Hurricanes, Insurance companies, condos.... (credit, how much, buying a house)

[Lulu_IWG]

Just reading some stuff about likelyhood of hurricanes affecting Jax area.
It seems like a somewhat debate between Floridians so I thought I'd venture on into this subject being I don't know squat about hurricane readiness and the like. So since I'll be moving to Jax, I figure I should ask some ?'s. I apologize in advance if I sound silly, but hey, remember I know nothing about it so, please be understanding:

1. Would it be considered safer I guess to live in those concrete type condos and do I have to deal with insurance even if it is managed by the property owners. What are condo fees like? And why are there fees? For the pools, and fitness centers, and stuff like that or is it to help the property management companies pay for hurricane, flood, wind type of insurances?

2. If I were to buy a house, what would be the things I'm looking for as far as keeping my house as free as possible from damage from a hurricane hit directly or indirectly, doesn't matter, what are the things I need to look for when buying a house?

3. What type of insurance(s) do I purchase to cover my house in the event there was a hurricane? And how much does it run per year? (the mean, say on a 200K 300K home?) The things I hear about how the insurance companies screwed over all those people from Katrina just pisses me off and makes me leary of trusting them if something major was to happen. How do you really know if your covered if they can easily say, oh well, it was caused by flooding, not hurricane, or it was wind, not hurricane that caused your damage so we're only gonna pay you 1,000 total on your 250K home, sorry. Know what I'm saying? I guess you'd have to have coverage on all types of damages huh? Would that cost a small fortune or what???

Well, I hope this wasn't too too long, but I thank you all in advance for your replies!

~Lu

[stevep]

Newer homes are built under stricter building codes requiring the house to withstand a higher windspeed (mph) versus older homes, so newer homes should withstand higher windspeeds. I'm not an insurance agent, but I think I received a credit on my insurance since it was a newer home. I think insurance companies might also give a credit if you have some type of hurricane shutters (there are several types) for the windows and doors. If you're concerned about hurricanes, you definitely want some type of shutter (or fabric) because once a window or door gets broken during a storm, it weakens the integrity of the house and there's more chance of destruction.

Again, I'm not an insurance agent, but all of my home policies came with 2 options -either a lower premium, but a 2% deductible if there is damage due to high winds, or a higher premium to remove this deductible. I live in the intracoastal area and even though I don't live on the water (just close), it's not considered a flood zone but I purchased flood insurance after the Katrina issues - I think it ran a little over $300 per year.

For condos, the fees cover several items like a reserve account (to cover maintenance of the ammenity areas, outside of buildings, etc), expenses to cover the ammenities (if there are any), insurance on the outside of the buildings, managers fees, etc. Before you purchase a condo, you want to make sure exactly what the fee covers because each condo association is different.

[riveree]

1) Meaning 'would it be safer to live in a condo instead of a single family home'? I don't think so....I think it would be about the same risk if all else was equal. SteveP pointed out the benefits of a new/newer home, and there are also plenty of older neighborhoods in Jax, built in the '40's, '50's, '60's etc. where the houses have withstood plenty of storms. I think you have to look at it house by house, location by location.

2) New house or old, a hip roof is a very good idea...not a flat roof, not a gable - hip roof also earns you a discount with your insurer.

Brick siding can also earn you a discount because it holds up to impact so well...but brick houses usually cost more up front. Modern homes with Hardiboard is also a good choice (great for impact).

Windows - how many, how big and placement...a lot of glass is nice to look out, but not so nice in a storm (also expensive to buy all those window treatments!).

Flood zone "X" - this is "100 year flood", anything less can be problematic to insure. Also, take a good look at the grading of the house to make sure water runs away from the foundation, not towards.

That's all I can think of for now on that one.

3) To insure, say $250k, easily plan on $900-$1200 these days, maybe even more to be on the safe side. Unless you are living at the beach, it shouldn't be too crazy expensive. This does not include flood insurance, which would be optional if you are in flood zone X (flood insurance would be at least $300 or so per year).

[Lulu_IWG]

All of this is good information! Thanks to the both of you! That really doesn't sound like alot of money for insuring to me considering the property taxes are so much lower there than here also.
Now, the search continues...........LOL!

[riveree]

Ah, but it all adds up! I hate that!

[Lulu_IWG]

Ha! Yeah, doesn't everything!

It is ridiculous up here though, at least you get something nice for your money down there. It's all tradeoffs, but I don't mind if it's a good one! )

[cyrece]

LuLu,

I'm not an insurance agent either, but I am a Realtor and deal with this stuff alot. You always get a flood certification proir to closing on a property to see if you require flood insurance. Also, there is seperate policy for flood damage, even if it is caused by a hurricane. One thing you should take into consideration if you are going to purchase a condo is that some condos include a master insurance plan in the montly association dues. Always make sure that the insurer is an A grade insurance company as well. It may not guaranty that they are going to follow through, but it gives you some peace of mind. The governor has also made it known that we need better guidelines for insurance companies in Florida.

I hope this is helpful and best of luck!

[Lulu_IWG]

That's great info, thanks so much!