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I recently read in the Charleston Post & Courier that insurance rates along the coast will rise dramatically. We have looked at buying vacation property along the coast somewhere between Pawley's & Kiawah, nothing major....no realtors yet, but this is something that I have not seen before this week. How will the new laws affect insurance rates? Does this change include all properties or just single family? Any info would be appreciated.
Insurance, cable, electric: All 3 are basically monopolies down here that the state and local government allows to abuse customers with no consequence.
GSP,
Don't buy it.
Look up a search on google under Flood Insurance Risk and Rates and see what is
going on with that. The Federal Government is getting out of the insurance business
for flood since Sandy cost them Government 29 billion dollars.
We simply can't afford it.
If you buy a home, and need a mortgage, the rates are efective now.
They are also re classifying the flood risks and raising them, (Fema), which
means that many areas of the country near the water is in trouble.
It will pertain to all new sales, and current homeowners will get a rate increase
gradually over a ten year period.
Your investment of a vacation home will not be a smart one.
Sales are going to fall dramatically, no one will want to buy with the
flood insurance so high, although, if you want to rent it out, and can get alot
of money for rentals, it may be worth it.
Just wait til the properties drop dramatically in price, and then buy.
If you do your due diligence and look into the requirements to keeping your rates down you should be fine. You may have to build or purchase a home built to the latest codes to keep the rates down, or do some modifications to an exiting home. An example would be my neighbors home was built in the 70's the house met the height requirements but her garage was below flood stage and was enclosed, her flood insurance went up over $5,000. But after talking to her agent, she discovered by adding two vents on either side of her garage, she was able to drop the increase and was billed her old rate.
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