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Location: Somewhere gray and damp, close to the West Coast
20,955 posts, read 5,546,892 times
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Makes me think of this local hero from the neighborhood I used to live in. Developers tried for years to get this woman to sell, so they could build this big complex. Eventually, they just built it around her! We absolutely cheered for this spunky old woman!
Where is this happening? Sounds like a potentially gentrifying area, which means the owner will likely benefit when he sells.
Obviously the owner is not poor if they own their residence, especially outright.
Seniors tend to get property tax breaks due to age and/ or a combination of age and income. There are a handful of municipalities in the US that exempt seniors from that portion of property tax that funds schools.
Homes in need of obvious maintenance potentially impact the values of nearby properties. Sometimes owners become oblivious or can’t afford to take care of business.
States regulate insurers. Are there states that allow insurers to decline to insure an older home that has not been condemned? Type of construction, age of roof, zip code, prior 5-7 year claim history and premium payment record can impact premiums.
waaaay too fact-based.
where I live, we're getting ready to spend an average of $25,000 rehabbing old people's properties so they can stay there. That's a TON of "deferred maintenance", otherwise known as "benign neglect".
How old is the roof? Oh, 50 years? When that leak turns into an insurance claim - the rest of us are supposed to cover you? What, you have no smoke detectors? You got dead trees next to your house?
In our area, older homeowners are selling and moving in with their kids or into senior living situations.
Every home I can think of looks better today than it did before it sold. New owners have painted, put down sod to replace patchy grass, replaced rotting fences and steps, etc.
If they are moving by choice, good for them. If they were coerced that is disgusting.
In my area the new people moving in are nightmares, and the "fixed up" properties look cheap and worse after they clutter them up, fill every space in the yard and add additions up to the property line. How that is better than some weeds or old paint is beyond me.
where I live, we're getting ready to spend an average of $25,000 rehabbing old people's properties so they can stay there. That's a TON of "deferred maintenance", otherwise known as "benign neglect".
How old is the roof? Oh, 50 years? When that leak turns into an insurance claim - the rest of us are supposed to cover you? What, you have no smoke detectors? You got dead trees next to your house?
Who is spending 25K to do this?
Some insurers now are down to 15 years, for a 30 yr roof. One guy I know had three roof inspections which found the roof in perfect condition, but he was cancelled anyway.
A long term "negligence" leak isn't covered by insurance anyway, just like termites, even if the termite damage is unapparent.
Greed is certainly part of it. Another part is an attitude of "kill or be killed". Some people are looking for cheap housing, which is in short supply. It's getting to where people will do anything, no matter who awful it is, to get theirs.
It is disgusting. The insurance companies are starting to price out or just cancel insurance on older homes where the elderly and lower income are likely to live.
There is no monolithic insurance company, it is an incredibly competitive and one of the most highest regulated (home insurance) markets in the US.
They make money by selling policies, not by refusing to issue them.
If the prices are too high then you need to take a hard look at the laws of the state, if there has been fires, hail, riots, home invasions on the rise.
So basically, I call shennanigans on your post and the implication that his is some sort of nefarious act by home insurers all of which would not be allowed to overcharge and if they don't want to insure them then it's because of them and not the many companies that would love to sell a policy.
If you'd care to explain further I can probably help clear up any misunderstanding.
Some insurers now are down to 15 years, for a 30 yr roof. One guy I know had three roof inspections which found the roof in perfect condition, but he was cancelled anyway.
*some* implies not all and so the guy with the 3 inspections was able to find insurance with a carrier correct?
This almost has to be a high-hail risk area or hurricane risk area.
Please note that the state you live in controls the approval of home insurance prices. If they've been artificially suppressing them for political reasons, then you can see insurers reluctant to do business there. (Is this in Florida? Sounds like them.)
Nearly everyone in my neighborhood, regardless of age, gets contacted several times a month to sell.
Could it be that houses that have not been well maintained over the years get contacted more?
Maybe. Our real estate market is extremely hot. Inventory is low. Houses sell immediately with multiple offers and often even above appraisal. Realtors and buyers are desperate to find homes.
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