Property Insurance Cancellations An Issue? (Hampton, Williamsburg: rentals, HOA fees, homeowners insurance)

[Caladium]

In the VA Gazette I saw a post from someone complaining that his homeowners insurance was cancelled after 13 years. He didn't say why, though.

Which makes me wonder... Is this a common problem in the Hampton Roads area? (And, specifically, in areas like Williamsburg that are a little bit "inland."?) I know this is a problem in states like FL (due to the high number of hurricanes recently) but had hoped homeowners in VA were avoiding it.

[CrazyTed]

Only folks I've heard of having cancellation problems were found to have items like skate ramps or other recreation items that were prohibited in the small print of their policy. Someone gets hurt on one and then the insurance cancels. Haven't heard of any other cancellations.

[Caladium]

Good to know.

Actually, if Hampton Roads can avoid the insurance challenges hitting FL and the SE coastal towns, this may end up being quite a boon to the local economy. There are a lot of people in the same boat as us--initially looking for retirement towns in beach towns along the Carolinas and FL but changing to Virginia due to this insurance issue (and a few other financial concerns with a lot of beach towns these days).

Don't be surprised if you see more and more retirees in the coming years.

[Mr Williamsburg]

Don't know anyone who has been cancelled here . Waterfront homes are becoming harder to find insurance coverage as some companies have quit writing polices on them.

[Caladium]

Originally Posted by Mr Williamsburg

Waterfront homes are becoming harder to find insurance coverage as some companies have quit writing polices on them.

I wonder if, over time and as a result, those waterfront homes will become less desirable and go down in price?

By the way, is this the reason some of the townhomes on Pettus Ordinary and Graves Ordinary are less expensive than ones on Wareham Point? Is it hard to get insurance for them because they're closer to the river?

Also wondering what percentage of those townhomes are rental properties and how you fin our which ones are rentals. I'd rather have neighbors who live there all year round rather than an ever changing stream of vacationers.

[Mr Williamsburg]

Doubt it as to waterfront homes going down in value. There are only so many and some folks ( us in the past) HAVE to live on the water.

In Kingsmill anything with "Ordinary" at the end of it , is a Resort Condo. Most folks that own them rent them out thru Kingsmill. IF you stay at the resort in Kingsmill for a night this is where you are staying. Those less expensive condos are ONE bedroom and only 800 square feet, monthly HOA fees are $437 monthly for the smaller units and up to $527 monthly for the larger ones. Insurance is easy to obtain.

Warehams Point are not part of the resort condos. These are higher end town homes that start in the $400's and are 3000 sq foot in size or larger.

[Caladium]

Originally Posted by Mr Williamsburg

Doubt it as to waterfront homes going down in value. There are only so many and some folks ( us in the past) HAVE to live on the water.

In Kingsmill anything with "Ordinary" at the end of it , is a Resort Condo. Most folks that own them rent them out thru Kingsmill. IF you stay at the resort in Kingsmill for a night this is where you are staying. Those less expensive condos are ONE bedroom and only 800 square feet, monthly HOA fees are $437 monthly for the smaller units and up to $527 monthly for the larger ones. Insurance is easy to obtain.

Warehams Point are not part of the resort condos. These are higher end town homes that start in the $400's and are 3000 sq foot in size or larger.

Mr. Williamsburg, as always you are an amazing source of information. I was wondering what the deal was with all the "ordinary" named streets. Now I get it! Thanks for filling in lots of details. So.... if we do decide to go the Kingsmill route we'll opt for Wareham's Point. Good to know.

[Caladium]

By the way.... on the subject of Kingsmill, when we're driving around the townhouses there is there a good spot to take a photo of the river? My guess would be somewhere up near the river bluffs?

[Mr Williamsburg]

There are other lower priced attached options at Kingsmill that are not in the resort area. Winster Fax & Littletown Quarter. You can typically buy townhomes there in the lower $200's, There was a detached home in Quarterpath Trace part of KM that just sold at under $200k . QP Trace has the look and feel of Colonial Williamsburg.

[Mr Williamsburg]

Walk around where the main resort building is around the back. Its high on a bluff overlooking the James River.