Insurance Premiums Increase 130%?

[ShallowsNole]

Choctawhatchee Bay gets pretty high at my house during storm surge - we planned for that when we built the new house, and thankfully it didn't come over the porches during Ivan. One can expect the causeway on 331 to be under water too - my husband got caught between the little bridge and the big bridge during just after Opal passed

If something like Katrina hit closer to us...all bets are off.

 

[yippie]

"BTW an agent in Destin also told us that Citizen's was the only company that covered wind."

That is not true. My insurance is with Nationwide and they cover wind. The deductable is higher when the claim is a result of wind. 2% of the value of your home is the wind deductable. Otherwise, the deductable is $1000.00.

 

[Beach Runner]

"BTW an agent in Destin also told us that Citizen's was the only company that covered wind."

That is not true. My insurance is with Nationwide and they cover wind. The deductable is higher when the claim is a result of wind. 2% of the value of your home is the wind deductable. Otherwise, the deductable is $1000.00.

But how close to the Gulf are you? That's a key determining factor regarding whether they'll insure you or not. And the deductible. Our deductible would, like, buy an S-500.

 

[Amp22]

But how close to the Gulf are you? That's a key determining factor regarding whether they'll insure you or not. And the deductible. Our deductible would, like, buy an S-500.

And what is that?

 

[Smiling JOe]

And what is that?

http://images.google.com/images?q=tbn:K3TqPCG35OUJ:www.laroyale-sa.ch/images/limousine/s500.jpg
Mercedes S500


...I know nothing about BR's home, but keep in mind, the deductible is based on insured value of the home and its contents, not the land. I know their are some pricey homes around here, and I would not doubt for a moment that some deductibles may buy a Mercedes S500.

The 2% deductible has been around for a while and is nothing new. The new part is that construction costs have skyrocketed over the last few years, esp the last 12 months, and that changes the costs of replacement. My guess is that most people do not have enough coverage to replace their homes, unless they bought the policy in the last six months.

 

[Miss Kitty]

But how close to the Gulf are you? That's a key determining factor regarding whether they'll insure you or not. And the deductible. Our deductible would, like, buy an S-500.

Would it include a Brabus?

BR...are you being paid for product placement? You are good.

 

[Jdarg]

Would it include a Brabus?

BR...are you being paid for product placement? You are good.

What's a Brabus? Answer me in the lounge please though

 

[yippie]

But how close to the Gulf are you? That's a key determining factor regarding whether they'll insure you or not. And the deductible. Our deductible would, like, buy an S-500.

Within 1500 feet. I am in the "danger zone"!

 

[DBOldford]

The criteria is whether you are within 2,500 ft. of the water's edge. Most people are insured for replacement of their homes (plus contents) at the average cost of per sq. ft. construction. Obviously, this does not cover land costs, which are the biggest part of one's property value if you are near the water. I figure that the value of our house, which is a very large one, is about one-quarter of the overall value, with the land being the big nut. Of course, we don't know if land near the water will be as highly desirable as it has been historically if all these storms continue to ravage coastlines. My bet is that it will be, however, because there's only so much of it. We have watched coastlines erode and topple for years in CA and people are still bidding against each other to snap the land up. I know we wanted a house that at least had a very good view and reasonable proximity to the beach, or none at all. And we have had no damage at all, but for some storm surge on the ground floor and into the swimming pool during Ivan. A cleanup, but okay. Still worth it, for our nickel.

 

[Mermaid]

The homeowner's annual meeting for our condo is scheduled for next month and we've already been warned that our dues are going up. Insurance premiums, of course. It will be "interesting" to see what we'll be shelling out from now on in.

I think we're all finding out that paradise does not come without its price.