Anonymous
08/20/2024 12:31
Subject: second home in Florida
Anonymous wrote:Anonymous wrote:Good luck with insurance! My grandmother had owns another home in Florida which she takes great care of, had property manager, cleaner, gardener (she’s old) but I was recently talking to a family member and said the insurance they used before for decades has left the state and they can’t find another one. As she’s in the ocean they also had to pay through the government for flood insurance that was insane. They most likely will sell even though they have never made a claim in 40+ years of homeownership.
I would not buy in Florida right now and if I did I would really do a triple check in insurance.
Another friend’s father who was a data scientist did a spreadsheet and decided flood insurance cost too much and wasn’t likely where they lived. He was fine for many years but they live in Naples and well a few years ago there was a huge flood that damaged the home from a hurricane and they had to cover the costs all themselves.
How did grandma have a mortgage after 40 years? You not required to buy flood insurance or any home insurance at all if you don't have a loan on your house.
Because some people realize that the risk of flooding and losing your entire investment with no money to rebuild doesn't end as soon as the mortgage is paid off.
Anonymous
08/18/2024 22:56
Subject: second home in Florida
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anna Maria Island is so nice too
Not OP but looking into same. What are the reasonable price point for Anna Maria?
I just sold my house in Bean Point, the northern tip of Anna Maria Island, three months ago for 1.5M. Had to get rid of it due to insane cost of hurricane & flood insurance.
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.
$40k?????!!!!!! For what size house? What did your house sell for? was it oceanfront?
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.
Something is off about this. Did you have claims? We are on the northern Gulf Coast with an older house that is twice as big and our insurance (including wind) is about $15k. From talking to others and looking on line, that seems pretty standard. I have heard that some of my neighbors with older roofs have been required to replace their roofs. I also have neighbors who did a lot of upgrades (roof straps, etc) voluntarily to reduce their premiums.
If they are rating based on RCV, then it seems that maybe Anna Maria island has a base of more expensive housing?
The person who said their insurance was $40k was on 30A. Non-waterfront houses in Santa Rosa are about the same price per sq ft as where I am (@ $550 - $700 a sq ft). Seaside itself is more, but you're paying for the name (i.e., the lot). Anna Maria Island is more expensive than our location, but almost everything is oceanfront/virtually oceanfront, so it's hard to do apples to apples. It's also a very low narrow barrier island, so I could definitely see how insurance would be higher there.
Also, the thing about waterfront property (or a place like Seaside) is that so much of the value is in the lot that it's hard to judge the replacement cost for the dwelling by the price per square foot for resale.
Anonymous
08/18/2024 20:20
Subject: second home in Florida
Anonymous wrote:Good luck with insurance! My grandmother had owns another home in Florida which she takes great care of, had property manager, cleaner, gardener (she’s old) but I was recently talking to a family member and said the insurance they used before for decades has left the state and they can’t find another one. As she’s in the ocean they also had to pay through the government for flood insurance that was insane. They most likely will sell even though they have never made a claim in 40+ years of homeownership.
I would not buy in Florida right now and if I did I would really do a triple check in insurance.
Another friend’s father who was a data scientist did a spreadsheet and decided flood insurance cost too much and wasn’t likely where they lived. He was fine for many years but they live in Naples and well a few years ago there was a huge flood that damaged the home from a hurricane and they had to cover the costs all themselves.
How did grandma have a mortgage after 40 years? You not required to buy flood insurance or any home insurance at all if you don't have a loan on your house.
Anonymous
08/18/2024 16:31
Subject: second home in Florida
Anonymous wrote:Family and I had a nice 10 day long trip to Sarasota and had tons of fun. We rented a house with pool and wondering what would be people's recommendation for an upcoming and reasonably priced (<$750K) SFH on the gulf side as a second or vacation home. We like Sarasota but open to other cities as well.
Don't you want to go to other places? If you own a second home you will feel obligated to go whenever you can. Plus, you will have all the extra expenses/worry when hurricanes come roaring through.
Anonymous
08/18/2024 16:28
Subject: second home in Florida
Anonymous wrote:what are the roughly costs for insurance for a SFH away from beach in Sarasota area? Give me an idea. 5K is not bad
We're in St Pete, not in a flood zone, and I think ours is $6k this year - for a 3/2. I wouldn't buy a place on the beach because of the flooding, but we live here year round and I don't want to have to evacuate if there's a big storm. If you're doing this as a vacation house, it might not be as big a deal for you.
We really love living here - and you must know I mean it if I'm saying that during the summer.
Anonymous
08/18/2024 16:23
Subject: second home in Florida
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anna Maria Island is so nice too
Not OP but looking into same. What are the reasonable price point for Anna Maria?
I just sold my house in Bean Point, the northern tip of Anna Maria Island, three months ago for 1.5M. Had to get rid of it due to insane cost of hurricane & flood insurance.
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.
$40k?????!!!!!! For what size house? What did your house sell for? was it oceanfront?
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.
Something is off about this. Did you have claims? We are on the northern Gulf Coast with an older house that is twice as big and our insurance (including wind) is about $15k. From talking to others and looking on line, that seems pretty standard. I have heard that some of my neighbors with older roofs have been required to replace their roofs. I also have neighbors who did a lot of upgrades (roof straps, etc) voluntarily to reduce their premiums.
If they are rating based on RCV, then it seems that maybe Anna Maria island has a base of more expensive housing?
Anonymous
08/17/2024 21:31
Subject: Re:second home in Florida
Anonymous wrote:Never in a million years would I buy property in Florida.
+100
Anonymous
08/17/2024 21:19
Subject: second home in Florida
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anna Maria Island is so nice too
Not OP but looking into same. What are the reasonable price point for Anna Maria?
I just sold my house in Bean Point, the northern tip of Anna Maria Island, three months ago for 1.5M. Had to get rid of it due to insane cost of hurricane & flood insurance.
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.
$40k?????!!!!!! For what size house? What did your house sell for? was it oceanfront?
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.
Something is off about this. Did you have claims? We are on the northern Gulf Coast with an older house that is twice as big and our insurance (including wind) is about $15k. From talking to others and looking on line, that seems pretty standard. I have heard that some of my neighbors with older roofs have been required to replace their roofs. I also have neighbors who did a lot of upgrades (roof straps, etc) voluntarily to reduce their premiums.