Posted on 02/03/2006 7:30:39 AM PST by doc30
You mean United States taxpayers?
You expect ME to make up the difference so you can have a lower rate?
easier said then done for the old who make up a good part of this state, this will be an election issue and the state will do something because the pols want the votes.
So yes you might not live in a hurricane area but if you live in florida you will be subsidizing insurance which you are already doing. Therefore all people will have to move out of florida if we followed the get out mentality. CHING-CHING
Told my wife about it and said that should be what we build. Answer was, no, it was an ugly science fiction looking thing.
FEMA payments are typically for damage above what the policy pays. FEMA will not cover the deductible, so you are still out the 10% or $26K, on a 260K home, which is average for FL.
I pay $600 a year on insurance in Colorado on a $200,000 home. But I feel for you guys I recently moved here from PB County.
I agree with your assement and I'm going to extrapolate a bit. If the insurance rates keep going up as they have, in an exponential fashion, people will be forced to sell their homes out of economic necessity. My original rate was $600 two years ago, then it jumped to 1100. Now it's jumping to $2K and, with tis announcement, will be 4K. If next years premiums go up at the same rate, it will be $8K. When this happens, there will be a glut of homes on the market and real estate prices will be affected. Prices will have to come down because there will be a lot of sellers. Then, because of the glut and the diminished value of the homes, insurance and property taxes will have to come down in proportion. A lot of municipalities will not like taking that hit and will also put political pressure on Tallahassee. Just my prediction, for what it's worth.
This is mostly for those in Pasco county with their sink holes. I've got a 2000 square foot home in hillsborough county and my insurance is $1300 / year (and it was last adjusted in September).
A $200K home in Colorado, would likely be $300 or 400K here. Factor in x1.5 for property value and the insurance rate increases here, and your would be looking at $4K per year easily, before the next wave of increases.
Get out of the way?
My sister lost her home on the intercoastal in Gulf Breeze. The "ugly scinece fiction thing" looks a whole lot better than the RV she's been living in for over a year...even if we do call it the "Land Yacht."
Besides, like all new technology, it is always the wealthy who buy the new stuff, then advances come, designs are improved and costs are lowered (think of cell phones ten years ago.)
If that was the only kind of new construction zoned for those areas, it would soon improve.
And while I normally "feel your pain," insurance companies are in business to make money, not lose it....and now that FL is looking at an active hurricane pattern for the next decade or so, insurers (if they are even going to write policies at all) are going to start tightening up.
The cost of living in paradise....
Could you elaborate on this point? I'm in the insurance business, and I'm not familiar with what your saying here.
Thanks
This high insurance could be good for people like me. My dream is to buy a place near New Port Richy or Tarpon Springs...
I don't need no stinking insurance. I'll take the risk and buy the place at a lower price for cash.
Are there ANY private home insurers in Florida? Citizens sounds like a state-run monopoly, which gives them ample room to raise prices, since they don't seem to have competition in FL.
Yes, but they are very selective. Unless you had insurance before in Pasco, most companies are not writing new policys due to the sinkhole problems. I have a feeling they are still making big bucks, but it sure is tightening the screws for me...
You can't imagine how many folks I have talked to that have moved away from FL or won't move to FL because it's so expensive.
RE is extremely inflated, insurance is skyrocketing, employers can't keep pace with the cost of living. These are not healthy signs for the FL economy.
Most of them quit selling new policies and/or stopped renewing existing ones. I went through 3 companies in 5 years. Now I'm stuck with Citizens. And I live in eastern Hillsborough, not near any water in a house built to meet the SE FL building codes for structural integrity put in after Andrew.
IMHO, a big contributor to the increases is the high number of mobile homes and manufactured housing. We went down to Charlotte county (Punta Gorda) after Charlie and those were the structures that really took the worst damage. They are death traps.
i feel that way about school taxes too, i should pay for your kids school never had them never will but im stuck also
LOL! I,sir. don't expect you to pay for anything.
Thats just the way it is. - If the legal system did not allow insurance policies to bury that 5% surcharge on page 22 in fine print then the issue would be moot.
BTW, if you don't carry insurance at all when the hurricane hits, FEMA pays 100%. How about that for an incentive to drop insurance altogether?
We haven't had kids in public schools since 1991 so I know where you're coming from!
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