Posted on 02/23/2024 12:32:33 PM PST by ChicagoConservative27
We almost built down here 25 years ago, maybe...Summer Place, if you know it...4th row back, across from the pool. It was just a lot then. We didn’t build because our insurance guy scared us away. We were also down here for Bertha, when they evacuated the island. The wife comes down every year for a week with HER extended family. I go someplace else...LOL.
I live in Fort Worth, north Fort Worth, and on a $350,000 house my insurance is close to $ 3,000 a year, car insurance is $ 1,000 a year on a 2002 Dodge neon and that’s after I dropped collision insurance. Fortunately, my property taxes were frozen when I turned 65 and the valuation of my house at that time was a third of what it is now.
I understand that insurance is only for the things on land and not the land itself. But an insurance agent often lets you think, “I bought my house for $800,000. So I need insurance for that. But if your land is worth $400,000. Then you can get a high deductible or a cap of $400,000 or some combination that would allow you to demo your house sell the land and use the proceeds with the insurance to buy a replacement home. Getting replacement insurance is over insuring your house. Unless your home is brand new and your land is not that expensive. Also, if they rebuild you need to live somewhere else for at least two years. Better to just move somewhere else and let the land go in most cases.
You are welcome
You are very welcome.
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