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Old 12-06-2015, 10:17 AM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,379,006 times
Reputation: 6793

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Another reason HOA fees go up is because developers often are unrealistic in terms of budgeting for things like reserves and similar.

Florida is "homeowners insurance" challenged. Windstorm coverage is a biggy. You can save some - but often not a huge amount by playing with deductibles. You can also save various amounts of money if your house is built in certain ways (for example - primarily with a hip as opposed to a gabled roof - how your roof is built - how it's tied to the rest of the house - etc.).

We've had issues that have increased prices in other areas as well. Things like fraudulent sinkhole claims in recent years.

In terms of getting discounts - it can pay to shop around all your policies (including your auto and umbrella policies) as a package. Note that the federal government (FEMA) is pretty much the only show in town when it comes to flood insurance (may or may not be required when it comes to a mortgage on any particular house - but highly recommended even if it isn't required). Robyn
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Old 12-06-2015, 11:32 AM
 
1,767 posts, read 1,731,283 times
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Yes...I would obtain flood insurance as well since it may not be an if question as a when question. Although I worry if most of the state is ever flooded if the insurance companies will even pay? This was an issue in New Orleans after Katrina in which insurance co.s simply walked away.
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Old 12-06-2015, 01:48 PM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,379,006 times
Reputation: 6793
Quote:
Originally Posted by oneslip View Post
Yes...I would obtain flood insurance as well since it may not be an if question as a when question. Although I worry if most of the state is ever flooded if the insurance companies will even pay? This was an issue in New Orleans after Katrina in which insurance co.s simply walked away.
Like I said - the main insurer most people deal with in terms of flood insurance is FEMA - the federal government. It is running in the red a lot these days. But I've never heard of any issues in terms of claims being paid. The main issue with Katrina was that most people didn't have flood insurance (they only had regular homeowners insurance - which doesn't cover flood damage). Robyn
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