Insurance - Change in policy beginning Aug 15

[Scooter]

So tell me. Roughly, was is the cost per year to insure a say 2,500 sq. ft. home within one mile of the gulf?

 

[Smiling JOe]

So tell me. Roughly, was is the cost per year to insure a say 2,500 sq. ft. home within one mile of the gulf?

From what I hear, it sounds like the better question is, "If you have a house within one mile from the Gulf, who will insure it?"

 

[SHELLY]

So tell me. Roughly, was is the cost per year to insure a say 2,500 sq. ft. home within one mile of the gulf?

This question reminds me of an old joke:

How many lawyers does it take to settle a divorce case?
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.How much money have you got? <rimshot>

 

[SGB]

So tell me. Roughly, was is the cost per year to insure a say 2,500 sq. ft. home within one mile of the gulf?

Yesterday I got a quote for our house in Seagrove, which is approximately that size. Note that it's a rental, which limits our options somewhat and it's based on their formula for building costs, which are lower than reality.

Wind (through Citizens) is about $3400
Fire/liability is $1500
Flood is about $330

There is insurance out there, but it is a little harder to find, and rates are going up across the board. There are very, very few insurance companies that offer wind and you have to fit their strict criteria. Citizens is going to be the only option for most people.

 

[bdc63]

This afternoon, I was told by a State Farm agent that beginning Aug 15, they will not be insuring homes within 5000 ft from the Gulf. Currently, there rule of thumb (or tape) is 2000 ft from the Gulf. The rule of 500' from the Bay will remain unchanged at this time. I am uncertain if other insurance companies will follow suit. Anyone heard reports of such from other companies.

The State Farm agent also said that they were not isuing policies for homes older than those built in 2003, unless you had documents proving that the windows had been replaced with, or they met, today's standard. Even then, you would have to have multiple policies with State Farm or been a long term customer with them and have a few other policies.

JOe - do you know if State Farm is changing their policy nationally, or has the gulf coast been singled out?

 

[Smiling JOe]

JOe - do you know if State Farm is changing their policy nationally, or has the gulf coast been singled out?

I do not know that answer. I was asking the agent about upcoming changes in the local market.

 

[Babyblue]

So tell me. Roughly, was is the cost per year to insure a say 2,500 sq. ft. home within one mile of the gulf?

It cost me about 2500 a year with Citizens and I am about 300 feet from the gulf. :shock: