A Bit of Good News Concerning High Cost of H.O. Insurance... (Tampa: homeowners insurance, condo)

House4Sale · 10-07-2006, 11:54 PM

Caught end of evening broadcast on Bay News 9 and it showed sellers and buyers are forming protest groups around FL to let lawmakers know how hurt people are getting by the high ins. rates. I think it was in Pinellas Co. or some such and Hernando Co. is set to have one right after elections. To me that is not soon enough but it's a start.

People are losing everything because they need to sell their homes or want to buy but rates are hurting even those who qualify for mortgage and then those who need to sell cannot because buyers cannot afford the insurance.

Might be worth jumping in on one of these meets/protest

for those who have Sat's. off. Chance to learn more about the market and meet like-minded people.

roaring-rox · 10-08-2006, 07:38 AM

It sure is frustrating what is going on in Florida.

Question I have is if one either gets or buys a condo/home in a high risk area near a bay or the ocean, and a frickin' bad hurricane blows in and your residence is demolished or heavily damaged, would you be able to write that off as a loss on your tax returns for several years?

Know a lot of people are taking their chances and not buying HO.

Asking b/c one of the few places, for various reasons, I want to be in Florida, is the Hyde Park area of Tampa. I figure a small condo might be possible to attain, but it saddens me that it is so risky.

I know people say there is risk everywhere, but it seems this is one with the odds heavily stacked one way.

On the other hand, I feel like the hell with it...get what I want b/c I identify with that area and if a hurricane blows it away, then I will finally say sayonara to Florida.

Anyway, if there is some safety net that I don't know about (such as being able to write the loss off of your taxes), then I may feel better about getting in Hyde Park.

Also, if you have a mortgage and your residence is destroyed, are you still liable to pay off the mortgage (esp. if the HO does not pay for much of anything and you feel you have to walk away from it)?

Muggy · 10-08-2006, 08:03 AM

I saw that newscast. What a joke! One county is offering no interest loans to help people pay their bills! That's not help!

Another lady said she had to take her mom out of a nursing home because of the high cost of insurance. She went on to say she is going without homeowners this year (which means she owns outright) because it's too expensive. JOKE! She should sell her house to help pay for her mom's care. Life requires decisions and responsibility, not handouts.

JOKE. All of it.

Racelady88 · 10-08-2006, 08:38 AM

Quote:

Originally Posted by roaring-rox

Also, if you have a mortgage and your residence is destroyed, are you still liable to pay off the mortgage (esp. if the HO does not pay for much of anything and you feel you have to walk away from it)?

Mortgage insurance will pay off your loan balance.

Need_affordable_home · 10-08-2006, 08:48 PM

You *must* be insured to get a mortgage. No bank will loan you if you refuse to insure. Once you own free and clear then you can opt out of insurance, save a fortune and take a risk. Some are doing that. They say if they lose the house, they are moving far away from Florida! If you cant take the risk, dont buy in Florida. This is one reason im moving out of Florida.

sunrico90 · 10-08-2006, 08:58 PM

Found the following site that offers answers to basic questions about homeowners insurance. Does explain topics that I never asked before.

http://www.pueblo.gsa.gov/cic_text/h...ed/covered.htm

Prichard · 10-09-2006, 06:04 AM

The better insurance agencies are telling companies that refuse to insure homeowners, but crave the auto-insurance market, to take a hike!

I had my auto insurance with Safeco for many years. Recently, my insurance agency called me up and told me that they are no longer writing insurance with Safeco because Safeco withdrew from the home owner's insurance market. So, they found me better coverage with a different company for slightly less premium.

I applaud my insurance agency for standing up to Safeco and kicking them right where it counts. I also applaud them for getting me a better policy at the same time. Now, that's a "win-win" for everyone....

Except Safeco!!!

destinolegri · 10-09-2006, 05:13 PM

My broker recently bought a home and due to the ridiculously high premium, she is protesting it. She flat out told the insurance agent that it atrocius and she wasn't going to pay it - "Take the d*** house!" It seems more ppl in this area have the same idea. My mother's HOI just jumped another $1000 this year and she's NEVER had a claim - not in the 41 years she's lived here! She's got her hate pen out and writing our congressmen (HA!) but the effort has to start somewhere.

Her HOI jumped after Opal and I am wondering where all that money they collected between Opal and Ivan went? Ten years of premiums in some Execs pocket - complete bull if you ask me.

Need_affordable_home · 10-09-2006, 07:58 PM

If you own the house free and clear, just cancel your insurance and stop paying. Its not worth the heavy premiums for the tiny chance you take. If your paying the mortgage and have equity in the house, sell it before prices drop further and move out of Florida!

House4Sale · 10-09-2006, 09:00 PM

The powers that be see that homeowners aren't taking this lying down. One politician blames the other and so forth. But that won't fly for very long. Like the gas prices, they have to be adjusted or careers will fly...if you catch my meaning. But I feel a boarded up condo is secure and would be good for one or two people. A family needs a house. Still, like our home in FL (area) rarely gets more than wind, rain or temp. blackout. Much less severe than when we lived in Palm Beach. Moderator cut: advertising