The Silver Tsunami & Real Estate
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BoodaGazelle
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Hmmmm.....
Why is Florida and its hurricanes the default for picking on people who somehow are bilking insurance companies by selfishly living there? Why do you never hear people complaining about insuring those tornado-prone states like Nebraska, or people who selfishly live in fire-prone states like CA?
Why is Florida and its hurricanes the default for picking on people who somehow are bilking insurance companies by selfishly living there? Why do you never hear people complaining about insuring those tornado-prone states like Nebraska, or people who selfishly live in fire-prone states like CA?
Music Lover
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Yup...there's still plenty of time for those afraid of 3mm a year (1 inch in 8 years) of sea level rise to sell now and get out before it's too late.
Flooding is different than other types of disasters because the Federal Government funds the National Flood Insurance Program, which mostly covers houses in Florida and Texas. This program currently owes about $25B to the treasury, i.e. to other U.S. tax payers, and it's likely to need even more funding in the future. There's no similar publicly funded national insurance program for damage from wildfires, tornadoes or earthquakes.
BoodaGazelle
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FEMA or SBA Assistance May Be Available for Tornado Survivors without Flood Insurance
https://www.fema.gov/news-release/2...-be-available-tornado-survivors-without-flood
DuckDuckGo (not Google) comes through in a few seconds.
Sell to who? Aquaman?
Music Lover
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Unless you have information the rest of us don't, there is no shortage of people wanting to buy ocean front property in spite of all the dire predictions. In fact, many of those who cry the loudest about "dangerous warming" own ocean front property (or several properties).
But if you're really worried...sell now. Someone will buy it.
Teacher Terry
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Because people want to be in town any empty lot is getting a new house. We just went to a open house where it cost 600k but had to access it through a alley. People in these neighborhoods with big yards are splitting their yard in half and selling it. Our neighborhood is walking distance to downtown and the homes are 1950 ranches between 800-1400 sq ft. They sell quickly to retirees and young families. The 55+ communities are all far out.
Not better informed or worried. But there will be someone left holding the bag and it won't be me.
Hardly. Today my neighborhood is still at less than 70% of the pre-crash values. And that with news articles on the local housing market being and extremely low available inventory sellers market.
Did you read that whole page? It says "FEMA disaster assistance is short-term and not the same as insurance." Floridians also get that same support from FEMA when they have a hurricane. NFIP is a different program that delivers extra funding from U.S. taxpayers to Floridians living in flood-prone areas over and above what they (and everyone else) are eligible to receive from FEMA after experiencing a natural disaster.
Look, I'm not trying to argue with you and I don't personally think Floridians are selfish for living there, nor do I begrudge them any of the money they get from the Feds. I'm just trying to answer your question about why does Florida occasionally get picked on over this.
BoodaGazelle
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No problem. I understand that it is not the same as FEMA flood insurance. But it works out almost the same, at least to me. I assert that every really major weather disaster will most likely get offered aid.
And full disclosure: although I do live on a barrier island in FL, I am self-insured against hurricanes (I really hope I do not have to pay for one.
And full disclosure: although I do live on a barrier island in FL, I am self-insured against hurricanes (I really hope I do not have to pay for one.
Amethyst
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Simply put: Florida's an easy target. Nebraska is associated with farmers, who are sort of sacred for some reason. California does get its share of critics, but it's also associated with movie stars and other cool things. Florida,OTOH, is associated with retired people, cheesy attractions, and Florida Man/Woman.
Chuckanut
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Hell, I offered our Hawaii house to all three kids, & all three grandkids, & not a one of them is interested in inheriting it! Go figure.
I have several former coworkers who retired to Hawaii. They post stuff on social media about living in "Paradise". This may come as a shock to them but not everybody considers Hawaii to be a paradise.
I've been there several times. It's different from the mainland which adds interest, and a bit of fun. Having seen it twice I have no desire to go back. I certainly would not want to live there.
Sell the house, and give the money a scholarship program for low-income families trying to put a child through trade school or college. They will appreciate it immensely.
According to US Census projection, next decade shows everything north of Mason-Dixon line -10% population, -20% kids. Maine and Vermont could be vacant land after a cruel flu season. Primary drivers of real estate pricing are not population, but rather land use regulation, zoning, setbacks, parking, building heights, empty space restrictions, combined with taxes and spending that show up as property taxes and impair future values.
Since 90's, buildable percentage of land in NH has dropped from 60% to 25%.
Without immigration, the US would be net negative on population growth, the only thing driving population up is increasing life expectance for the elderly.
As long as high priced union school systems bloat the tax bills of New England, Florida will grow! It's not just the fruit, fish, and sunshine, though they are nice.
Since 90's, buildable percentage of land in NH has dropped from 60% to 25%.
Without immigration, the US would be net negative on population growth, the only thing driving population up is increasing life expectance for the elderly.
As long as high priced union school systems bloat the tax bills of New England, Florida will grow! It's not just the fruit, fish, and sunshine, though they are nice.
timo2
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Also insurance companies consider hurricanes worse than tornados.
https://www.kin.com/blog/tornado-alley-hurricane-alley-insurance "40 percent of all US hurricanes hit Florida. 88 percent of major hurricanes hit either Florida or Texas." ..."Additionally, the most severe tornadoes can have wind speeds of up to 300 mph. However, the NOAA says 69 percent of all tornados fall between 65 and 110 mph. For comparison, a major hurricane, category 3 or above, reaches wind speeds between 111 and 129 mph."
[edit: Property insurance is going up in tornado alley "Property loss accumulation in Tornado Alley has caused some tightening in the insurance marketplace. In April this year, online insurance marketplace QuoteWizard released a study about home insurance rates for all 50 states between 2007 and 2016. According to the report, 11 out of the top 15 states to experience rate increases were in Tornado Alley – Oklahoma, Kansas, Colorado, Nebraska, Arkansas, Louisiana, Minnesota, Kentucky, South Dakota, Mississippi and Texas – where the average home insurance rate hike for the last decade was $580." https://www.insurancebusinessmag.co...problematic-for-property-insurers-190758.aspx
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Lewis Clark
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ExFlyBoy5
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I will add that it wasn't too long ago that USAA wouldn't write ANY policy that was within XXX miles of the ocean/gulf in Florida (and maybe Alabama?) unless you were active duty. They said that the claims were simply too high. I tried to look up one of the articles about it when the policy came out, but Google's new way of looking up things is making it more of a pain than I want to deal with today.
Markola
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The Silver Tsunami & Real Estate
Yes, I did pick on poor Florida but am glad to add to your list Puerto Rico and the Virgin Islands, Virginia Beach, all developed barrier islands between Virginia and Florida, Lower Manhattan, Houston, New Orleans, the Red River Valley of MN/ND. I could care less about bilking insurance companies, who can and will take care of themselves. What doesn’t seem right to me is allowing Federal tax dollars to subsidize poor land use decisions by backing up private insurance companies’ for flood insurance. It’s a classic case of privatizing profits through socialized risk. I heard an NPR story about a house in Houston that’s been rebuilt 7 times after being flooded. That’s a good candidate for the Pet Peeve of the Day page.
Yes, I did pick on poor Florida but am glad to add to your list Puerto Rico and the Virgin Islands, Virginia Beach, all developed barrier islands between Virginia and Florida, Lower Manhattan, Houston, New Orleans, the Red River Valley of MN/ND. I could care less about bilking insurance companies, who can and will take care of themselves. What doesn’t seem right to me is allowing Federal tax dollars to subsidize poor land use decisions by backing up private insurance companies’ for flood insurance. It’s a classic case of privatizing profits through socialized risk. I heard an NPR story about a house in Houston that’s been rebuilt 7 times after being flooded. That’s a good candidate for the Pet Peeve of the Day page.
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Lewis Clark
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I will add that it wasn't too long ago that USAA wouldn't write ANY policy that was within XXX miles of the ocean/gulf in Florida (and maybe Alabama?) unless you were active duty. They said that the claims were simply too high. I tried to look up one of the articles about it when the policy came out, but Google's new way of looking up things is making it more of a pain than I want to deal with today.
I think this policy-writing change was shortly after the hurricanes of 2004 and 2005. I recall getting a letter from USAA saying they would not cancel any existing policies but would not write new policies for non-active duty.
We have not moved since then, so I don't know the current status of their policy-writing.
Dash man
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The Silver Tsunami & Real Estate
It hasn’t changed, well, I think its spread up the coast. We bought a house in Tampa in 2006 and barely got in under the wire with USAA to get it insured. The letter came out a few months later. We sold that house and now have a beach house in New Jersey that USAA won’t insure. We went through a broker and got insurance through Lloyd’s of London.
It hasn’t changed, well, I think its spread up the coast. We bought a house in Tampa in 2006 and barely got in under the wire with USAA to get it insured. The letter came out a few months later. We sold that house and now have a beach house in New Jersey that USAA won’t insure. We went through a broker and got insurance through Lloyd’s of London.
