Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hmmmm....I wonder what guys like this said when gas was >$4 per gallon and folks with $36,000 SUV's were complaining about how much it cost to fill up? Personally, I have a hard time drumming up sympathy for either of them.
Paying to put up with your own stupidity is different that having to pay for someone else's.
Location: The place where the road & the sky collide
23,814 posts, read 34,698,410 times
Reputation: 10256
Quote:
Originally Posted by anifani821
The bill is the result of our wise leaders trying to figure out how to keep more insurance carriers from refusing to even insure in our state! I am so angry at the idiot city planners in coastal counties who allowed these monstrosities to be built in the first place.
Something has to be done or carriers are gonna pull out of the state - leaving many of us all over the state without an insurance carrier when policy renewal time comes.
Ani, the insurance companies pulled this in NJ years ago. It's a stunt to jack the rates up through the ceiling. The only company that actually left was Geico, & they came back a few years ago.
Sadly, what has occurred is that with these huge McBeach houses is that the cost (for the insurance company) to replace these homes after the last 2 storms has left the ins. companies paying out much more than their risk analysis had indicated. So . . . they decided . . . sorry, we are just not getting into insuring these houses, and the state won't let them just exclude certain properties.
So . . . the insurance companies evidently have a plan worked out with the legislature (well, those who serve on the committee) to only insure a certain level on these homes. I heard something on the TV about this but wasn't listening carefully at first. I believe the reporter said that even tho the premiums will rise, only 40% coverage (max) is offered. Now, perhaps this is something just being discussed. I have tried to find out more.
My suggestion is . . . if a hurricane hits and destroys these monstrous McBeach homes . . . then the folks have to take the money and abandon the property - sign it over to the municipality - end of discussion (must clean up lot). I am not in favor of being punitive - they should get low market value for the property. And if they decide to re-build, restrict the size of the footprint of the house - as well as overall square footage . . . i.e. must be under 1200 sq. ft each floor, or something like that.
I think this is absolutely ridiculous that we all are gonna have to pick up the tab for conspicuous consumerism - especially knowing that many of those homes are not even fulltime residences (used as rentals part time) - and many are owned by folks who live out of state.
Ani, not everyone affected is a rich person in a McMansion or beach rental type home. In fact, those folks would be in the minority of those affected (but certainly a disproportionate amount of the insurance claim totals due to higher costs on the beach or waterfronts). My IL's are in Jacksonville, in a nice but still modest home and not on the beach at all. It's a military town, lots of families moving in and out...few of them in $450,000 homes or beach rental properties.
They have complained multiple times about the insurance rates, even toyed with the idea of moving to this side of I95.
On the way to their house we see miles of homes and farm properties that would be affected by hurricanes and high insurance rates. I'm not going to lump them all in with the beach McMansions but I still don't want to subsidize their home insurance.
Of course this means that perhaps my IL's won't be moving any closer....
A sizeable portion of these McMansions are retirees who moved to this state to take advantage of the lower taxes. Thanks a lot, guys!!!! And another large % are absentee second-home owners, who get rental income off these 7 bedrooms houses. I am sorry. The municipalities who were stupid enough to allow this type of over-building in weather-vulnerable beach areas should be fired - something I have been saying since this outrageous practice started in the late 80s and became rampant over the last 15 years. Not only has this been damaging to many sensitive eco-systems in our coastal regions, now these McMansions on the Beach are gonna cost the rest of us.
Couldn't agree more-I have not seen any newer NC coastal vacation rental properties that look remotely eco friendly-or even attempt to blend in with the environment or surroundings And the rental amounts they are asking are huge!
"It's the number one issue in my county," said Sen. Harry Brown, R-Onslow. He said the insurance for his $450,000 home in Jacksonville, about 10 miles from the coast, had jumped from $1,200 annually to more than $3,700 in about four years.
I'll trade you my house and my insurance prices, for yours. Straight up. See problem solved.
Oh wait, you don't want to? Well I guess your problem wasn't that bad now was it?
If this is being done to prevent insurers from simply pulling out altogether this could benefit us all. Less insurance companies in the state = higher premiums. Although to be fair our rates are pretty low, I pay around $300/year in Raleigh for a 2000 sq ft home.
Home Insurance Companies and Making Good on Coverage
New to NC and trying to get my Home Insurance established. I'm in Onslow County, so I know I'll be paying more then other counties. My question is which company is better about taking care of their clients and making good on payouts if there is an emergency or hurricane...State Farm or Farm Bureau??? Please shed some light!!!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Home Insurance Companies and Making Good on Coverage
