Flood Insurance in HIllsborough County? (rent, calculation, live)

[dothetwist]

Originally Posted by Concert D Major

Another factor is PROFIT. Insurance companies are as greedy as any other company if not more. So now, you take the cost of all the disasters in the world and mark it up 10-20% or whatever. Insurance companies actually PROFIT from all of our emergencies. With insurance prohibition, the population recovers from medical problems and car accidents even cheaper because there's no profit markup.

I often joke that whenever there's a flood or hurricane, that the insurance companies will make a fortune off of it.

Hail storm hit our neighborhood in DC-Metro and destroyed many roofs, including mine. Had GEICO. Re-roof was $21,000 (big house with expensive textured roofing). I paid the $500 deductible. Similar stories from neighbors, many had wooden shake roofs and replacement was nearly 30K....and all they paid was their deductibles.

As I recall my avg. annual homeowners on that house was $1,200 a year; lived there 5 years (1998 thru 2003).

I guess if you live in a hovel, going naked makes sense.

[LKJ1988]

Originally Posted by dothetwist

Hail storm hit our neighborhood in DC-Metro and destroyed many roofs, including mine. Had GEICO. Re-roof was $21,000 (big house with expensive textured roofing). I paid the $500 deductible. Similar stories from neighbors, many had wooden shake roofs and replacement was nearly 30K....and all they paid was their deductibles.

As I recall my avg. annual homeowners on that house was $1,200 a year; lived there 5 years (1998 thru 2003).

I guess if you live in a hovel, going naked makes sense.

Don't know what the devil a hovel is. But i do live in a very bad area where it cost more to insure than any place in the country. Soon it will cost 10k a year insure a house in my hood that is worth 30k. My friend behind me would have had to pay 8k a year to insure his house worth around 25k for flood Ins 2 years ago. He paid off his mortgage and goes bare. I have one of the best homes in my area while most of the other homes are owned by slum lords.

I hope flood Ins cost 20k a year so it would run everyone out of my area. For you greedy people that have 1 mil+ $ homes then pay a high price to insure as i would agree it is best to insure. For my case going bare makes cents and $'s. I saved enough to buy a whole street in my hood. And you sure as heck can't insure any home out here for anywhere near $1200 a year dear.

[dothetwist]

Originally Posted by LKJ1988

Don't know what the devil a hovel is.

From Websters:

hovel
a small, poorly built and often dirty house

[tinytrump]

Originally Posted by BucFan

Today I'm hearing the gov't being faulted along with banks and insurance companies because the homes damaged in Louisiana weren't insured. Is it incumbent on the nanny-state gov't to handle all these potential issues? Why don't homeowners take responsibility for themselves?

I think we could easily have the same issues in our areas. Many communities like Brandon are way out of flood zones, but there are many creeks, and the Alafia River that communicates with Hillsborough Bay that the area could be inundated with a bad storm/TS.

How much? I hear now like $8000 yr?

[tinytrump]

Originally Posted by LKJ1988

We know. Another reason i go bare clare.

I worked in Miami for a huge broker, lost the job due to price rigging that started in NJ ...and every state followed. I know for a fact there is nobody caring about property, loss, injury, health, death, or lack there of. All about investors and money, period. They need to be jacked and those insurance commissioners. Do not make me Laugh. One area that needs to be investigated!!

[LKJ1988]

Originally Posted by dothetwist

From Websters:

hovel
a small, poorly built and often dirty house

My house was built in 1973. Not sure how well it was built. Not even any lights were installed in the ceilings.These homes were built for older people getting of work in the early 70's from Holiday to Hudson for around 16k new. I do have one the best looking homes here as i keep it up, two are due for a tear down from the county as they have been left to sit since 08. Just about every home in my hood is rented out so you can understand how bad things have gotten in west Pasco. But i paid 85k cash for it in 04 and i could have sold it for 140k in 05 and then BOOM. In 07 the prices fell to the floor and what was once 85k was 20k in 2010. For years no one could insure these homes as no Ins comp would touch them due to sink holes and such.

I figure i have saved enough going bare to buy any home i want in this area. The 800k homes in the back of my hood dropped to around 150k as it cost over 30k a year to insure them.

[Spring Hillian]

Homes for sale in the WEST PORT SUB subdivision | PORT RICHEY, FL Real Estate


6215 Westport Dr, Port Richey, FL 34668 | Trulia


West Port Homes for Sale & Real Estate (Port Richey, FL) | Homes.com

[LKJ1988]

And none are selling. No house in the front is selling for anywhere near them prices. This home seller is always posting this crap to mislead people so he can make money off of them. I was a money loaner to a LLC where i had put money into 30 homes in the area back before the crash and this guy always post false info. I lost big time with them homes in the back of West port in 08 thru 2012.

[Concert D Major]

Originally Posted by dothetwist

Hail storm hit our neighborhood in DC-Metro and destroyed many roofs, including mine. Had GEICO. Re-roof was $21,000 (big house with expensive textured roofing). I paid the $500 deductible. Similar stories from neighbors, many had wooden shake roofs and replacement was nearly 30K....and all they paid was their deductibles.

As I recall my avg. annual homeowners on that house was $1,200 a year; lived there 5 years (1998 thru 2003).

I guess if you live in a hovel, going naked makes sense.

Well, of course the deductibles were not all they paid. They also had to pay premiums for so many years as well. The insurance company was out $21,000 - $500 = $20,500 for your claim. Subtract out the $6,000 in premiums (5 x $1,200) and the insurance company is down $20,500 - $6,000 = $14,500. My point is, they're going to have to make up for that money SOMEHOW, plus covering the costs of advertising, litigation, and greedy executive salaries. Some customers will have a net savings, other insurance customers will have a net lifetime loss. There are winners and losers. But, if there was no such thing as insurance in the first place, the overall total sum cost of the whole population would be free of all the extra expenses (lawyers, commercials, employee & executive salaries, fraud, profit margins, etc.).

[Concert D Major]

Originally Posted by LKJ1988

Don't know what the devil a hovel is. But i do live in a very bad area where it cost more to insure than any place in the country. Soon it will cost 10k a year insure a house in my hood that is worth 30k. My friend behind me would have had to pay 8k a year to insure his house worth around 25k for flood Ins 2 years ago. He paid off his mortgage and goes bare. I have one of the best homes in my area while most of the other homes are owned by slum lords.

I hope flood Ins cost 20k a year so it would run everyone out of my area. For you greedy people that have 1 mil+ $ homes then pay a high price to insure as i would agree it is best to insure. For my case going bare makes cents and $'s. I saved enough to buy a whole street in my hood. And you sure as heck can't insure any home out here for anywhere near $1200 a year dear.

I don't always believe everything on the internet, but $10,000 a year to insure a $30,000 sounds crazy. If that's the case, then whatever the rationale is behind the actuarial calculations, they're basically assuming your place will be a complete loss once every 3 years on average. That's crazy, dog!