Can you afford the DFLorida lifestyle? (Tampa, Seminole: car insurance, loan, how much)

[LKJ1988]

This is what is coming for many.

[Not_liking_FL]

Here is the whole article.

Seminole couple hit with $44,000 flood insurance premium | Tampa Bay Times

Sounds like a salt life nightmare.

[alaskan adventurer]

I for one will not pay it, Fl ins rates is the main reason we will not take a loan out to buy our winter home in Fl, problem is you cant buy much any longer for 100G

[BucFan]

Like ridiculous medical insurance practices requiring the Federal government to get involved, home insurance/flood insurance will have the same fate. $44k is outrageous unless the home look like Derrick Jeter's crib....wonder if even he pays that much annually.

[LKJ1988]

Originally Posted by alaskan adventurer

I for one will not pay it, Fl ins rates is the main reason we will not take a loan out to buy our winter home in Fl, problem is you cant buy much any longer for 100G

Soon you will have a choice of 1000's homes for well under 100k that were once 400k+. It will be a cash buyers dream if they go bare like i do.

[LKJ1988]

Originally Posted by Not_liking_FL

Here is the whole article.

Seminole couple hit with $44,000 flood insurance premium | Tampa Bay Times

Sounds like a salt life nightmare.

That salt life is gonna bite hard.

[Roscoe Conkling]

Originally Posted by CHASLS2

Soon you will have a choice of 1000's homes for well under 100k that were once 400k+. It will be a cash buyers dream if they go bare like i do.

Yup, flood insurance is a total rip-off.
Statistically the chances of it happening are remote and with plenty of advance warning that comes these days it's possible to remove anything valuable out of harm's way.
Then you just have to take the hit and use the money you've saved on not buying flood insurance for years to repaire the damage.
If it ever happens in the first place.

[Pragmaticus]

Originally Posted by Roscoe Conkling

Yup, flood insurance is a total rip-off.
Statistically the chances of it happening are remote and with plenty of advance warning that comes these days it's possible to remove anything valuable out of harm's way.
Then you just have to take the hit and use the money you've saved on not buying flood insurance for years to repaire the damage.
If it ever happens in the first place.

A 1% chance in a given year to be exact for most assessments .

This case shows that these estimates are not based on sound engineering analysis. It shows you that it has more to do spreading the risk rather than calculating the specific risk for the house. Your annual risk is (probability of annual flood occurrence * the cost of damage). If FEMA is paying a max of 250K for a damage, their expected risk in that house per year for paying out the max is $2500 + "profit," which there is no way it will add up $44,000. I would bet that this 44K calculation did not account for expected damage cost for THAT house. That's why they stop the process and are now studying all these.

[kyle19125]

After a 10 year lull I wonder how much longer Floridians will have to continue subsidizing coastal dwellers in NY, NJ, CT and other areas that have been wiped off the map twice in a few years (Irene and Sandy)? If our elected officials would grow a pair perhaps we could establish some guidelines that prevent such increases, as well as kick out the companies that cherry pick underwriting by offering car insurance for example, yet won't cover homeowners.

[Tamatem]

Originally Posted by Roscoe Conkling

Yup, flood insurance is a total rip-off.
Statistically the chances of it happening are remote and with plenty of advance warning that comes these days it's possible to remove anything valuable out of harm's way.
Then you just have to take the hit and use the money you've saved on not buying flood insurance for years to repaire the damage.
If it ever happens in the first place.

What if your valuable items are your floor, walls, electrical? Less than 0.25% of my annual income goes to flood insurance. I'd say that is quite affordable, and in 10 years of paying for that - it still couldn't cover the cost of repairing *just* my flooring.