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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 02-01-2008, 08:07 PM
 
28 posts, read 142,689 times
Reputation: 23

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We found a home we want to make an offer on, about 500 hundred feet from the ocean in Melbourne Beach. It's not right on the ocean directly-- you have to cross the street and walk down 2 homes.

But now I just heard that if you are living less than 1000 feet from the ocean, you can't get a homeowner's insurance policy. Is this true?

If not, then what do people do here for insurance? The house is about 1500 square feet, has a new roof, and has hurricane resistant windows and doors.

Does anybody know what I would be getting into? Who would insure us? How much would it cost us?

I don't want to make an offer on this house if we can't even inusre it! Or if it would make prices crazy high.

Hopefully, somebody on can help me with this posting. Much obliged!
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Old 02-01-2008, 08:21 PM
 
27 posts, read 85,533 times
Reputation: 11
Why not go right to the source as in a ins agent/company rather then what a message board says,only takes a phone call to get it right from the horses mouth.You can purchase ins on a nuclear dump site so I am sure you can insure a oceanfront property,money talks.
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Old 02-01-2008, 09:51 PM
 
670 posts, read 1,628,143 times
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Talking Good question

Quote:
Originally Posted by annie123 View Post
We found a home we want to make an offer on, about 500 hundred feet from the ocean in Melbourne Beach. It's not right on the ocean directly-- you have to cross the street and walk down 2 homes.

But now I just heard that if you are living less than 1000 feet from the ocean, you can't get a homeowner's insurance policy. Is this true?

If not, then what do people do here for insurance? The house is about 1500 square feet, has a new roof, and has hurricane resistant windows and doors.

Does anybody know what I would be getting into? Who would insure us? How much would it cost us?

I don't want to make an offer on this house if we can't even inusre it! Or if it would make prices crazy high.

Hopefully, somebody on can help me with this posting. Much obliged!
I know exactly the area you speak of, and know that you can get a house for well under 300K there.
Then again, even if no windstorm damage, storm surge for sure.
Now a trailer would be great! A throw away dwelling!
Forget the last poster, tell us what you find out.
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Old 02-02-2008, 07:09 AM
 
Location: Orlando
8,267 posts, read 12,143,695 times
Reputation: 4122
I have been told by adjusters that some major companies will not write a police to the East of 95 much less A1A. I suspect it can be had but I bet it will be very high... part of the price you pay for being so close to the Ocean.
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Old 02-02-2008, 07:20 AM
 
Location: Liberty, KY
206 posts, read 1,090,874 times
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On the other hand... I have an 1848 Sq Ft very nice energy efficient home to the WEST of 95 in Pam Bay. Our insurance is approximately 1,200 a year... and it's FOR SALE
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Old 02-02-2008, 06:22 PM
 
Location: Jax
8,200 posts, read 33,912,348 times
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Quote:
Originally Posted by AONE View Post
I have been told by adjusters that some major companies will not write a police to the East of 95 much less A1A. I suspect it can be had but I bet it will be very high... part of the price you pay for being so close to the Ocean.
I live east of I95 but west of A1A - 6 miles in from the Ocean. I pay slightly more $ on my homeowners insurance for being less than 10 miles, but it's a negligible amount. It is a newly built house though, and that makes it easier to get insurance.

As for what people do who live less than 1000 feet from the ocean - many self-insure.

Another option is to buy flat-rate insurance from companies such as Lloyd's of London. You buy, say, $500k worth of homeowner's insurance. They care little about where the house or the details of it - you're paying for a dollar amount's worth of insurance. It is very expensive though.

So would I buy a house within 1000 feet of the ocean?

Probably not. There's too much to worry about. I don't want all of my treasured belongings that close to the water (hurricanes). I also worry about beach erosion (a huge problem for Ponte Vedra Beach - not far from me ).
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Old 02-03-2008, 09:22 AM
 
495 posts, read 2,221,095 times
Reputation: 377
I saw this program on the Nat Geo channel about rising sea levels due to global warming. It is happening much faster now than first predicted.

In 2001 the consensus was a 3 ft rise by the end of the century but now there is evidence that the Greenland ice cap is melting much faster than anticipated so there could be a much larger sea level rise by mid century. Worse case senario is 23 ft rise by 2050.

While this may not effect you directly, buyer psychology will effect your resale value of this property once this sea level rise becomes household knowlege.

Something to consider for the long term
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Old 02-03-2008, 09:26 AM
 
Location: Tampa, FL
27,798 posts, read 29,657,376 times
Reputation: 14611


After seeing the devastation from Katrina, I could never, ever live close to the beach.
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Old 02-03-2008, 09:31 AM
 
Location: Vero Beach, Fl
91 posts, read 391,287 times
Reputation: 55
we are buying in vero beach, 6 miles from the ocean east of 95. new construction. insurance will be under 900.00 a year. i thnink if we could have afforded living next to the ocean we would have taken our chances and enjoyed the water. where can you live that you are risk free from mother nature?
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Old 02-03-2008, 09:36 AM
 
Location: O-Town
1,781 posts, read 6,663,189 times
Reputation: 497
Quote:
Originally Posted by Grammy Linna View Post
we are buying in vero beach, 6 miles from the ocean east of 95. new construction. insurance will be under 900.00 a year. i thnink if we could have afforded living next to the ocean we would have taken our chances and enjoyed the water. where can you live that you are risk free from mother nature?

No where there is always a risk, if not hurricanes it`s tornados or lightning.

To answer the question If I was rich I would buy a house on the ocean but I would lock away in a safe deposit box my important things.
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