"Going bare" aka dropping property insurance - so many questions about this ... (real estate, lease)

[wizrap]

Also, each owner was responsible for getting the contents of their condo insured. This was an optional insurance.

[alphacoyle]

Originally Posted by MortonR

Or in my case, a trust. The trust holds/owns everything. Cars, houses, etc, etc. If it can be titled or deeded, it belongs to the trust.

RM

Does that protect against liability, like it someone got hurt on the property? Not from negligence, but wonder about landscapers that aren't licensed or bonded (say a neighbor who mows lawn in the area.)

[alphacoyle]

Originally Posted by MortonR

Another good reason to have everything in a trust. Trip and fall in my yard, be my guest and come after me. There's nothing to be had.

Definitely worthwhile to have a good estate attorney...

RM

This is exactly why I was reading this thread. So if everything is in a properly worded trust protects against personal injury claims like what you mentioned, trip & fall etc?

[blueskies2023]

Originally Posted by gypsychic

No one should "go bare" if it's their only home, and don't have funds in the bank to self-insure. And everyone should at least carry liability.

We have our main home in Lakeland, it is fully paid for and we carry full coverage homeowner's which is fairly reasonable by Florida standards. We do have a "vacation" home in Sarasota where we let it go bare except liability, because the insurance (with flood) was just insane. The lot is worth nearly the same with or without the house, and we only keep things of little value there, so for us it was a no-brainer. It makes sense in our situation.

Can you JUST get liability? I have not found any thus far in pinellas.

[blueskies2023]

Originally Posted by sinatras

I think many Americans are seeing the writing on the wall and retiring to cheaper countries.

Ita. Soon the states will see the exodus, and the country. Too bad.

[blueskies2023]

Originally Posted by Dave_n_Tenn

What percent of Americans retire overseas?
12%
While less precise, the State Department estimates that 9 million Americans live abroad, and experts suggest that 5 million of these have retired abroad, or 12% of the nation's 45 million retirees. It's also stated that 15% WANT to retire abroad.

What country do Americans retire to most?
In order of top to bottom, the following top 10 countries to retire abroad include Portugal, Mexico, Panama, Ecuador, Costa Rica, Spain, Greece, France, Italy, and Thailand.... in that order.

... but I digress.

Well, not sure it is easy or even possible to do this. GL getting to live in italy w an american passport

[blueskies2023]

Originally Posted by Chickrae

Shop around for your policy. We just moved here last May and got a policy on our home for 1,200 a year and that was with flood insurance. We were not in a flood zone. Then Ian happened, luckily we all but missed it. I live in Lakeland. So when renewal came up, a week ago, they jacked up the price to 1,900. Nope not doing it. I found a broker that shopped around and got me a policy for 1,090. I didn't get flood insurance this time. Companies are robbing people here in Florida. Oh and car insurance, that's another story.

Which company?

[blueskies2023]

Originally Posted by gypsychic

No one should "go bare" if it's their only home, and don't have funds in the bank to self-insure. And everyone should at least carry liability.

We have our main home in Lakeland, it is fully paid for and we carry full coverage homeowner's which is fairly reasonable by Florida standards. We do have a "vacation" home in Sarasota where we let it go bare except liability, because the insurance (with flood) was just insane. The lot is worth nearly the same with or without the house, and we only keep things of little value there, so for us it was a no-brainer. It makes sense in our situation.

greaet point; how do i find out what just my land is valued at? thanks

[blueskies2023]

Originally Posted by MortonR

Wrong. I've had a personal liability umbrella policy that is "stand alone" for 30 years. It does augment my car insurance, making it cost lower, but has no connection with my homeowners insurance whatsoever.

I bought it when I was a private business owner to protect against personal liability.

RM

pretty sure that cannot be obtained now. If you call 10 PLU agents, no one will get you one without HO insurance.

[1insider]

Some good news;

"Under new federal estimates released this week, Floridians will see their federal flood insurance premiums double, on average, in the coming years.

For Pinellas County homeowners, National Flood Insurance Program premiums are expected to rise 112%, from $1,537 to $3,257. Hillsborough County homeowners should brace for 125% increases, from $1,132 to $2,549."

"In the 33621 ZIP code, which includes MacDill Air Force Base, the roughly 560 homeowners could see 406% increases, from $612 to $3,093. The 845 homeowners in the 33715 ZIP code, which includes Tierra Verde, could see 413% increases, from $1,170 to $6,003."

Flood insurance will double in Hillsborough, Pinellas. See your rate here.