Skip to main content

What happens if you buy a house in an area where insurance companies are pulling out?

Hey everyone, I’m seriously thinking about moving to the coast -specifically looking at the Tampa Bay / Clearwater / St. Pete area. I keep hearing stories about insurance companies bailing on Florida left and right, and it’s honestly stressing me out. Like, am I about to drop everything on my dream home just to find out in a couple years that I can’t even get insurance? Or do I have to settle for somewhere inland that I don’t even really want?

I’ve never owned a home before, but I’ve been helping my aunt sell hers in Michigan the last few months, so I’ve been diving way deeper into all this. I’ve been saving for three years straight trying to hit 20% down, and I’ve been extra aggressive with the savings because I knew insurance in Florida isn’t cheap. Now I’m starting to freak out that decent options might just disappear and I’ll be forced to either overpay like crazy or scrap the whole plan.

Has anyone here actually dealt with this or is going through the same thing right now? What are people doing if they want to live near the water but don’t want their house to become a massive financial liability? Especially if you’re looking at a proper single-family home, not some cheap condo.

If the insurers keep pulling out, does the house basically turn into an asset you can’t properly protect? And if a big storm hits and wrecks it… am I just screwed and still owe the bank everything? Are there any real solutions besides “just don’t buy on the coast”?

I get that the market is brutal right now after all the recent storms, but it sucks to think all these years of saving and saying no to stuff could go to waste because of insurance bullshit.

TL;DR: Saving up for a home on the Florida coast but terrified I won’t be able to insure it in a few years. Anyone dealing with this?

submitted by /u/Majestic-Strain3155
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1ufjrf1/what_happens_if_you_buy_a_house_in_an_area_where/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

How to get started?

Hi! I’m 23F and I just graduated college with an english degree (😅) but i’ve been working in nonprofits since I was 16 and lucked into an amazing first job with an one of the biggest and best real estate non-profits! I love my job so far, but it’s my first time being surrounded by such wealth (and very hard working, deserving individuals.) To be quite honest, I‘ve had a rough few years juggling multiple jobs to finish school, and the idea of myself not living paycheck to paycheck seems light years away. This is all being said, I guess I’m posing the question towards the group of what I can do now to start building that kind of future for myself. I find real estate very interesting, and i’ve loved learning about all the machinations behind development- I’m just not sure where to begin within the industry (investment/rentals are definitely not an option for me yet). I’m also looking to go back to school, but being that I don’t know where to start, I wouldn’t like to begin classes aga...
Post a Comment
Read more