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Yeah, because oceanfront property all along the Eastern Seaboard is undesirable property.
But seriously, the people who buy such property are well aware of the risks and the associated cost of insurance.
The problem is that the insurance problem is not limited to just oceanfront and/or bayfront land. The "red zone" has been pushed back for MILES, and now includes areas that are what most people would think of as white collar and blue collar neighborhoods.
The impact on home sales started being felt shortly after Hurricane Sandy and haven't gotten any better in the past 17 months.
Quite a few people in my former neighborhood are STILL WAITING for insurance claims from Sandy to be paid. They had to get SBA loans in order to make their houses livable again (we are talking about average size houses on 1/4 and 1/3 acre lots, not big money mansions, LOL) but those loans have to be paid back with interest. Imagine a senior living on a fixed income having to juggle finances in that situation and still survive day to day. Or having to self-insure and absorb the cost of a total or even near-total loss. It'd be devastating.
Someone mentioned tornadoes so now I'm curious: Do people who live in "tornado alley" have separate deductibles for wind or tornado damage, the way people along the coast have a separate higher deductible for hurricane damage if it's a Cat 2 or above (sometimes Cat 1 or higher)? Or do they purchase separate tornado insurance, like Fla residents do for hurricanes?
Someone mentioned tornadoes so now I'm curious: Do people who live in "tornado alley" have separate deductibles for wind or tornado damage, the way people along the coast have a separate higher deductible for hurricane damage if it's a Cat 2 or above (sometimes Cat 1 or higher)? Or do they purchase separate tornado insurance, like Fla residents do for hurricanes?
I believe that would be me. Our insurer does not require separate tornado insurance nor do I believe they offer it. Two years ago a Cat. 2 struck eight miles from us, the first of that velocity since 1973, so we nor are not concerned, nor does our insurer seem to be.
Build a dome home. It may not lower your insurance costs, but the chances of needing a repair are slim to none. An earthquake might bring one down - but not much of anything else will.
That perhaps might influence claims on wind. the Op is talking about federal flood insurance which a dome wouldn't be any help with. Its determined by zone which can drastically change in even immediate area and just now high the structure elevation is. Then of course there are areas highly effected by what other would only consider normal rain because of the situation where they live on drainage and now rain water act. Near some river is perhaps the most common flooding really.
The problem is that the insurance problem is not limited to just oceanfront and/or bayfront land. The "red zone" has been pushed back for MILES, and now includes areas that are what most people would think of as white collar and blue collar neighborhoods.
Good point. I would agree with others that anyone living near water EXPECTS to pay a lot in insurance. The point of my post was the sudden RATE at which that insurance is increasing. For many folks, as per the article, they're looking at up to 18% jump per year. That's fairly .
That perhaps might influence claims on wind. the Op is talking about federal flood insurance which a dome wouldn't be any help with. Its determined by zone which can drastically change in even immediate area and just now high the structure elevation is. Then of course there are areas highly effected by what other would only consider normal rain because of the situation where they live on drainage and now rain water act. Near some river is perhaps the most common flooding really.
Actually if they are properly built on concrete pilings it takes care of flooding as well.
Good point. I would agree with others that anyone living near water EXPECTS to pay a lot in insurance. The point of my post was the sudden RATE at which that insurance is increasing. For many folks, as per the article, they're looking at up to 18% jump per year. That's fairly .
I do not see this as a problem for retirees because a retiree does not need to live anywhere there are increased insurance premiums. The big problem for retirees is property taxes, and the fact that very few places give retirees a break on high property taxes, or their annual increase. The greedy lawmakers do not want to try to change this because they don't want to cut into their budget.
I do not see this as a problem for retirees because a retiree does not need to live anywhere there are increased insurance premiums. The big problem for retirees is property taxes, and the fact that very few places give retirees a break on high property taxes, or their annual increase. The greedy lawmakers do not want to try to change this because they don't want to cut into their budget.
Yes, we do have a choice about whether to live in high-cost insurance areas. Property tax is another thing. Three years ago when we moved to this town prop taxes were as expected. What we didn't expect was the huge jump up year to year, due to completely unneeded new town facilities/buildings and a town-owned golf course losing money as we speak. We could not have known all this, and it's aggravating to say the least. I wonder how many retirees on here are more than mildly concerned about what the future years will charge us for insurance and taxes, regardless of how okay we may be doing right now.
That perhaps might influence claims on wind. the Op is talking about federal flood insurance which a dome wouldn't be any help with. Its determined by zone which can drastically change in even immediate area and just now high the structure elevation is. Then of course there are areas highly effected by what other would only consider normal rain because of the situation where they live on drainage and now rain water act. Near some river is perhaps the most common flooding really.
If you have a dome and the water rises, close the doors, shut the windows, turn it upside-down and you have a coracle!
Retirement choices are getting fewer and fewer due to hungry insurance monsters who live by "what if".
At least insurance monsters give me something for my money. I'm more worried about tax monsters. My property tax is $10,000 and I'm only 59. Add 40 years of inflation and I have a problem...
Yes, we do have a choice about whether to live in high-cost insurance areas. Property tax is another thing. Three years ago when we moved to this town prop taxes were as expected. What we didn't expect was the huge jump up year to year, due to completely unneeded new town facilities/buildings and a town-owned golf course losing money as we speak. We could not have known all this, and it's aggravating to say the least. I wonder how many retirees on here are more than mildly concerned about what the future years will charge us for insurance and taxes, regardless of how okay we may be doing right now.
Property taxes were up on the list when deciding about transplanting. Having been here for a few years it is way down on the list as our taxes even if they go up represent a great value as we are very happy here.
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