Where to retire?

[SomewhereonNeptune]

On 7/12/2024 at 9:40 PM, Newportbottom said:

Seems details are missing.

I live on a island south of Sarasota. 2.5 blocks / 10 houses to the gulf.  I do have different policies on my home. Not in a flood zone. If a insurance company requires a roof replacement, there are other issues. Details are missing. 

Right there is a case for not living right on a coast. As everyone else has already said about Homeowner's insurance in Florida, I can only echo the sentiment and extend that right out to car insurance. Even with a bundle, it's a King's Ransom and I have an accident-free record. 

On 7/16/2024 at 8:20 AM, ellentonboy said:

I do live in category A, so I have to evacuate if told. As far as the insurance is concerned, I tried with Progressive and they gave me a flat NO, when it came to bundling with my car insurance.   When I ask why, they simply answered they were no longer writing policies in Florida.   I was able to get coverage for my interior.

Still opportunities for home owner's insurance rates are becoming few and far between.  The age of house comes into play as well.  As you said you have different policies on you home, I suppose different insurers as well.

I was able to get State Farm and bundle just to get off Citizens (the state run insurer of last resort) because Citizens typically under-insures any property. State Farm. Is. Not. A. Bargain. But I can get HO coverage only because I'm far enough from the coast (about 20-25 minutes drive depending on lights and heaviness of a foot), in masonry construction with few exterior windows, and in the area where they evacuate people into when you get told the first few categories are under mandatory evacuation. My house is 20 years old and even that was outside what some insurers wanted to cover. It's gotten absurd.

I would not recommend the Gulf Coast south of St. Pete for any sort of gay scene. I think there's a rule someplace that stipulates that the gay community cannot cross the Sunshine Skyway without penalties. 🤣😂 (clearly kidding) It's also pretty dead for other nightlife as you head south, but I didn't choose my home or location for those reasons. You can find bargains around St. Pete if you're diligent, patient, and willing to put in some work.

And if you're like most others, the current governor has taken things to the far, far right on many levels. (Yes, even I said it) So I hope we swing back to a better middle ground.

[ejaculaTe]

On 7/12/2024 at 8:37 PM, RawNYTop said:

I know of some new residents who are self insuring, as the costs are way too high.

Also the condo fees and HOA's are rising way out of control. There will be a ton of condos on the market once residents get their new monthly bill.

A couple of observations -- if Fannie Mae or Freddie Mac owns the mortgage, the borrower has to have homeowner's insurance (and flood insurance if applicable). There doesn't appear to be any provision in the servicing guide of either Fannie Mae or Freddie Mac for self-insurance. (For an explanation of what Fannie Mae and Freddie Mac do, check out [think before following links] https://en.wikipedia.org/wiki/Fannie_Mae.)

The same pressures that lead an owner to sell also lead prospective buyers to look elsewhere -- buyers don’t want a unit in an aging building requiring expensive mandated upgrades with hefty COA fees and special assessments. (This article tells you more than you want to know about the situation: [think before following links] https://realestate.usnews.com/real-estate/articles/floridas-condo-crisis-why-condo-sales-are-plummeting.)

Enough of real estate for now -- I have more work to do because of Helene. (At least I won't have snow to shovel in January.)

[SomewhereonNeptune]

16 hours ago, ejaculaTe said:

A couple of observations -- if Fannie Mae or Freddie Mac owns the mortgage, the borrower has to have homeowner's insurance (and flood insurance if applicable). There doesn't appear to be any provision in the servicing guide of either Fannie Mae or Freddie Mac for self-insurance. (For an explanation of what Fannie Mae and Freddie Mac do, check out [think before following links] [think before following links] https://en.wikipedia.org/wiki/Fannie_Mae.)

The same pressures that lead an owner to sell also lead prospective buyers to look elsewhere -- buyers don’t want a unit in an aging building requiring expensive mandated upgrades with hefty COA fees and special assessments. (This article tells you more than you want to know about the situation: [think before following links] [think before following links] https://realestate.usnews.com/real-estate/articles/floridas-condo-crisis-why-condo-sales-are-plummeting.)

Enough of real estate for now -- I have more work to do because of Helene. (At least I won't have snow to shovel in January.)

Yeah, good luck with that man. Just hope Jim Cantore doesn't setup camp near you, that's a sure sign you're screwed. 🤣

[BlueSaphir]

I plan to live and stay in California till the day I die. I have no desires to retire elsewhere. 

[hntnhole]

Best of luck to all the guys on the West Coast of FL.  Stay safe !!! 

Here on the SE coast, not much of anything happening.  C'mon over if you need to ditch for a while ....