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With my agent retired and another taking over the business at another location I will be shopping...
Most of my business is rental property...
Mine was recommended by my property management, I should have investigated further, they were in cahoots together. Finally I got rid of that property management and found another one.
We were sure glad to have it here when the big one hit (7.8) in 2016. Massive rebuild in our complex.
(not us on the 2nd floor, but the first floor was trashed)
Not only is it expensive, but the deductible is horrendous. Anywhere for 10 to 20 percent. So if you have a $300,000 house, your deductible is anywhere from $30,000 to $60,000. Unless your house is destroyed, you'll most likely be out of pocket anyway. The one we had in November did no damage to my house. Not even a crack in the paint. It's estimated that about 85 percent of the people in our earthquake zone don't have earthquake insurance, myself included.
I own my home and have no mortgage and low property taxes.
My only expenses are electricity, cooking gas, and gasoline and car upkeep and home maintenance.
I spend about $1000-1300 a month (it's a small home).
Am thinking of selling my home which is worth maybe $120,000 and using the cash to supplement some low-budget traveling for the rest of my life, maybe settle here and there for periods if I find a nice place at a nice low-rent price in my travels.
Part of the reason I'd sell my home is I don't really like where I live that much and I really want to travel while I'm still healthy.
I plan to move to Thailand or Costa Rica (retirement visa) if I can't save enough for a comfortable living in America. I've traveled enough and have met plenty of expat retirees to know it's doable.
I too am interested in moving to Thailand, at least for a short period.
Have heard it's very cheap and the people are generally nice.
One drawback is the language which seems very difficult to learn, especially for an older brain...
Costa Rica is a good option but there is no place that's "paradise" either. I know people who love living in Costa Rica and others who hate it. Depends on the person. I'm sure each country has people who love it and people who hate it.
Could you tell me here or pm me as to what are good resources to looking into living in Thailand?
Not only is it expensive, but the deductible is horrendous. Anywhere for 10 to 20 percent.
Wow, that is bad. In our area, where hurricanes rarely even reach but the insurance companies have all jumped on the "wind deductible" bandwagon anyway (never even was such a thing before Katrina, btw), homeowners policies have a 5% deductible for that by default. My company is unusual in that it's only 2% for anything higher than Category 1 wind speed. But where all the insurance companies get you is that they apply the deductible if winds of that speed hit anywhere in the state. Which means that even if your particular area only got tropical force winds recorded, but someplace 200 miles away but still in this state got hit with that wind at the start of the storm for example, the insurance company will apply the Windstorm Deductible to YOUR claim. Because that's what the policy says:
This deductible applies when a declared Category 2, 3, 4 or 5 hurricane makes landfall anywhere in New York State. Any windstorm loss to the covered property that occurs within a period of 12 hours before or 12 hours after the storm makes landfall anywhere in New York State will be subject to this deductible. Otherwise the lower basic deductible applies. 'Declared' means declared by the National Weather Service.
On an average home's dwelling coverage of $500K, the 5% wind deductible will be $25K. If the policy is with Merrimack (the one I use) it'd be 'only' $10K.
I keep my premium more manageable by having the highest normal deductible possible ($5000). But it's still $1200 a year for only $432K of dwelling coverage. My house is smaller than average at about 1500 sf. Also I don't have anything that would add to the risk and raise the premium (swimming pool, trampoline, tree house, wood burning stove, dog, smoker, home-based business, or bad credit.) So the premium is as low as I can make it.
Last edited by BBCjunkie; 02-02-2019 at 02:49 PM..
When I finally get done crawling through the pile of stuff about setting up ALL the new things for medicare and most of all their medical mess, I didn't really want to hear about them every again. But I have sort of thought about what if ... Actually it already had influenced me, since when my son was pushing for me to move in, and I knew that it would not be a peaceful home. I made the informed decision to stay here in my small house and small town, in part because I need low cost, and also am just about DONE with working with maybe's. I ended up back in my little house, still needing work, but as its mine, it doesn't really sound bad. I figure I can get up when I please, sleep when I please, and as I spend the lesser and always consider purchases, it stretches. This is what I've been doing for years and it works.
Before I moved here, I took close effort to see what I did do. I figured, after consideration, that between careful shopping, mostly ordered from someone and delivered from amazon, and cross checking prices, and remembering those days when I really didn't have anywhere to go at times, and had to keep a motel budget, that the security won over other things. The house is small and tough. The town is small town. The cost of living is wonderfuly slow and coupled with it being the norm. I know people sometimes say its a sort of trap, but I remember 7:00 and a cheap dinner and enough for the motel but not more than a day. So, do I figure out where to crash, pay a motel, or find somewhere they won't 'notice' you are still in your car.
I had a great life before stuff self combusted. Its all gone. Lost both parents. Had a child. Felt utterly alone because other people just don't *get* what it means if that night you were still looking for options after they couldn't.
Home is a beautiful word. If its a couple millions of house, or a couple thousand, or old and ready for repair its the same, except if its the third option. And yes, there are 'places' they'll help. But its usually a motel room. A home where you know its not at *all* perfect, but there and waiting for you is the most golden of all. Even if its old and feels tired, its got food and a decent place to sleep, and maybe your dog is always soooo happy to see Mom. Whatever else, its is a place waiting for YOU tonight.
"Good enough* can be defined by a place which meets the needs of now too. Tomorrow doesn't exist. It's not here yet.
We have today, now, the moment, the dilemas we try not to think of, and if we can learn to look ahead the light is a little brighter, and if we believe we can, we just might find a way out of the darkness.
If you own a home, you will still have property taxes and home owner's insurance. I wanted to mention this because people mistakenly think if they have their mortgage paid off, that frees up the entire cost and that's not true..
Some areas don't charge people property tax if they're house is paid off and they've reached a certain age - 65 or 70, I believe.
AARP is always saying more and more people are retiring & have nothing but social security to live on.
I"m wondering how true that is and if it is true - how are you making ends meet when housing costs would have to be more then half the monthly social security max?
Paid off house and hopefully they are living in a lower COL area. I don't know anyone that is on SS and not working who is paying market rent.
If you are not working, there is no reason to live in an excessively high tax area.
Last edited by matisse12; 02-03-2019 at 07:39 PM..
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