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Old 06-16-2013, 04:59 AM
 
30,400 posts, read 21,215,773 times
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Get ready for another shock kids as flood Ins Rates are gonna more than triple for some of you people. The housing market will be rocked once this takes effect. Lucky i don't have a mortgage and will not be forced to pay well over $6k a year to insure a house worth less than 20k in flood zone A in west Pasco. Think home prices are dropping now, just wait.
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Old 06-16-2013, 05:01 AM
 
Location: Tampa, FL
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what about those other 27 homes you have? Are they in flood zones? what about regular home insurance rates - pretty high?
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Old 06-16-2013, 05:27 AM
 
Location: Hernando County, FL
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Quote:
Originally Posted by BucFan View Post
what about those other 27 homes you have? Are they in flood zones? what about regular home insurance rates - pretty high?
No problem
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Old 06-16-2013, 05:46 AM
 
30,400 posts, read 21,215,773 times
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Originally Posted by BucFan View Post
what about those other 27 homes you have? Are they in flood zones? what about regular home insurance rates - pretty high?
This was what i was talking about yesterday that a big crash is coming. Most of the homes i bought are well inland, i won't touch any home near the Pasco coast since that is a loss from the get go. I have one big firm that wants to buy most of the homes i have and i still have 10 in Pasco i am stuck with. I still have plenty of time to unload them before the new laws take effect.

I feel sorry for anyone in Westport with a mortgage as they are gonna be paying over 6K a year just for Flood Ins on a house worth less than $20k. Then tack on the cost on home owners Ins at another 2.5 to 3k a year and these homes will be worth less than 5k.

This new law won't effect everyone, just the people in zones that can flood easy. Waterfront owners will get hit the hardest.
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Old 06-16-2013, 07:20 AM
 
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I sure am glad I no longer have to pay house insurance. What a waste.

Who knows how bad it would skyrocket if we had an actual hurricane.
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Old 06-16-2013, 07:26 AM
 
30,400 posts, read 21,215,773 times
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Originally Posted by stpeteguy View Post
I sure am glad I no longer have to pay house insurance. What a waste.

Who knows how bad it would skyrocket if we had an actual hurricane.
Soon no one can afford to buy a house in FL. Thank god i paid cash for my homes and i am not forced to pay for Ins. Just think paying 1000's each year for something that is almost never needed.

My house is worth less than 20k and if were paying around 4.5k a year for home owners and flood, i could end up buying another dump in 5 years time for what the cost of Ins would be. Soon people in west Pasco west of US 19 will be paying 15k or more a year to insure a 2bedroom shoebox worth less than 5K.
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Old 06-17-2013, 06:44 AM
 
Location: Terra
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I am curious as to why people would not carry a policy of some type on their house even if it is paid off.
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Old 06-17-2013, 08:13 AM
 
2,729 posts, read 5,200,367 times
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Originally Posted by jsun556 View Post
I am curious as to why people would not carry a policy of some type on their house even if it is paid off.
Only those who can self insure.
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Old 06-18-2013, 04:47 AM
 
30,400 posts, read 21,215,773 times
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Originally Posted by jsun556 View Post
I am curious as to why people would not carry a policy of some type on their house even if it is paid off.
In my case my house would not even sell for $20k So why in the world would i pay $4k+ a year for flood and HOI? At around 20k i call these homes throw away homes. In around 5 years time of paying for Ins i could buy another house.
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Old 06-18-2013, 07:36 AM
 
Location: Terra
2,826 posts, read 3,989,613 times
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Originally Posted by CHASLS2 View Post
In my case my house would not even sell for $20k So why in the world would i pay $4k+ a year for flood and HOI? At around 20k i call these homes throw away homes. In around 5 years time of paying for Ins i could buy another house.
Good example. I was thinking about higher priced homes. At 20K value, you're right that the gamble is probably worth it.

It might be worth carrying a small policy for the contents at least though if you have anything of value that isn't part of the house.
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