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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/
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