Relocating...searching for "beachy town" on the 1A (Boca Raton: rentals, insurance)

[mdterps]

Somewhere between New Smyrna Beach and Boca Raton. Something in a nicer neighborhood. I am looking to buy a home a block or 2 off of the 1A where there is a beach I can walk to. Looking to spend somewhere under 400k. The smaller and nicer the area the better. Nothing else is a priority. No kids just the wife and I. Age of area makes no difference either. I plan to make a drive down next month but need some starting points. Thanks in advance.

[Jareb]

Vero Beach is the nicest town on the east coast of Florida IMHO. There are houses east of A-1-A in gated communities for around $400K. This wont last forever. Been here for 20 years and cant think of anywhere I'd rather be. Check it out!
John

[verobeach]

Hi, yup he's right about that. But anything east of A1A is going to cost you in HO insurance and the contractors eyes go 'ca-ching' when they hear an island address. Also, for everyone wanting a beachy location... your neighbors will be changing monthly, maybe weekly as the homes around you rent out for the season. In the summer you will have shuttered homes to look at. We're a bit inland, we drive to the beach when we need a fix, and I highly recommend thinking mainland when it comes to any part of Florida as a permanent residence.

[TriMT7]

Look into the Juno Beach/Tequesta area.

Also look into Hobe Sound.

[Jareb]

Originally Posted by verobeach

Hi, yup he's right about that. But anything east of A1A is going to cost you in HO insurance and the contractors eyes go 'ca-ching' when they hear an island address. Also, for everyone wanting a beachy location... your neighbors will be changing monthly, maybe weekly as the homes around you rent out for the season. In the summer you will have shuttered homes to look at. We're a bit inland, we drive to the beach when we need a fix, and I highly recommend thinking mainland when it comes to any part of Florida as a permanent residence.

Of the 34 lots in the subdivision I've lived in for 20 years there are no rentals. Every one is either a year round resident or uses their home in the winter. I will admit that some of the larger development such as Castaway Cove have a larger number of rentals...pick your neighborhood and you will be fine on the beach. Now for the insurance...my homeowners is $900/yr and my windstorm is $750/yr. I have my house underinsured though.{$250K} I stayed in my home for both hurricane Francis and Jeanne and had no damage so there are no claims on my house. People way over insure. There were very few homes completely destroyed by either of these hurricanes. There were plenty of roofs that needed replacing, lots of wet drywall and many downed trees but if you own a $500K house; it doesnt cost $500K to replace a roof and drywall. The people that fully insure are making money for the Insurance companies. I have lived here for 20 years and have never had a claim and I live in a stick built house...so use common sense when finding a residence on the beach and do your homework and it wont be the financial drain many make it out to be.
John

[TriMT7]

Originally Posted by Jareb

Of the 34 lots in the subdivision I've lived in for 20 years there are no rentals. Every one is either a year round resident or uses their home in the winter. I will admit that some of the larger development such as Castaway Cove have a larger number of rentals...pick your neighborhood and you will be fine on the beach. Now for the insurance...my homeowners is $900/yr and my windstorm is $750/yr. I have my house underinsured though.{$250K} I stayed in my home for both hurricane Francis and Jeanne and had no damage so there are no claims on my house. People way over insure. There were very few homes completely destroyed by either of these hurricanes. There were plenty of roofs that needed replacing, lots of wet drywall and many downed trees but if you own a $500K house; it doesnt cost $500K to replace a roof and drywall. The people that fully insure are making money for the Insurance companies. I have lived here for 20 years and have never had a claim and I live in a stick built house...so use common sense when finding a residence on the beach and do your homework and it wont be the financial drain many make it out to be.
John

Just be aware that if you underinsure, you will pay a co-insurance penalty in addition to your deductible.

[Lilybeans]

Look into Jupiter Island. It's in Martin County. You might get lucky.

[mdterps]

Ok so far I have

Vero Beach
Juno/Tequestra
Jupiter Island

Thanks a ton folks! Gives me some great starting points.

I forgot to mention I was looking for a sfh or at the least a villa/townhome.

[Jareb]

Originally Posted by TriMT7

Just be aware that if you underinsure, you will pay a co-insurance penalty in addition to your deductible.

TrimT7,
Not sure what you mean by a penalty...I pay no penalties that I know of. The reason I'm underinsured is because I insured the house for $250K when I built it 20 years ago. The house is worth probably double that now and I just never increased the value on my policy..so it stays at $250K by my choice.
John

[TriMT7]

Originally Posted by Jareb

TrimT7,
Not sure what you mean by a penalty...I pay no penalties that I know of. The reason I'm underinsured is because I insured the house for $250K when I built it 20 years ago. The house is worth probably double that now and I just never increased the value on my policy..so it stays at $250K by my choice.
John

If you ever make a claim and you have an adjuster that knows what he or she were doing, you would pay a co-insurance penalty at the time you make your claim. It's most likely in your insurance policy.


Example — Calculating the Property Coinsurance Payment

A business partially insures property worth $250,000 for $100,000, with a policy that requires at least 80% of its value to be insured for full coverage, and which has a $1,000 deductible, and then has a $20,000 loss. Since the amount of insurance required for full coverage = .8 x $250,000 = $200,000, the business would have to pay 1/2 of that loss, since the property was only insured for half of the required amount of insurance. Using the above equation, $20,000 x $100,000/$200,000 - $1,000 = $9,000.



I mean, it may still be worth it to you, but everyone should be aware that it exists if they are tempted to underinsure to save on premiums.