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Old 12-10-2006, 06:24 PM
 
251 posts, read 806,127 times
Reputation: 122

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Quote:
Originally Posted by dlh891 View Post
I just received the closing papers on my house I am selling in Tampa and the new owner's property insurance is only $1475 on a $300,000 house. I only paid between $12-1300 a year owing it the last three years. I do not understand why everyone is saying the insurance is so high, if you shop around and do not live on the ocean (I lived across the street from the Hillsborough River) you will not have a problem affording the insurance.
I don't live on the water nor do I have Citizens Insurance and my house is valued at $225K. I pay $3200 for Homeowners ins. (no flood either) and $2900 for my property taxes. People are complaining because obviously they haven't been as lucky as you. Here's more facts for you. My brother also does not live on or near the water, no flood and his homeowners insurance on Citizens Insurance for a 900sq foot home valued at $190k is $5800 per year and if Senate Bill 1980 is not complety repealed it will increase 200% over the next three years making his homeowners insurance $11,600 to insure a 900sq foot home! Now that's worth complaining about!!!
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Old 12-10-2006, 07:23 PM
 
220 posts, read 987,991 times
Reputation: 111
The people that are hurting are the ones who were barely able to afford it here before prices began to catch up to the norm. I wish I had for rupee for every teacher or 911 dispatcher that had their huge ranches and beachfront homes....... and as soon as anything goes up in price, poof, theyre gone!

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Old 12-10-2006, 07:53 PM
 
2,141 posts, read 6,334,745 times
Reputation: 588
Quote:
Originally Posted by Edvard View Post
The people that are hurting are the ones who were barely able to afford it here before prices began to catch up to the norm. I wish I had for rupee for every teacher or 911 dispatcher that had their huge ranches and beachfront homes....... and as soon as anything goes up in price, poof, theyre gone!

I love that picture, It looks like that guy found a real estate investment in Florida ! Call 911
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Old 12-10-2006, 08:19 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,964,252 times
Reputation: 991
Quote:
Originally Posted by SunshineState View Post
I don't live on the water nor do I have Citizens Insurance and my house is valued at $225K. I pay $3200 for Homeowners ins. (no flood either) and $2900 for my property taxes. People are complaining because obviously they haven't been as lucky as you. Here's more facts for you. My brother also does not live on or near the water, no flood and his homeowners insurance on Citizens Insurance for a 900sq foot home valued at $190k is $5800 per year and if Senate Bill 1980 is not complety repealed it will increase 200% over the next three years making his homeowners insurance $11,600 to insure a 900sq foot home! Now that's worth complaining about!!!

Actually, a 200% increase is triple! That would make his insurance cost $17,400 a year! This would cause a very, very, very big crisis! I can see thousands upon thousands of houses getting forclosed as people just walk away. Those who are almost done with the morgage will try to borrow from family and friends to own the house free and clear(paying them back of course) and cancel the rip-off insurance! Others will be happy to sell their house for half the price instead of lose it all by walking away. There will be willing buyers at half price, those who can afford to pay 100% down. $95k for a $190k house would be a pretty good price even at the risk of being uninsured. My parents would cancel their own home insurance(they own free and clear) but they will lose all their equity they had in the house as it halves in value. If this happens, theres no point ever selling it, they can keep the house for the rest of their lives or till a hurricane demolishes it away then sell the land for what little value it has and they are welcome to move to Oil city and be near me. Very bad insurance crisis in Florida, I feel so bad for my parents, I told them to sell the house last year when it was still worth alot.
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Old 12-11-2006, 10:00 AM
 
Location: NY to FL to ATL
612 posts, read 2,538,430 times
Reputation: 220
Quote:
Originally Posted by macguy View Post
"I do not understand why everyone is saying the insurance is so high, if you shop around"

You are kidding right?

Did you just come out of a coma and missed the last two years? If you can obtain such cheap insurance by just shopping around then maybe there is a business in it for you. I am sure people would be happy to pay a very generous finders fee.

Nope, no coma. I have owned homes in Miami and Tampa since 2000 and have not had trouble finding full, affordable insurance. The only expensive insurance I paid was on Key Biscayne.

I honestly don't understand where all these crazy high numbers are coming from. I feel bad for people if that's what they are paying but I'm just saying for the last six years I have not run across them.
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Old 12-11-2006, 10:06 AM
 
17,298 posts, read 25,601,140 times
Reputation: 8567
The Legislature, I believe, has been called into special session this week in Tallahassee to deal with home Insurance issues. A friend of mine is actually a legislative assistant and will be spending the next three days or so with me. Let's see if anything useful gets done while all the stuffed suits are here.
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Old 12-11-2006, 03:51 PM
 
2,141 posts, read 6,334,745 times
Reputation: 588
Quote:
Originally Posted by TriMT7 View Post
The Legislature, I believe, has been called into special session this week in Tallahassee to deal with home Insurance issues. A friend of mine is actually a legislative assistant and will be spending the next three days or so with me. Let's see if anything useful gets done while all the stuffed suits are here.
There was a special session on immigration also. And if I recall the numbers went up. I can't wait to see how the Insurance issues play out.
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Old 12-11-2006, 04:43 PM
 
2,313 posts, read 2,385,220 times
Reputation: 471
Quote:
Originally Posted by dlh891 View Post
Nope, no coma. I have owned homes in Miami and Tampa since 2000 and have not had trouble finding full, affordable insurance. The only expensive insurance I paid was on Key Biscayne.

I honestly don't understand where all these crazy high numbers are coming from. I feel bad for people if that's what they are paying but I'm just saying for the last six years I have not run across them.
Where they are coming from is Citizens, the company of last resort. People who have had their insurance canceled have to go there and those are the rates they are charging. I was the same as you, I have Liberty Mutual and they just renewed my policy every year at a reasonable increase and I thought like you, I must be special or something.

My policy renews in February and Coincidentally I got my renewal today. My new rate is $1700. and they dropped my windstorm, it was $4100. I don't really care because I tried to drop it last year and they said it was a package and I had to take it. So now I have no windstorm. The insurance company you are with just hasn't done it yet, but if they follow suit, and be assured they will, it is just a matter of time. You will see the high rates as well. They will either drop you or they will raise your rates, no doubt about it.

I had this same conversation with a cocky neighbor who had a low rate. I told her she should get with her agent and ask a few questions about the future. A week later she told me I was right, the letters just had not gone out but she was being dropped. She wasn't so cocky then. Another thing, recent hurricanes have shown insurance companies don't always pay and some go belly up in a disaster.

Being with Liberty Mutual I feel confident I am safe, they aren't going anywhere. I would not go to another company even for a lower rate, insurance's companies are notorious for not paying. A low rate could came at a high cost when the time comes to collect. South Florida has a lot of houses still with the blue roofs waiting to get paid since last years Wilma.
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Old 12-12-2006, 08:08 AM
 
1 posts, read 2,472 times
Reputation: 10
I myself am from Indiana, been down here for almost 7 years now. Love it but......if you can stand the drivers, rubber neckers and the construction trucks that throw rocks out the back and they say they are not responsible for your vehical damage its not to bad. Now the hurricans, well we all know how to protect because I'm from Port Charlotte and went through the big one.
I'm from Huntington and I know what you mean about poor everything. Tampa and St. Pete is very nice that would be a good spot. But our area is growing very fast so just look around from Tampa to Naples

MANO
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Old 12-12-2006, 10:58 AM
 
Location: downtown Sarasota
4,723 posts, read 12,375,422 times
Reputation: 2029
Quote:
Originally Posted by dlh891 View Post
I just received the closing papers on my house I am selling in Tampa and the new owner's property insurance is only $1475 on a $300,000 house. I only paid between $12-1300 a year owing it the last three years. I do not understand why everyone is saying the insurance is so high, if you shop around and do not live on the ocean (I lived across the street from the Hillsborough River) you will not have a problem affording the insurance.
Property is different from windstorm.
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