[VETERANBROKER]

After 27 years in Florida it is time to go. We have worked our fingers to the bone slowly buying rental properties over all these years,started with nothing and accumulated 17 houses. In the past 4 years our yearly insurance premiums per house have gone from $300 per year(multiple unit blanket policy) to as high as $1642 per year, per house.Plus property taxes have increased an average of $500 per year, per house.(these our all small homes) There is no way our tenants can afford a $177 per month rent increase! As landlords all we would be doing is the insurance companies dirty work,and get nothing out of this but aggravation and grief. This was going to be our retirement,not anymore. We were making a small profit on each rental(after paying mort. pymt), which is what we've been working towards all these years. Now we have to give that small monthly profit to the insurance companies, the money we live on each month,I don't think so. We came to Florida in 1979 with $200 in our pocket and slept in our car for a month. We have worked very hard for what we have and are not going to be victimized by these giant wealthy Insurance companies. Don't let them fool you,their profits are in the billions.Go into any downtown area of any major city, find the biggest and/or nicest building and look up who the owners are? The answer is, you got, Insurance companies. The insurance problem is not going to go away as the politicians are a joke,have no brains or back bone and are probably in bed with the insurance companies. There is an easy fix to the insurance crisis. A 1% state sales tax,popular,no, solve the problem, yes. But since there are no "real" plan to tackle this problem, we have decided to sell our properties and leave the state.

[Dee2e]

Originally Posted by VETERANBROKER

After 27 years in Florida it is time to go. We have worked our fingers to the bone slowly buying rental properties over all these years,started with nothing and accumulated 17 houses. In the past 4 years our yearly insurance premiums per house have gone from $300 per year(multiple unit blanket policy) to as high as $1642 per year, per house.Plus property taxes have increased an average of $500 per year, per house.(these our all small homes) There is no way our tenants can afford a $177 per month rent increase! As landlords all we would be doing is the insurance companies dirty work,and get nothing out of this but aggravation and grief. This was going to be our retirement,not anymore. We were making a small profit on each rental(after paying mort. pymt), which is what we've been working towards all these years. Now we have to give that small monthly profit to the insurance companies, the money we live on each month,I don't think so. We came to Florida in 1979 with $200 in our pocket and slept in our car for a month. We have worked very hard for what we have and are not going to be victimized by these giant wealthy Insurance companies. Don't let them fool you,their profits are in the billions.Go into any downtown area of any major city, find the biggest and/or nicest building and look up who the owners are? The answer is, you got, Insurance companies. The insurance problem is not going to go away as the politicians are a joke,have no brains or back bone and are probably in bed with the insurance companies. There is an easy fix to the insurance crisis. A 1% state sales tax,popular,no, solve the problem, yes. But since there are no "real" plan to tackle this problem, we have decided to sell our properties and leave the state.

Yes, insurance has gone up in 27 years. So has gas, milk, bread, cigarettes, stamps, the price of cars, what you charge in rent, etc.

When I started driving, gas was $0.13 a gallon, milk was $0.99 a gallon, stamps were $0.03, and my first new car in 1968 was $1795.00! My first house in 1975 was a three story, brck, single family home on 2 acres of ground cost $19,500! My first rental property yielded me $110 per month in rent payments, now my only rental is a single family home that rents for just over 2K a month. My insurance costs are passed on via the rent. Prices have gone up everywhere on everything. Nothing costs what it did 27 years ago. Not even the rent you are charging.

Remember the big depreciation deductions you are getting which certainly help offset those costs. With the right property management and tax accounting, owning 17 rental properties is very good! As expenses of running a business increase, so does your rental prices. I'd love to have 17 rentals now. With all the condo conversions taking rentals off the market, rents are skyrocketing.

With 17 rental properties to boast about, I'd say that Florida has treated you very very well.

However, I certainly respect your right to leave and wish you well wherever you head.

[LyndaS]

Originally Posted by Jammie

Since it appears that insurance on houses is astronomical, how high is the insurance on mobile homes?

Well, my Mom has a home worth about 450,000...she pays 1300.00 per year. I have a manufactured home, 3 yrs old and my rate just went to 2400.00 per year.

The new manufatured homes in my area did better than alot of the old frame houses during Charlie. If a tornadoe hits (and they do most of the damage if you live inland like I do)...nothing will survive.

Insurance companies are just looking for excuses to raise rates wherever they can!

So no what with Chrits' new bill? All the insurance co. have to lower their rates? mine says they won't???