I would have expected.

It's possible you got reclassified a couple years back and then got hit again with the big increases after the bad 2004 year.

Good luck.

[FFZS]

Originally Posted by Mathguy

The average elevation of Florida is 6 feet above sea level. You live on a large SAND BAR in a period of rising ocean temperatures and the problem is with the insurance companies? Come on, a just a shred of responsibility for your choices people.

Mathguy check your source, near the beaches may be 6 foot elevations (1/2 mile away) but as you go west away from the atlantic and east away from the gulf the elevation rise up. You're making it sound like the entire state will be under water if the water rises 6 feet. I've seen you posting this value before and want you to know that is not a correct value, (it probably is true number for the keys)

[yukon]

What gets me is much of the flooding damage could have been mitigated had the state/feds/insurers required a few minor changes when rebuilding a damaged home - ie., if you're a pier & beam, then raise the house slightly higher than the average 50 or 100 year flood. Friend of mine works with FEMA and said he's made this suggestion tons of times in his reports but no one ever does anything about it. Said the few times a homeowner did do this, they didn't have problems from flooding after that. Same thing at beach, riverfront and lakefront property - require homes be built up instead of on slab or grade. And don't grandfather anyone in anymore. Give 'em xx period of time to comply, or no coverage.

[crystalblue]

how much extra would it cost to build a home on concrete stilts?

[Mathguy]

Originally Posted by FFZS

Mathguy check your source, near the beaches may be 6 foot elevations (1/2 mile away) but as you go west away from the atlantic and east away from the gulf the elevation rise up. You're making it sound like the entire state will be under water if the water rises 6 feet. I've seen you posting this value before and want you to know that is not a correct value, (it probably is true number for the keys)

Thanks for posting, I haven't been wording it correctly.
The ENTIRE STATE has an elevation of 100 feet (MSN encarta) but that is skewed by the interior and the north. The number I was citing was from a book and was likely weighted by population or restricted to southern FL.

I think this picture makes my point though. Take it in....and comment back.

EO Newsroom: New Images - Elevation of Southern Florida

Remember, the case I'm trying to make is that the most exposed areas are where everyone lives, where all the building is going on....

Read this....listen to the exclaim about the growth....9 feet above sea level....pretty much in the last 50 years about 10,000 house\condo\apartment units.

FACTS & FIGURES FOR LONGBOAT KEY, FLORIDA

[crystalblue]

Will climate change flood your home? - Buying a House - MSN Real Estate

i bet the insurance companies are subscribing to this....