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Old 12-07-2023, 04:37 PM
 
Location: Free State of Florida
25,756 posts, read 12,840,301 times
Reputation: 19329

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Anyone scrimping to get buy in this forum area needs to move elsewhere.

Sorry to be so brutally honest.

The cost of living here will outpace most of America.
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Old 12-07-2023, 04:51 PM
 
Location: Florida & Arizona
5,978 posts, read 7,387,456 times
Reputation: 7604
Quote:
Originally Posted by dtcbnd03 View Post
Yes I worry about the same thing in Florida. One should probably take the current insurance rate and then double or triple it for where it will likely end up for home, flood, auto. While Florida has changed the laws to stop incentivizing litigious attorneys the claims will take years to work through the system. And insurer fears of hurricanes/floods will never go away given how flat florida is. Self insurance seems like the only reasonable option moving forward...

However, AZ and the US southwest will at some point reach a breaking point on water. Not sure when but in 10-20-30 years people will be fleeing there not due to the cost of water but simply because there isn't any and severe restrictions will be put in place absent building desalination plants from the west or piping in from the great lakes in the east. But that's another discussion...
It's a common geographical misunderstanding, but my home in AZ is in northern AZ, that is, north of the Mogollon Rim at 7,000'. Water is not a concern like it is around us in the Southwest, because the water in our area comes from many very deep wells that are estimated to be viable for at least another 100 years if not more, along with water captured from the snowmelt of the San Francisco Peaks.

RM
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Old 12-07-2023, 05:05 PM
 
Location: Florida & Arizona
5,978 posts, read 7,387,456 times
Reputation: 7604
Quote:
Originally Posted by Ghost Town View Post
So far I started getting reasonable quotes within expectations for FL.
Not that bad for the start.
But I haven't settled on any particular house yet so there could be some surprises...
The thing to pay attention to is water - avoid it! Seriously consider any property that's in a flood zone of any kind (without a LOMA) something to avoid as if your hair was on fire. While homeowner's insurance continues to climb, the effects of the flood insurance increases haven't even begun to get ugly.

As flood insurance premiums climb over the next few years, more and more people are going to get priced out of their homes as their total insurance costs will become unaffordable.

My home is over 50 feet above sea level, so I'm not concerned. However, I have owned property nearby in a flood zone, and while insurance was cheap at the time, we knew it would eventually go up.

RM
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Old 12-07-2023, 06:04 PM
 
Location: Florida
2,441 posts, read 2,528,088 times
Reputation: 1799
Quote:
Originally Posted by MortonR View Post
The thing to pay attention to is water - avoid it! Seriously consider any property that's in a flood zone of any kind (without a LOMA) something to avoid as if your hair was on fire. While homeowner's insurance continues to climb, the effects of the flood insurance increases haven't even begun to get ugly.

As flood insurance premiums climb over the next few years, more and more people are going to get priced out of their homes as their total insurance costs will become unaffordable.

My home is over 50 feet above sea level, so I'm not concerned. However, I have owned property nearby in a flood zone, and while insurance was cheap at the time, we knew it would eventually go up.

RM
Yeah we have similar situation here in Houston.
I've seen some severe floods in my life.
Always stayed away from flood zones.
And I am not that rich to stay close to the water
My personal life philosophy always been 'live not that far from the water, but not too close'.

Last edited by Ghost Town; 12-07-2023 at 06:14 PM..
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Old 12-07-2023, 07:49 PM
 
1,068 posts, read 918,390 times
Reputation: 1875
Agreed south florida is becoming a land for the rich only. Seems like high land and self insurance is the best option for home. No way to escape the car insurance rates tho.
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Old 12-08-2023, 07:49 AM
 
Location: Summerfield FL
521 posts, read 871,132 times
Reputation: 716
I had Tower Hill insurance at a decent rate for one month and then they canceled me. They said the roof had patched holes where the last owner had satelite dish brackets and not enough gravel. Roof installed 2011. Wind midigation done. Inspector said roof was in very good shape. Also they said no braided water lines to fixtures, which I have. They had no bases to even say that because of having no accsess to the house and no pics showing in 4 point inspection. I think they just didn't want to insure me, period. They only want to insure if they have 0 risk but charge high premiums.
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Old 12-08-2023, 08:49 AM
 
30,447 posts, read 21,289,763 times
Reputation: 12000
Glad i go bare.
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Old 12-08-2023, 09:11 AM
 
Location: Florida
2,346 posts, read 2,299,262 times
Reputation: 3617
Quote:
Originally Posted by LKJ1988 View Post
Glad i go bare.
Survivorship bias…
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Old 12-08-2023, 10:08 AM
 
17,326 posts, read 22,073,418 times
Reputation: 29724
Quote:
Originally Posted by Travelassie View Post
Actually, roof replacement due to age, wear and tear should be on the homeowner, it's not an item one assumes should be covered by insurance. Insurance is intended to cover roof repairs or replacement when the roof has been damaged or destroyed during a natural or manmade disaster. Though there have been numerous instances in Florida ( and other states, I suspect, but you don't hear about those) where unscrupulous roofing contractors collaborated with homeowners after storms to replace perfectly good roofs, or roofs with minor damage at most and charged exhorbitant prices to the insurance companies. Which, BTW, is responsible for some of the problems with insurance in Florida ( ie, fraud).
They have law firms that will reach out to homeowners and then sue insurance companies for new roofs at no cost to the homeowner! You "assign" your claim to them (essentially a blank check) and they get you the roof (obviously with the cheapest contractor they can find) then bill the insurance company for all sorts of non-sense (driving up the bill dramatically).

My neighbor got a free roof (about a 28K job if you paid a local roofer) but her claim was for over $75,000!
Now here comes the oof, when the company goes to renew her policy they will notice the 75K claim and charge accordingly because she is now a high risk insured. She could easily pay over 28K in increased premiums over the next few years!

NOTHING IN THIS WORLD IS FREE!
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Old 12-08-2023, 11:25 AM
 
Location: South Tampa, Maui, Paris
4,480 posts, read 3,857,652 times
Reputation: 5329
Quote:
Originally Posted by City Guy997S View Post
They have law firms that will reach out to homeowners and then sue insurance companies for new roofs at no cost to the homeowner! You "assign" your claim to them (essentially a blank check) and they get you the roof (obviously with the cheapest contractor they can find) then bill the insurance company for all sorts of non-sense (driving up the bill dramatically).

My neighbor got a free roof (about a 28K job if you paid a local roofer) but her claim was for over $75,000!
Now here comes the oof, when the company goes to renew her policy they will notice the 75K claim and charge accordingly because she is now a high risk insured. She could easily pay over 28K in increased premiums over the next few years!

NOTHING IN THIS WORLD IS FREE!
The Fraud State of Florida!
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