Insurance Premiums Increase 130%?

[Advance The Man]

I am selling all of my income producing properties this year. The six unit is the first to go. I think the real difficulty is finding not someone who wants to buy it, but someone who can find insurance. I'm sticking with vacant land and other paper investments.

They Feel Your Pain!

 

[SHELLY]

I am selling all of my income producing properties this year. The six unit is the first to go. I think the real difficulty is finding not someone who wants to buy it, but someone who can find insurance. I'm sticking with vacant land and other paper investments.

I know what you're talking about--the days of "renting for fun and profit" in Florida (residental and vacation) are numbered.

 

[Franny]

Franny, who to you have your rental near the gulf with, if I may ask?

Sorry..I just saw your question. We rent our townhome on Eastern Lake long term. so of course we do it ourselves.

 

[Franny]

We got a notice from Citizen's in December informing us that on our renewal date our policy would be assumed by Florida Peninsula Insurance Company.

So did we. And another company is picking up our rental property in July per our agent.

 

[Franny]

I am sure sorry for you guys living along the Gulf. I often think I would like to live down there but I am not so sure! Franny, that sounds to me like they got things backwards on your policy. I would think the 100% increase would be on the gulf rental property, we have been to Pt. Washington to Eden Gardens. Are you on that back water there? And I grumble about our Mayor here and how he is making it hard on everyone to get by. It is constantly a property tax increase and our gas part of our utilities went up 70% they say due to the hurricanes down along the gulf. That is the excuse they used as to why they went up that much. To me it is all greed! This city is totally mismanaged as to who is running everything here! Our city is around 5 million in debt and the county also and it is because of mismanagement. Someone right now is trying to recall the city mayor here. Don't see that happening though. He will have to be 6 feet under before he is out of office!

We are on a bayou about 5ft deep in Pt. Washington that has never flooded to my knowledge but the townhome is on Eastern Lake and the "property" flooded during Opal. Doesn't make a lot of sense to me either.

 

[Franny]

I am selling all of my income producing properties this year. The six unit is the first to go. I think the real difficulty is finding not someone who wants to buy it, but someone who can find insurance. I'm sticking with vacant land and other paper investments.

Hey we have vacant land for sale Advance Man when you are ready!!

 

[yippie]

Got my Homeowners policy renewal yesterday. My insurance went from 2100.00 a year to 5000.00 per year!!!!!

 

[SHELLY]

We are on a bayou about 5ft deep in Pt. Washington that has never flooded to my knowledge but the townhome is on Eastern Lake and the "property" flooded during Opal. Doesn't make a lot of sense to me either.

People who lived in "inland" waterfront properties on the western side of the panhandle didn't have any flooding during Frederick, Erin, Opal, etc. BUT when Ivan hit just west of Pensacola Bay, the storm surge was funneled directly up bay, wiped out the I-10 bridge, and sent water flooding into the inland waterways. Most all the properties along the bay AND the along miles of inland waterways received some type of flood damage--many homes were destroyed. People said, "I've lived here for X number of years, and we NEVER had flooding before." I wouldn't discount the chance of a hurricane doing the same in the Destin channel.

Why Never to say "Never"

 

[SHELLY]

Got my Homeowners policy renewal yesterday. My insurance went from 2100.00 a year to 5000.00 per year!!!!!

OUCH! Yippie...I felt your pain!

 

[beachmouse]

You aren't going to get that kind of funneling effect in Choctaw Bay. It's essentially a shallow rectangle- The north shore of the bay is 20-25 miles long, and the bay is about 5 miles wide. The kind of flooding that took out the I-10 bridge during Ivan and caused so much damage to downtown Mobile during Katrina happened in areas where the bays are essentially triangular- a wide area where they empty out into the Gulf, and an extremely narrow point on the north head of the bay.

Choctaw Bay as it is, you're talking about waterfront and low-lying properties getting some sort of normal storm surge. What happens in funneling is that you get a wall of water possibly 30 feet higher than official storm surge as the water from the base of the triangle gets pushed toward a single point, and it was the movement of such a huge amount of water toward such a small area that caused the Bay damage that it did.