Yup.
Berm Homes.
Posted on 01/22/2024 7:38:49 AM PST by devane617
The ongoing insurance crisis in Florida, fueled by the exodus of major insurers and the increased risk of extreme weather events, could trigger a downturn in the state's real estate market, experts told Newsweek.
Homeowners in the Sunshine State currently pay the highest insurance premiums in the country. Floridians pay private insurers an average premium of about $6,000 a year, according to the latest data from the Insurance Information Institute, or Triple I, according to Barron's and CNN Business, compared to the national average of $1,700.
Few people can self-ensure against the loss of their homes, and banks require an insurance policy to protect their collateral and provide a mortgage for a house.
The increasingly unaffordable cost of home insurance risks leaving residents uncovered, and thus unable to get a mortgage should they want to buy a new home, which could escalate to a statewide decline in the real estate sector.
"If you don't have an insurance policy, it's basically impossible to take out a mortgage," Benjamin Keys, an economist and a professor of real estate and finance at the University of Pennsylvania's Wharton School, told Newsweek.
(Excerpt) Read more at newsweek.com ...
Dear Floridians (and anyone who lives directly on the Atlantic Coast) - I a taxpayer should not be subsidizing your choice to build in a hurricane zone.
That was interesting. Thx.
The father of the one ladies in my office is a builder in the lakes region of NH. His company specializes in building these multi million lake front houses. Many of them are built with ICF forms. They also will install geothermal heating cooling systems.
One of the companies on the fore front of geothermal heating is called Warm Wood. They take 1” Fir plywood, router grooves in it for tubing to fit into. They then laminate a foil face to reflect the heat back up. This product allows underfloor heating for new construction without having to pour a concrete floor.
The houses I have seen with this product usually add an engineered wood as your finished surface and solid stone(marble) surfaces typically in the bathrooms.
Again, these tend to be higher end vacation homes.
I had to see and orthopedic surgeon down in Boston. He mentioned he had a house up in Wolfeboro, NH on the big lake (Winnipesaukee). I looked it up. His house, guest house and boat house(bigger than my house) was valued at $5.5MM. These are the type of clients that can build a dream house like the ones we are talking about.
The property taxes on his house were over $35K.
Mitt Romney used to have a house about a mile away.
DeSantis and FL’s pols have had years to fix this.
Their inaction, like their inaction on securing the state’s elections, speaks volumes.
Folks, depend on the government to save your butt for you and I have three words: Leilani Estates, Grindavik.
+1
thank you
IF you do not want to pay for it, there are plenty of cheap houses for sale around Tulsa, OK. Make sure the one you buy has a tornado proof room.
West Virginia also has plenty of very cheap housing. Just make sure there isn’t a meth lab next door.
Plenty of cheap land in North and South Dakota too. It gets kind of cold there in the winter.
Northeast Maine also has lots of cheap housing not too far from the ocean too. All the lobster you can catch in your own trap. That ocean is slightly colder than Florida.
The FAIR plan is an insurance company without adequate surplus and rates. If there is a large loss, the government makes up the shortfall. The government can make up so many shortfalls like pension plans, healthcare, wars, etc.
If you think wildfires are bad, what happens when the big earthquake hits California?
Going on everywhere including here in Iowa.
Part of it is people are filing claims to get a new roof and siding when minors storms come through.
Yes for some filing a claim is a nightmare.
Part of that is their neighbors are abusing the system.
RainMan must have (have had) tons of money.
Yes, pay through the nose (a figurative phrase for the cokeheads who do build idiotic monstrosity homes right on the dunes of the ocean- and then expect the rest of the US to pay for FEMA to match funds, and take the bulk of the rebuild costs). Fact is- there may be hurricanes- so “bet” accordingly with insurance if you think they will pay for it— you’re are in serious need of education. They don’t unless the property is mortgaged and then the mortage company requires the insurance for... covering their “loss” of a home insured to be rebuilt (from their funds).
As much as I don’t want the government involved, I do think the legislature should at least attempt to help the citizens of Florida.
The other thing about inflation and the price of houses is the insurance companies need to maintain adequate surplus. If housing prices double, they need to double their surplus. It takes time to build up surplus.
“ That said, if you are stupid enough to build your “dream” home in a hurricane/flood zone, you deserve to pay through the nose.”
Big talk from someone who is too afraid to post his home state. COWARD.
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Harford County, Maryland. That said, I repeat, you are a fool if you build/buy a house in a hurricane area. 50 years ago, hardly anybody built a home on the beach. I’m tired of paying for Florida hurricane relief every year. Florida isn’t the only state like this. I criticize fools that build in forest fire areas in the mountains and deserts. And I have little sympathy for paying higher H.O. insurance rates in these areas.
“ That said, if you are stupid enough to build your “dream” home in a hurricane/flood zone, you deserve to pay through the nose.”
Big talk from someone who is too afraid to post his home state. COWARD.
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Harford County, Maryland. That said, I repeat, you are a fool if you build/buy a house in a hurricane area. 50 years ago, hardly anybody built a home on the beach. I’m tired of paying for Florida hurricane relief every year. Florida isn’t the only state like this. I criticize fools that build in forest fire areas in the mountains and deserts. And I have little sympathy for paying higher H.O. insurance rates in these areas.
“ Floridians pay private insurers an average premium of about $6,000 a year”
I was paying twice that in Houston - $500 per month seems cheap!
“ The average cost of homeowners insurance in Houston is $4,918 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), based on Insure.com’s rate data analysis. It’s $2,501 more than the national average of $2,417”
https://www.insure.com/home-insurance/how-much-is-homeowners-insurance-in-houston-tx/
Yup.
Berm Homes.
Good! I’m looking for deals in Florida.
That is not the reality on the ground. Perhaps you need to see the terrain where the fires burn and how they are started and where the homes are—I know its a favorite sagying to blame Sacrtamento, and they do deserve some blame, but PG ane E also was to blame and sometimes it just is what it is...
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