You are good one to ask then, if you live at Coastal North Carolina.
I have heard wind and flood insurance is just soaring for beach front property. That is my biggest fear. I don’t want to sink $10,000/year into insurance only to have it keep going up.
Is this urban legend or is it the reality? I would love to know.
Say I owned an 800 SQFT 1 bedroom condo on the beach. What would my wind and flood insurance be?
Thanks
I have heard wind and flood insurance is just soaring for beach front property. That is my biggest fear. I dont want to sink $10,000/year into insurance only to have it keep going up.
youre doing some excellent research here!
I have a bit of experience about windstorm insurance. When we lived in Corpus Christi, although we were not on the water, windstorm insurance was required. It was about $1200 a year for our 2000 square-foot house. But this was about 15 years ago. Many companies werent offering it and then you had to go to a government insurance which was even higher.
That insurance was on top of regular homeowners insurance! And flood insurance was on top of that. So if you wanted to be completely protected from the hurricane, you had to buy both wind storm and flood insurance, to the tune of about 2000 a year. If you could find a company that would offer it. Corpus Christi hadnt had any hurricanes for a long time, but we had to pay higher rates because of all the other hurricanes that had happened. And that was long before these big ones.
We were having problems in the Sierras with fire insurance. Again, many companies are not offering it or would drop you at renewal time. So then you had to find a government insurance that was quite high. We had several neighbors that had to go that route.
I cant believe we found a place with no natural weather issues. So far so good House insurance cost us about 800 a year and that is for replacement value. With no additional riders required.