second home in Florida
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Anonymous
| The best thing about the insurance crisis and the real estate market possibly tanking in FL is that maybe so many people will stop moving to FL at least for a little while, that can only be good for FL. |
Anonymous
DP. Several interrelated factors: hurricanes come in waves, flood insurance premiums are being changed, and newer hurricane building codes are slowly becoming predominant. From 1919 to 1960, 10 category 4 or 5 hurricanes hit Florida. From 1960 to 2000, there was one (Andrew). For the 24 years 2000 to present, there have been 4, so we’re currently on a pace that’s more like the early part of the 20th century, if slightly slower. The 40 year lull coincided with a LOT of new population growth along the coast, so hurricanes now have more buildings in their way. On top of which, federally subsidized flood insurance encouraged people to build more, and more expensive, houses in the flood zone. Pre-flood insurance, houses along the coast were cinder block shacks. Only after federal flood insurance did we get gold plated mansions. Post Andrew, there were stringent new building codes put in place for the Atlantic Coast, but the rest of Florida was slower to comply. Now, as the hurricanes come through, the old houses that are blown away are being replaced with new post-Andrew code construction, and for existing houses, insurance companies are encouraging upgrades by imposing much higher rates for non-compliant construction, as explained by a previous post (e.g., wind resistant structures, elevation out of the flood zone, etc). It’s going to take time to work through all the old housing stock, but over time, the combined pressure of hurricane damage and insurance rates will result in more hurricane resistant housing stock. Even if there is not another hurricane lull, insurance rates overall should normalize. Here’s a house built to code, surrounded by non code houses, post category 5 Hurricane Micheal: https://www.nytimes.com/2018/10/14/us/hurricane-michael-florida-mexico-beach-house.html?smid=nytcore-ios-share&referringSource=articleShare |
Anonymous
| what are the roughly costs for insurance for a SFH away from beach in Sarasota area? Give me an idea. 5K is not bad |
Anonymous
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Here’s a good article on what’s happening to the real estate market in Florida. If you have the means to buy a house there, maybe you’ll find a deal OP.
https://www.businessinsider.com/florida-housing-market-outlook-nightmare-home-prices-mortgage-rates-affordability-2024-7?amp |
Anonymous
| Look at Babcock Ranch in unincorporated Punta Gorda. You can get a new build pool home for under $750K. The town is solar powered and very innovation / family focused. About ~30 min from the airport (RSW). We've toured it a bunch over the years (keeping our eye on it for a relocation down the road) and continue to be impressed. |
Anonymous
| Florida forget it. People are moving out of Florida. |
Anonymous
Part of the problem is even if you get a quote, it could go up 40% next year. |
Anonymous
We sold our house too on 30A. Insurance was $40k a year, and we felt lucky to get insurance. It's easy for them to deny older properties. There is only 1 insurer left in FL, so there is really no room for negotiation - take it or leave it. |
Anonymous
Wow, do you mind sharing how much? We bought a second home in the mountains. We have been thrilled with it (Colorado). With global warming, summers are so enjoyable there and you can get some water activities in like paddle boarding or fishing. |
Anonymous
$40k?????!!!!!! For what size house? What did your house sell for? was it oceanfront? |
Anonymous
it was not oceanfront, it was not in a flood zone. It was 3k sq ft (4k with the guest cottage). Insurance had increased from $12k, to $24k to $40k in 3 years. |
Anonymous
I am so sorry, that is absolutely outrageous! That’s like a mortgage payment!!!!!!!! What did your house sell for? |
Anonymous
| You want to buy a house 2004,2014, 2022 or newer to get lower insurance rates |
Anonymous
why would 2004 and 2014 be less? |
Anonymous
If you're looking to buy a house in Florida, focusing on the year it was built can make a big difference in safety and insurance costs. Homes built after 1994 are generally more secure since stricter building codes were put in place after Hurricane Andrew. By 2004, the codes got even tougher, especially for roofs and windows, making these homes a safer bet during storms. Later updates in 2010 and 2014 added better protection against flooding and water damage, and by 2020, houses were built even stronger overall. So, if you can, aim for a home built after 2004—it's likely to be safer and might help keep your insurance rates lower. |