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Old 01-22-2011, 05:45 PM
 
Location: Tampa, FL
27,798 posts, read 26,122,286 times
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Anyone paying 16k for insurance either has a Derek Jeter type mansion or is located in a bonafide flood zone that gets flooded frequently.

Not everyone has outrageous insurance - especially those who live a few miles inland and away from rivers.

I'm guessing banks require a fully covered policy to protect its investment.
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Old 01-23-2011, 06:43 AM
 
13,572 posts, read 9,248,626 times
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Quote:
Originally Posted by BucFan View Post
Anyone paying 16k for insurance either has a Derek Jeter type mansion or is located in a bonafide flood zone that gets flooded frequently.

Not everyone has outrageous insurance - especially those who live a few miles inland and away from rivers.

I'm guessing banks require a fully covered policy to protect its investment.
I am on the gulf in flood zone A. It's wind plus sinkhole that cost so much in west Pasco.
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Old 01-23-2011, 06:45 AM
 
13,572 posts, read 9,248,626 times
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Originally Posted by HughMcs View Post
So I guess (moving the politics to the side) that my original question as to whether the article had some validity would be - True?
CHASLS2 - $16k to insure a house? Wow how much did you pay for a that mansion? FloridaKash - $3K for homeowners? I thought I paid a lot in NY, close to $900 for a $275K house.
My problem is I will probably need a small mortgage on the house in Florida for a few years. I doubt a bank would grant a mortgage for me unless the house is insured and I outright refuse to pay $3-4K a year for basic homeowners insurance (including sinkhole and flood). I foresee dire consequences for the Pinellas/Pasco real estate market since many people won't buy a home if they have to pay this much for insurance.
Paid 600k for it in 04 and have a buyer for $220k now. West Pasco took the hardest hit in the country. I could buy homes all day long for under 30k now.
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Old 01-23-2011, 07:03 AM
 
Location: Houston, TX
4,678 posts, read 8,495,045 times
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Originally Posted by CHASLS2 View Post
Paid 600k for it in 04 and have a buyer for $220k now. West Pasco took the hardest hit in the country. I could buy homes all day long for under 30k now.
And I hear on the news all the time that it was Ft. Myers that took the hardest hit..
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Old 01-23-2011, 07:49 AM
 
13,572 posts, read 9,248,626 times
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Originally Posted by TXRyan23 View Post
And I hear on the news all the time that it was Ft. Myers that took the hardest hit..
West Pasco is a much more low class area than Ft Myers.
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Old 01-24-2011, 07:21 AM
 
Location: Tampa Bay Area
494 posts, read 1,416,763 times
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Quote:
Originally Posted by BucFan View Post
Anyone paying 16k for insurance either has a Derek Jeter type mansion or is located in a bonafide flood zone that gets flooded frequently.
Quite a few things going on here.

Citizens must charge the most. Wind policy. Flood policy. Homeowners. 16k is a lot but 8-12k for a 3 bdrm is typical. Some of the cost is obviously driven by contents and deductibles. Finding insurance can be hard.

Yes on saltwater is a flood zone. Last flood around us was 1993 I beleive. In Crystal River water was up to US 19. Doesn't need to flood frequently. Waterfront insurance is simply expensive and many do without.
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Old 01-24-2011, 08:01 AM
 
463 posts, read 910,622 times
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If the house is worth 220k now, well tag along another 50k for items, 16k for anual insurance is almost 6% of total worth. Maybe you would be better off investing that money in stocks and within few years you would have enough to cover any costs that might occur.
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Old 01-24-2011, 12:14 PM
 
Location: Tampa Bay Area
494 posts, read 1,416,763 times
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Originally Posted by tewas View Post
If the house is worth 220k now, well tag along another 50k for items, 16k for anual insurance is almost 6% of total worth. Maybe you would be better off investing that money in stocks and within few years you would have enough to cover any costs that might occur.
I go through this every time that dang bill comes. A couple things to consider -

The insurance doesn't cover some big ticket items like a pool and some other ground floor type things.

It's a bet as to what year the expense occurs. Year one hurricane and flood and the 16k invested won't look like a wise idea.

Insurance may cover clean-up costs which can be 20-30k more.

If I had an older single story cinder block home I'd be pretty tempted. Homes with knockout walls I feel better with the insurance

Sadly .... I guess it's part of the price you pay to be on the water. That and everything tries to rust or oxidize.
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Old 01-24-2011, 01:52 PM
 
463 posts, read 910,622 times
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I guess i need to change my dream place somewhere in the mountains and not on the beach. It seems there are a lot of hidden costs for living on the water.
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Old 01-24-2011, 03:56 PM
 
Location: N.H Gods Country
2,359 posts, read 4,480,591 times
Reputation: 1973
Quote:
Originally Posted by tewas View Post
I guess i need to change my dream place somewhere in the mountains and not on the beach. It seems there are a lot of hidden costs for living on the water.
If youre lucky enough to live in the mountains, youre lucky enough!
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