Homeowners Insurance - You must be kidding (for sale, selling a home)

[gardenpearl]

Does anyone know in what areas sinkhole insurance is necessary or required? I had heard Tampa and north of it on up the west coast; but not south of Tampa.

I have also been told that on new construction concrete block homes in Florida (2000 square feet) my homeowners insurance would be $1000 - $1200 per year. This was in Bradenton and also on the east coast of Fla. near Jupiter, several miles away from the water; not in a flood zone.

By the above posts, it sounds like the realtors were either underestimating or under quoting this.

[newyorker24]

Originally Posted by gardenpearl

Does anyone know in what areas sinkhole insurance is necessary or required? I had heard Tampa and north of it on up the west coast; but not south of Tampa.

I have also been told that on new construction concrete block homes in Florida (2000 square feet) my homeowners insurance would be $1000 - $1200 per year. This was in Bradenton and also on the east coast of Fla. near Jupiter, several miles away from the water; not in a flood zone.

By the above posts, it sounds like the realtors were either underestimating or under quoting this.

Sink hole insurance is rarely required by lenders. Even in Pasco I was not required to have it. But it's a huge risk to take if you live in a high sink hole area. It's around $1,000 a year in my area.

[Pragmaticus]

Originally Posted by newyorker24

Well, people got what they voted for. This is ridiculous but there isn't much any of us can do about it.

Exactly!!

People are going to feel one by one the consequences: high speed rail, educations, pension, now insurance and the list will keep growing. It will take years to undo these damages that he is doing in lightening speed.....

[LKJ1988]

Originally Posted by MeInDenudinFL

Exactly!!

People are going to feel one by one the consequences: high speed rail, educations, pension, now insurance and the list will keep growing. It will take years to undo these damage that he is doing in lightening speed.....

It justs worse everytime we vote someone in.

[FloridaKash]

Has anyone purchased a home recently using an FHA loan? If so, what type of sinkhole insurance was required for you to close?

[newyorker24]

Originally Posted by FloridaKash

Has anyone purchased a home recently using an FHA loan? If so, what type of sinkhole insurance was required for you to close?

I was not required to have it when I bought in 2007 with FHA. If the insurance agent tells you it's required make them prove it. Mine tried to tell me that but he was wrong. I ended up getting it anyway when I noticed all the activity popping up in my area.

[BGr8tful]

My concern is there are 2 wammies w/ a mtg. The ins and property taxes. None you have control over. Didn't the fl governor get fined like 8bil for medicare or medicaid fraud? They still voted for him knowing this I am told or maybe it was those rigged electronic voting machines... lol. Really not funny, I know.

[gardenpearl]

I know what you mean about the double whammy. When you add up taxes, homeowners insurance, mortgage interest, and possible HOA fees, no wonder so many decide to rent instead of buy now.

[Pragmaticus]

Originally Posted by BGr8tful

My concern is there are 2 wammies w/ a mtg. The ins and property taxes. None you have control over. Didn't the fl governor get fined like 8bil for medicare or medicaid fraud? They still voted for him knowing this I am told or maybe it was those rigged electronic voting machines... lol. Really not funny, I know.

Not funny at all but it is the puzzle of the century for me too

Hey, anything is possible in Florida

[CDusr]

The fees seem nuts to me also. I find HOA's a turn off. I have seen how abusive they can be and most of the time you are getting no real amenities. The mentality I am seeing seems to be centered on some kind of feeding frenzy on real estate. I honestly think I have gotten turned off on this property for investment mentality. This idea of hitting the "snow birds" up super hard and then wanting them gone cause they clog the place is a bit disturbing. Meanwhile "the hired help" can't afford a place to stay. Slaves at least were fed and sheltered. Lord they are hiring security guards to protect "foreclosed" property.

Tons of people homeless now and people don't want to even deal with those people because it will effect their property values. Apparently, just about anything w/ the potential to draw in a large enough amt of virtual funny money matters more than human beings.