Here’s the crazy thing. Our flood went up a little - about $100 per year. But, our homeowners insurance went down 5% from 2022 to 2023. I’m not saying a thing in case they made a mistake. I will pay very quietly.
you dont have to buy it, you can self insure, if you find that too risky, its likely its not the racket you think it is...
Hey now wait just a damn minute! I didn't read that last part until today, I have a nice 3 bedroom home near the Intracoastal Waterway in a nice hood with a preserve in my backyard that I bought in 1998, I paid 105k then, I have upgraded most everything including the roof, most everything but the bathrooms, Now these homes sell for about 400k.
I still get 10 calls a week from unsolicited buyers wanting me to sell, and I'm tired of it.
Depending on where you live in Florida, flood insurance is insane. We don't carry it, I heard from a building inspector that by 2027, if you are stuck with Citizens, you will have to carry flood insurance whether or not you live in a flood zone or not. Fortunately neither of our homes are covered by Citizens at the moment.
I get that. But ours was lower end in the neighborhood. 1774 sq ft compared to 2400 + neighbors. It jacked up probably because of that just like someone adding on to a home and overpricing it in a lower-end neighborhood. Anyway, for a newly built home it had issues. lol.
That’s a fair point and correct for someone who doesn’t have a mortgage, but for those that do, the lender requires it. Roughly 2/3 of homes in the US carry a mortgage.
That is the definition of market value.
As you know, flood insurance is a federal insurance. It is a deal at the present time
Smaller homes in good neighborhoods get the benefit of bumps when the whole neighborhood goes up. That's why you buy some thing that is not the top of the market in the neighborhood for that exact reason. Maybe it's just me, but it sounds like you were apologizing for your good fortune. Don't do that that's the market talking ...
I agree. Over the next 2 to 3 years I think the best you can hope for Is something in the 5 to 6 range if you were lucky ...
Depends what the home appraises for. With so many cash buyers these days and appraisals are kind of all over the map, which can certainly mess with the amount the banks will loan.. but again, that is your market ...
I always viewed the market value as what a bank is willing to loan. Maybe I have a bad definition.
And that right there is a very definition of market value to me, your last paragraph that is ...
the definition of market value has nothing to do with a bank. The definition of market value is when a willing buyer buys a home for a certain price from a willing seller.
Not in my business. Market value is what someone pays. There are thousands of different banks, almost all of them have different lending policies
I am no fan of insurance companies, I don’t even carry health insurance it’s a scam. You’re right about the mortgage I should know that as I am a private lender and it’s an immediate default if the insurance lapses..
It’s the marginal buyer and seller That always sets the price. It gets tricky when the marginal buyer and seller are not so bright, that’s what stimi does to markets.
Nickel, mortgages are about average now historically. The bananas period we left is the anomaly, not the norm. Lol
Yes it is. Our flood isn’t bad at all considering we are in an AE zone. The back of our neighborhood backs up to the intracoastal. The streets flooded this past year during nor’easter and a king tide. I have a video of a school of reds swimming down the middle of the road.
No, no it is not. Especially if you do NOT need it, nor live in a flood zone. What's effed up is being forced to buy it whether you need it or not and do not live in a flood zone or are elevated high enough to not have to worry about floods. We got 6 feet of surge at the gulf place and the onlyBS we had to deal with were downstairs sheds, mud, and marsh grass in the yard. Well that and our electric meter going underwater and being on a generator for 5 days.
But other than inconvenience, no damage to speak of. 50% of our little town lost everything they had in furniture and possessions, some are just bulldozing their entire places down,
I agree. Florida is still the hot bed of the nation for real estate activity as well. My mom died in August and her house is on the market, There are no comps for their neighborhood, the last house on their lake went for 1.1 million next door and that was two years ago, they moved here from California and paid cash,, That's the type we are marketing their house to, people sick of cuck gay bay or the slums of Houston, Miami or the Bronx. 😂
I have to disagree. If you break a pipe in your house and it gets flooded...your homeowner's policy does not cover it. Unless you have structural damage from mother nature, and your house gets water in it for any reason, only flood covers the damages. If a street drain clogs and gets backed up and water gets in your house....hope to have flood insurance. If a hose on your toilet breaks...you had better have flood.No, no it is not. Especially if you do NOT need it, nor live in a flood zone. What's effed up is being forced to buy it whether you need it or not and do not live in a flood zone or are elevated high enough to not have to worry about floods. We got 6 feet of surge at the gulf place and the onlyBS we had to deal with were downstairs sheds, mud, and marsh grass in the yard. Well that and our electric meter going underwater and being on a generator for 5 days.
Several years ago (in a different home) I had a washing machine hose break and it flooded under kitchen cabinets and ruined the paint in a basement bedroom. My insurance covered the damage. After a month or so my insurance company sent me a check reimbursing the deductable. I didn't ask them why they did that.
LUCKY!! LOLOLSeveral years ago (in a different home) I had a washing machine hose break and it flooded under kitchen cabinets and ruined the paint in a basement bedroom. My insurance covered the damage. After a month or so my insurance company sent me a check reimbursing the deductable. I didn't ask them why they did that.
That is two stories that question my claim. I would never be that lucky! LOL
Nay, or I should say that depends. I had a water heater break and start pouring out water upstairs. Luckily I was there or would have had one hell of a water bill. Our flooring is LVP (looks like wood but isn't) upstairs over 3/4 inch plywood flooring. The water simply flowed and escaped downstairs through hairline gaps and leaked under the house 15 feet straight down without causing issues. A slab leak would be problematic but not for the tile we have at our other address. We do not run pipes through walls, it's all underground there. Now if wind ripped off a roof, I don't think that rain qualifies as flooding, that's wind damage related.
