[sylarim]

I live in Miami and I just found out my homeowner's insurance dropped me and the company that's taking over is double the amount. Apparently the new law to lower them isn't going to help me. I am a teacher, with 3 kids to support and I can't afford to live here, but I'd like to stay in Florida to be near my family. Any suggestions? I'm near bankruptcy and I don't know what to do. Please help me!

[Hondax]

Originally Posted by sylarim

I live in Miami and I just found out my homeowner's insurance dropped me and the company that's taking over is double the amount. Apparently the new law to lower them isn't going to help me. I am a teacher, with 3 kids to support and I can't afford to live here, but I'd like to stay in Florida to be near my family. Any suggestions? I'm near bankruptcy and I don't know what to do. Please help me!

Sylarim,
Try this link: //www.city-data.com/forum/flori...insurance.html

[OrlandoMom]

I am a teacher in Orlando. Insurance here is not outrageous. We live in the 32828 zipcode. We love it. Can you get o.k. money for your house so that you can relocate somewhere else? We researched crime rates, schools, etc. for a year before moving to East Orlando, specifically Waterford Chase in 2004. Our research paid off. This area is nice. You can get to just about anything in less than 30min.: BEACHES, DISNEY PARKS, CULTURAL EVENTS, PARKS, DOWNTOWN etc. The crime rate is low. The schools in this area are "A rated". Moderator cut: those links not allowed . They are always looking for teachers in Orange County. See public school website, www.ocps.k12.fl (broken link). You can get school zone maps, demographics of schools, etc.

[AJ67]

is it Horace Mann that Dumped you? because i have that ins although im not a teacher severl of my friends are and they all have Horace Mann and got Dumped! they really need to hurry up with the insurance relief!

[sylarim]

Allstate dumped me. And, although the law passed to lower rates, supposedly, Tallahassee said that's not necessarily across the board. So, for example, if your insurance was on the lower end, and another company used to charge and exhorbitant amount, then even though they "lowered" it, it's still higher than what your other company charged, you understand: I used to pay $3500 a year for Allstate. They dumped me, and the new one that took over cancelled policies, "Royal Palm" is offering it at $6,000. If they used to charge more before the law, then they're still "lowering" it, theoretically, so I'm out of luck, do you understand?

[sylarim]

THanks, Orlando Mom. I could probably get between $350,000 and $400,000 for my house, due to high prices. I owe about $160 on it. My property taxes are low, though, only about $2700. How does that compare in Orlando?

[SKB]

You are homesteaded in your property, if you sell and move the new house will have high taxes on it. As it stands now your taxes and insurance will be 725 a month before the mortgage payment.

If I were you, I would sell the house NOW, invest the proceeds into a high interest bearing account like: http://tinyurl.com/hqcdp (broken link) if you net 190,000 at an interest rate of 5.05% you would be making 800.00 monthly interest.

You could then rent a house for around that amount and wait for the real estate crash to be done and over with.
Then you can buy another house at a much lower price than you sold for and have lower taxes and lower insurance and some savings from not having to pay mortgage or rent out of your pocket.

I don't think you would want to file a BK it will ruin your credit for the next 10 years.

Think carefully about this.

Best of luck to you.

[kelly3120]

Honestly I say contact a financial advisor first and foremost.
you need to compare all options to your current living situation to make sure you don't get in a deeper hole.

I thought there were now many loops you must jump through to file BK.
I never researched it, but I heard it from people and the news(yeah, I sometimes watch the news...) a year or two ago.
SKB IS VERY RIGHT BK JUST cause more issues for the future.

Have you looked at citizen insurance?
This is not my department(my husband is in charge of this) ...so many it's to high as well? But might be worth looking ...can't hurt to look


best of luck

[backtofla]

good luck. ins in orlando area is not too bad. i live in area code 32828 as well. good area. kb homes has some nice condos in avalon park. 3br/2ba and over 1,600 sq ft. they were priced at $208k. brand new. this may not include upgrades, but in my opinion, it's a pretty good deal considering the area. most homes in that area are b/w mid 200k's on up to probably $1m.

[Donna-50]

Originally Posted by sylarim

Allstate dumped me. And, although the law passed to lower rates, supposedly, Tallahassee said that's not necessarily across the board. So, for example, if your insurance was on the lower end, and another company used to charge and exhorbitant amount, then even though they "lowered" it, it's still higher than what your other company charged, you understand: I used to pay $3500 a year for Allstate. They dumped me, and the new one that took over cancelled policies, "Royal Palm" is offering it at $6,000. If they used to charge more before the law, then they're still "lowering" it, theoretically, so I'm out of luck, do you understand?

YOu don't have to go with Royal Palm, just call around and see who is writing. I got dumped also and have been looking but noone wants to right a policy until 30 days before my policy is up in August. I want insurance now.