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And you thought your home ins was expensive...
Old 06-29-2006, 06:48 AM   #1
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And you thought your home ins was expensive...

Teri Johnston, president of the group, said owners of 1,500-square-foot homes there were typically seeing premiums double to $10,000 or more for wind-storm insurance. They are facing a total home insurance cost of more than $13,000 a year on average, Ms. Johnston said, or about $1,100 a month.

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http://www.nytimes.com/2006/06/29/us/29florida.html
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 08:14 AM   #2
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Re: And you thought your home ins was expensive...

Like I have been saying: plan on spending a lot more for HO insurance for the forseeable future. If you are in FL, bend over. The FL insurance market is broken and may never recover.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 10:23 AM   #3
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Re: And you thought your home ins was expensive...

Dear Florida:

You may want to move. Other states have insurance for a little bit less than $13000 per year. In the middle of the floodplain in an indland area that occasionally gets hit by hurricanes, I'm paying under $1500 total per year for all home insurance.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 11:31 AM   #4
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Re: And you thought your home ins was expensive...

Mines 750 a year, and we live in a flood plain with a volcano a couple of miles away
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 11:50 AM   #5
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Re: And you thought your home ins was expensive...

in defense of florida (like i really care lol)...

yeah, our rates are high and going up (another 16% or so this year) but i've never heard of anyone paying $10,000 for windstorm on 1,500 sf of living space. what was it? on a $2mm cottage set directly on the beach? i notice the article failed to mention.

my citizen's windstorm is about $1,500/year on about 1,400 sf. a friend recently expressed outraged that his friend's house went up to (i think it was) $5 or 6k for coverage on a $1.5mm house closer than mine to the beach. i'm 3 miles from surf, a nice bike ride but no storm surge. i also pay flood insurance as we've some rivers nearby.

no one ever said paradise was cheap. and if you want to live in a million dollar house, you really ought to be able to afford it. i don't know who these people are who think they can retire to a $1-2 million dollar house on a small pension and some social security. my parents & life taught me that it takes more bucks than that.

i know that i won't be able to keep my parents' million dollar waterfront house but i'm not blaming insurance or taxes on that. i simply look to how lazy i am and that lifestyle isn't worth it to me to work that hard. frankly, i can't wait to get away from all this money. instead of a life of more, i'd rather one of enough.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 12:04 PM   #6
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Re: And you thought your home ins was expensive...

lazy, are you east of I-95?

I also have to wonder how long Citizens can go on subsidizing policyholders. As long as the gummint and the voters permit it, I guess. Maybe they will bring back an income tax to pay for it.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 12:08 PM   #7
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Re: And you thought your home ins was expensive...

Quote:
Originally Posted by lazygood4nothinbum
frankly, i can't wait to get away from all this money. instead of a life of more, i'd rather one of enough.
Sounds like a good philosopy to me.

Just wondering, do you mean get away from the money in the beachfront neighborhood, your town, or worrying about your own (family) money?
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 01:47 PM   #8
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Re: And you thought your home ins was expensive...

Quote:
Originally Posted by Cute n Fuzzy Bunnay
Mines 750 a year, and we live in a flood plain with a volcano a couple of miles away
Fuzzy: Flood (Surface Water) is excluded on ho's policies, so as you probably know, that wouldn't have an upward draft on your rates.

Living in a flood plain does give you access to fed Flood Ins. Good idea? Don't know how you feel about it, but if I were living in the flats, knowing about Yuba Cities history, I'd consider it.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 01:55 PM   #9
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Re: And you thought your home ins was expensive...

$878
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 02:01 PM   #10
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Re: And you thought your home ins was expensive...

I would get flood insurance were flooding a risk. *The limits are low per structure but there are ways to work around that. *Husband had a client who wanted a beach house. *He designed three small structures (living, dining, kitchen; bedroom, bath garage; bedroom, bath) connected by a fence with a fire pit in the center. Fully insured for floods.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 02:19 PM   #11
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Re: And you thought your home ins was expensive...

I guess I should clarify - $930 for flood insurance (bought separately) and $425 for fire/wind/etc. insurance.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 02:56 PM   #12
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Re: And you thought your home ins was expensive...

$500 for HO, another
$400 for Earthquake.

Earthquake insurance has a very high deductible (15%), but got no choice in CA.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 03:40 PM   #13
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Re: And you thought your home ins was expensive...

$767 h/o only. In a "B" flood zone, elevated house, so no flood needed. Wind & Hail also not required. The beach house we sold 5 yrs ago was much higher, as we had flood, W&H, and h/o--and were going up every year, even though that house was also elevated (but also ancient-1932 built).
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 03:57 PM   #14
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Re: And you thought your home ins was expensive...

I'm officially a couple feet below the 100 yr flood elevation in the worst zone you can be in - 'A' maybe?

Although the city just spent $2 million to remedy the flooding issue and supposedly FEMA is going to issue a "LOMC" (letter of map change) to show that I'm no longer exposed to such a severe flood threat.

Based on the city's and my own hydrologic calculations of the watershed basin I'm in and observing actual water levels after short-term 100 year rain events, I'm not too worried about getting flooded.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 04:16 PM   #15
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Re: And you thought your home ins was expensive...

I'm at 1500 feet above sea level...if I get flooded you guys are all in trouble .

I pay about $850/year for HO ins including $1M umbrella.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 04:23 PM   #16
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Re: And you thought your home ins was expensive...

I'm at 226 ft above sea level. A very localized flood would get me but not many others around me.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 04:33 PM   #17
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Re: And you thought your home ins was expensive...

Quote:
Originally Posted by brewer12345
lazy, are you east of I-95?

I also have to wonder how long Citizens can go on subsidizing policyholders.* As long as the gummint and the voters permit it, I guess.* Maybe they will bring back an income tax to pay for it.*
ya, east of i-95 here. they say we are more at risk but it is really such hype as it depends on where the wind blows that day. as florida has long been home to sun & scam, we are also getting scammed by the insurance companies. the panhandle probably gets hit more by canes than us but our rates are the highest. could it be because they smell more money here?

as to citizens subsidizing. not quite so. it is the insurer of last resort and they charge, by law, the highest rates in the state. well, at least that was true until recently. since orlando & tampa have been joining citizen, they've found themselves rather overexposed.

so now (& i just learned this) they are dumping 20% of their customers. sure hope i'm not one. a friend i just spoke to (investigating the claim of that times article), unfortunately got snagged.

there are two or three companies which citizens is dumping us on. these companies are allowed to raise rates 130% to 150% higher than even the insurer of last resort. supposedly some of this money is then kicked back to citizens. you can get back into citizens but only if you wind up without insurance for 2 years. not good.

income tax? funny. solution: don't work.

florida wind insurance

Quote:
Originally Posted by shiny
Just wondering, do you mean get away from the money in the beachfront neighborhood, your town, or worrying about your own (family) money?
clarification: no money worries here, just need to get away from moneyville. it's too much. it's not real. i miss my uppermiddleclass upbringing.

my dentist's assistant was upset a few months ago, not only because she didn't win the 45 million dollar lottery, but because now it was down to "only" 3 million. i said, what are you nutz? a 3 million jackpot nets you about 1 million and that gives you retirement. she retorted, but the houses here cost a million. and i'm thinking to myself, girl, you got problems.

get me out of here
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 04:49 PM   #18
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Re: And you thought your home ins was expensive...

Quote:
Originally Posted by lazygood4nothinbum
just need to get away from moneyville. it's too much. it's not real.
I understand. I've been there. Its a nice place to visit, but I wouldn't want to live there!
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 05:00 PM   #19
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Re: And you thought your home ins was expensive...

Quote:
Originally Posted by Jarhead*
Fuzzy: Flood (Surface Water) is excluded on ho's policies, so as you probably know, that wouldn't have an upward draft on your rates.

Living in a flood plain does give you access to fed Flood Ins. Good idea? Don't know how you feel about it, but if I were living in the flats, knowing about Yuba Cities history, I'd consider it.
we're in a good spot, its something I looked closely at when we bought. We're pretty far from the levies, there arent any rivers within 8-9 miles, the whole subdivision has good drainage and elevation, and the house is up on about a 4' elevation over the street. My ex does mapping for the USGS and she checked it out for me and said it was a very low risk area.

My wifes old place, on the other hand, was wedged a quarter mile from two levies with problems, had two rivers less than a mile away, and was in an area flat as a pancake with no drainage. Even with that, in the two levy failures in the last 15 years, neither flood came close to her place.
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Re: And you thought your home ins was expensive...
Old 06-29-2006, 06:09 PM   #20
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Re: And you thought your home ins was expensive...

lazy, nothing to do with FL and storm insurance, but I hear you. "no one ever said paradise was cheap", you bet...

We sold for about $600k in Boston and bought for about $550k in Tuscany, thinking we were a bit ahead of the game. Well, our living area is 2x the size, our yard is 20x the size, but I have to deal with endless dusting, cleaning and mopping everywhere, our gas bill for heating is about 4x what it was in Boston although the weather is far milder and I keep the thermostat lower (enormous energy prices and taxes, no Italian concept of insulation, 14 ft. ceilings). For the first time in my life I actually paid a guy to help with pruning trees, hedges, etc. this winter... Even at €8/hour he spent over two solid weeks this winter working, and that doesn't count the time we spend ourselves continuously weeding, mowing, watering.. There's a "rain water holding tank" (shaped like a pool, wink wink) that to turn into an actual pool would take minimum *$40k-$50k and involve excavating a meter or so of bedrock, so for the foreseeable future it will remain a crumbling cement hole painted blue.

Here practically everyone who has more than a 2-bedroom apt. has "help". The assumption is that no one takes on an actual "house" without an army of Filipinos, Poles, and so on.. Having paid strangers in my home makes me queasy, and the expense makes me cringe. Having servants. however, seems to be the norm for 'bourgeois' life here.. (i.e, above subsistence level). Who knew?

A tiny ratchet up in relative economic "class" brings with it a whole host of extra headaches and expenses. "Society"-wise, we are sandwiched between the (few) rich ex-fascists and the (many) active communists!! There's no in-between.

Uneasy lies the head, and so forth.. *: *:P


--P.S. My (ill) mother is the proud owner of a lot in Ft. Meyers, FL, which my grandfolks bought back in the '60s as a potential "retirement" scenario. ( I gather there was a lot of this speculation going on..) No one in our family has even seen it!!

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