2023-2024 Home Insurance Cost in Tampa Area?

[dtcbnd03]

There are only two areas in the US with nice year round weather and amazing beaches: Southern Florida and Southern California. Add onto that remote work is now more possible than ever and it's not surprising areas like Tampa and Miami are becoming very expensive.

I'm ok with rising home values because no/little growth is literally just inflation eating away at your nest egg. However, insurance should align at the same % and not be increasing 25% every year and be triple what it is elsewhere in the country for similarly priced homes and cars. While it's true that risk goes up, price goes up...there's something seriously wrong with the insurance system in Florida.

[sinatras]

Originally Posted by hokiepoke

This is sad to hear if the only solution left is to leave. I moved here 11 yrs ago when things were still reasonably affordable with the intent to retire in 5 years near sunshine and beaches. With all the sudden surge in COL especially around property and insurance, I'm not sure that plan is still feasible - but where to move to? I am wondering how it will all play out if nothing is done to control the constant surge in price increases. This is all happening before the area is actually even hit with a direct big hurricane event and we all know it could be just around the corner (or not) and we're all rolling the dice. Will it be something we'd all just live with like healthcare cost and inflation price increases. Will coastal Florida become a place where only rich people will be left who can afford it?

I was complaining to some friends in Dallas where we used to live and was surprised to find out they're going thru the same issue with significant housing cost increases along with faster property tax increase and corresponding surge in insurance cost there as well. But at least there's a tech job market there that can support it.

The truth is that most of America is unaffordable now unless you bought your home in 1997. Or are inheriting a crapload of money. Or you live in, say, Arkansas. Or Oklahoma.

https://www.ramseysolutions.com/real...tes-to-live-in

However what is going on with grocery prices and insurance prices in Florida is highway robbery.

[Arcenal813]

Originally Posted by sinatras

The truth is that most of America is unaffordable now unless you bought your home in 1997. Or are inheriting a crapload of money. Or you live in, say, Arkansas. Or Oklahoma.

https://www.ramseysolutions.com/real...tes-to-live-in

However what is going on with grocery prices and insurance prices in Florida is highway robbery.

Are grocery prices in Florida really higher than anywhere else?
In the past few months, I have been to NYC, Chicago, Charlotte, Atlanta, and most recently, Phoenix. I have shopped groceries in all places, and have not found them to be any less expensive than here. For reference, When possible, my store of choice is Sprouts. If there isn't one around, I seek out Whole Foods. I did shop at Walmart once while in Chicago.

[sinatras]

Originally Posted by dtcbnd03

There are only two areas in the US with nice year round weather and amazing beaches: Southern Florida and Southern California. Add onto that remote work is now more possible than ever and it's not surprising areas like Tampa and Miami are becoming very expensive.

I'm ok with rising home values because no/little growth is literally just inflation eating away at your nest egg. However, insurance should align at the same % and not be increasing 25% every year and be triple what it is elsewhere in the country for similarly priced homes and cars. While it's true that risk goes up, price goes up...there's something seriously wrong with the insurance system in Florida.

‘Nobody has been able to put a price tag on global warming’

https://www.bizjournals.com/tampabay...12-13&empos=p4

[beach43ofus]

Originally Posted by Arcenal813

Are grocery prices in Florida really higher than anywhere else?
In the past few months, I have been to NYC, Chicago, Charlotte, Atlanta, and most recently, Phoenix. I have shopped groceries in all places, and have not found them to be any less expensive than here. For reference, When possible, my store of choice is Sprouts. If there isn't one around, I seek out Whole Foods. I did shop at Walmart once while in Chicago.

Yes, Florida's grocery prices are higher than Atlanta's (where we moved to SW Florida from) by ~20%.

I was in Western NC the past August, & their prices are slightly lower than SW Florida too.

I think the root cause is the lack of quality competition versus Publix...for decades.

I go to Aldi, Sprouts, and Wal Mart, my wife goes to Publix and buys mostly BOGO's. Aldi's blows away the competition on price, but there are tradeoffs.


Our Home owners insurance is very reasonable here oddly enough...<$2k/yr on a $1M 5-yr old home (we don't have flood because we live in an "X" zone and didn't flood during Ian so we cancelled it. We have the highest deductible Olympus sells.

We've had 1 HOI claim in our 30 year history...plumbing water damage...nothing catastrophic.

I read what people are paying here for HOI, and it seems surreal compared to what we pay.

I met w/ a highly experienced HOI broker before I bought here, and asked them what the lowest risk home looked like, and where it was, and basically built that home, in that area. Others didn't do that and paid the price.

[MortonR]

Originally Posted by beach43ofus

Yes, Florida's grocery prices are higher than Atlanta's (where we moved to SW Florida from) by ~20%.

I was in Western NC the past August, & their prices are slightly lower than SW Florida too.

I think the root cause is the lack of quality competition versus Publix...for decades.

I go to Aldi, Sprouts, and Wal Mart, my wife goes to Publix and buys mostly BOGO's. Aldi's blows away the competition on price, but there are tradeoffs.


Our Home owners insurance is very reasonable here oddly enough...<$2k/yr on a $1M 5-yr old home (we don't have flood because we live in an "X" zone and didn't flood during Ian so we cancelled it. We have the highest deductible Olympus sells.

We've had 1 HOI claim in our 30 year history...plumbing water damage...nothing catastrophic.

I read what people are paying here for HOI, and it seems surreal compared to what we pay.

I met w/ a highly experienced HOI broker before I bought here, and asked them what the lowest risk home looked like, and where it was, and basically built that home, in that area. Others didn't do that and paid the price.

I suspect part of the issue with grocery costs is logistics.

Builders who build in marginal areas are exploiting people. People who buy those homes are dumb, if they did their due diligence before considering the purchase they would likely run away as if their hair was on fire. Then again, some people are willing to take the risk, too, but that takes away any consideration for relief, that is, you know what you were getting into...

RM

[dtcbnd03]

Originally Posted by beach43ofus

Our Home owners insurance is very reasonable here oddly enough...<$2k/yr on a $1M 5-yr old home (we don't have flood because we live in an "X" zone and didn't flood during Ian so we cancelled it. We have the highest deductible Olympus sells.

We've had 1 HOI claim in our 30 year history...plumbing water damage...nothing catastrophic.

I read what people are paying here for HOI, and it seems surreal compared to what we pay.

I met w/ a highly experienced HOI broker before I bought here, and asked them what the lowest risk home looked like, and where it was, and basically built that home, in that area. Others didn't do that and paid the price.

Great post. This is exactly what we plan to do should we relocate to Florida.

[Arcenal813]

Originally Posted by beach43ofus

Yes, Florida's grocery prices are higher than Atlanta's (where we moved to SW Florida from) by ~20%.

I was in Western NC the past August, & their prices are slightly lower than SW Florida too.

I think the root cause is the lack of quality competition versus Publix...for decades.

I go to Aldi, Sprouts, and Wal Mart, my wife goes to Publix and buys mostly BOGO's. Aldi's blows away the competition on price, but there are tradeoffs.

I'm going to be taking some frequent short weekend trips coming up, including a stop in Atlanta this weekend. I'll make it a point to compare prices (Publix here vs Publix Midtown for instance.) I'll report back soon.