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Old 03-05-2007, 07:40 AM
 
2,313 posts, read 3,191,870 times
Reputation: 471

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Quote:
Originally Posted by Need_affordable_home View Post
If you own the house free and clear, cancel this ripoff hurricane insurance! I would never pay anywhere close to that no matter where I decide to live!
I would have to be sure I can get liability. A law suit could cost me a thousand times that, a lot bigger risk then just a house that can be replaced. That house is sold anyway so it is neither here nor there. I just learned I will be able to buy a policy minus wind storm where I am moving so it isn't a problem for me anymore but I was just giving an example of how the cost can go up as it did with me. If you do the numbers it is a bigger rip off then people can even imagine.

Take for example my house. I have the policy right here and the windstorm part is $4800. The replacement for the house is $259,000, (I could do it cheaper). 259000 divided by 4800 = 54. imagine 54 to 1 on the money to insure an event, the total destruction of your house, that actually has odds of many thousands if no millions to 1 of happening. Think I am wrong, could you ever imagine anyone buying a house and investing all their savings that had a 1 chance in 54 of being destroyed? You would be safer living on the rim of a volcano if that was the case.

The insurance companies are pulling the biggest rip off of the public in history with this one. It would be like buying a lottery ticket and the odds of you winning are 13, 000000 to 1 and they pay $100, to the winner for a $1.00 ticket. I don't think very many people would play given a choice. With this you have no choice.
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Old 03-05-2007, 07:18 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 14,085,150 times
Reputation: 1033
The house only needs to suffer damage higher than the deductable for the insurance to pony up. But yea its still a ripoff. Dont you need a seperate insurance for liability?
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Old 03-06-2007, 03:43 AM
 
2 posts, read 7,148 times
Reputation: 11
Quote:
Originally Posted by dlh891 View Post
I posted this in another thread but I will repeat it again. I just sold my house in Tampa for $300,000 and the new owner's insurance was only $1400 or so, mine never went over that while I lived there either.

Obviously we must have been lucky where we lived but I also own another house in Tampa and the insurance bill recently came to $1100 for next year.
I LIVE IN CICERO NEW YORK A SUBURB OF SYRACUSE NEW YORK AND I WANTED TO BUY A SECOND HOME IN SOUTHERN FLORIDA NEAR THE GULF. I AM STARTING TO HEAR HORROR STORIES ABOUT HOMEOWNERS INSURANCE.THESE PEOPLE THINK NOTHING OF TRYING TO SELL YOU A HOME FOR EXAMPLE IN A GATED COMMUNITY FOR LETS SAY 250,000.00, THEN ADD 4500.00 FOR TAXES PLUS 3500.00 FOR HOME OWNERS MAINTENANCE FEES,SOCIAL FEES, THEN ADD 2200.00 FOR HOMEOWNERS INSURANCE. ONE GUY ON THE PHONE JOKED AND MADE A COMMENT TO ME , HAVEN'T YOU HEARD ABOUT FLORIDA HIGH HOMEOWNERS INSURANCE ?. I TOLD HIM THAT HE JUST PRICED ME OUT OF HIS AREA IN SARASOTA FLORIDA.

THE TOTAL TAX BILL WOULD BE 9700.00 PER YEAR. INSANE. I PAY 450.00 A YEAR IN CICERO NEW YORK FOR HOMEOWNERS INSURANCE. THE COVERAGE IS FOR A 190,000.00 HOUSE. ONE PERSON WHO LIVES IN PALM HARBOR FLORIDA SAID MY HOUSE IF IT WAS IN FLORIDA WOULD BE WORTH 450,000.00., BEACUSE IT IS SO NICE.

DOYOU KNOW OF ANY AREAS IN COASTAL FLORIDA, SUCH AS A CONDO THAT WOULD BE WORTH LOOKING INTO ?
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Old 03-06-2007, 05:42 AM
 
Location: Lakeland, FL
523 posts, read 2,830,007 times
Reputation: 189
We are thinking of sellilng our big house and moving into a 1300 sq ft home, One builder here just started a new subdivision 150 thousand. why would you want condo for that price? Tax and Insurance are reasonable here in Lakeland. We are about 1 hr from beaches. Anywhere near beaches are going to be high.
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Old 03-06-2007, 08:53 PM
 
Location: Pompano Beach, FL
36 posts, read 143,909 times
Reputation: 31
Cut your cost by having the house certified using the following
"florida building code shutter mitigation verification affidavit" form CIT-26(07/2004), and "florida building code wall & roofing mitigation verification affidavit" form MIT-4. It help me save about 10-20% on the wind storm policy. You'll need a engineer to inspect and certify.
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Old 03-06-2007, 09:00 PM
 
2,313 posts, read 3,191,870 times
Reputation: 471
Quote:
Originally Posted by havanese View Post
I LIVE IN CICERO NEW YORK A SUBURB OF SYRACUSE NEW YORK AND I WANTED TO BUY A SECOND HOME IN SOUTHERN FLORIDA NEAR THE GULF. I AM STARTING TO HEAR HORROR STORIES ABOUT HOMEOWNERS INSURANCE.THESE PEOPLE THINK NOTHING OF TRYING TO SELL YOU A HOME FOR EXAMPLE IN A GATED COMMUNITY FOR LETS SAY 250,000.00, THEN ADD 4500.00 FOR TAXES PLUS 3500.00 FOR HOME OWNERS MAINTENANCE FEES,SOCIAL FEES, THEN ADD 2200.00 FOR HOMEOWNERS INSURANCE. ONE GUY ON THE PHONE JOKED AND MADE A COMMENT TO ME , HAVEN'T YOU HEARD ABOUT FLORIDA HIGH HOMEOWNERS INSURANCE ?. I TOLD HIM THAT HE JUST PRICED ME OUT OF HIS AREA IN SARASOTA FLORIDA.

THE TOTAL TAX BILL WOULD BE 9700.00 PER YEAR. INSANE. I PAY 450.00 A YEAR IN CICERO NEW YORK FOR HOMEOWNERS INSURANCE. THE COVERAGE IS FOR A 190,000.00 HOUSE. ONE PERSON WHO LIVES IN PALM HARBOR FLORIDA SAID MY HOUSE IF IT WAS IN FLORIDA WOULD BE WORTH 450,000.00., BEACUSE IT IS SO NICE.

DOYOU KNOW OF ANY AREAS IN COASTAL FLORIDA, SUCH AS A CONDO THAT WOULD BE WORTH LOOKING INTO ?
Owning vacation homes has become really tough. You don't have homestead protection for taxes and with the insurence it is almost impossable anymore.
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Old 03-21-2007, 05:02 AM
 
Location: Pompano Beach, FL
36 posts, read 143,909 times
Reputation: 31
Unhappy High cost is a fact

Now it is very common that the escrow payments are about equal or more to the interest + principle amount.

Taxes $6000
HOA $800
Flood $600
Wind $3000
-------
$12000 per year

And these values keep going up
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Old 03-21-2007, 06:02 AM
 
12 posts, read 43,553 times
Reputation: 11
We have a home in New Port Richey and our homeowners insurance went up $400 dollars this year and I consider ourselves lucky. We have made no claims and no sinkholes in our neighborhoods either...so far. So no people are not making this up, we just don't want to lose our homes. We love Florida but can't afford to live here much longer.

I read awhile back that Hillsborough County actually had more sinkhole claims than Pasco County but we still had the higher rates but then again it could have been wrong. Anyone else know about this?
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Old 03-21-2007, 07:52 AM
 
251 posts, read 885,877 times
Reputation: 123
Quote:
Originally Posted by mg75 View Post
We have a home in New Port Richey and our homeowners insurance went up $400 dollars this year and I consider ourselves lucky. We have made no claims and no sinkholes in our neighborhoods either...so far. So no people are not making this up, we just don't want to lose our homes. We love Florida but can't afford to live here much longer.

I read awhile back that Hillsborough County actually had more sinkhole claims than Pasco County but we still had the higher rates but then again it could have been wrong. Anyone else know about this?
No where in the state has had more sinkhole claims then Pasco County. Check out the sinkhole map I inserted in the Spring Hill Info thread.
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