Thank you for the valuable info. Insurance has definitely become a crisis in Florida. Whatever ppl save on taxes and lower cost of living, they end up spending on insurance
It's only going to get much worse in FL. The only semi-affordable properties will be found inland away from the coast. The only big problem I see with self insuring is a catastrophic fire, if you cannot pay for the tear down, clean up and full rebuild self insuring isn't a viable option. You'd probably need $400k cash minimum in reserve.
You opened my eyes to simply raising the level of self insurance by simply raising the deductible. I never really looked at it that way. It's becoming more obvious that the Federal govt will need to step in to reign in the insurance companies, but it seems unlikely given today's politics. The policy should be that you either provide reasonably priced insurance in all 50 states, or no states.
CORRECTION: NO HURRICANE has hit Southern California since 1939. Earlier this month (Aug. '23), by the time "Hurricane Hilary" made landfall in Baja California (MX) it had been (as predicted by meteorologists) downgraded to a tropical storm... Resultant storm damage was limited to outlying rural desert communities. As Southern California is naturally protected from Pacific hurricanes by deep/cold, near-shore ocean conditions, coastal mountain ranges, and the mountainous off-shore Channel Island chain, ... this came as no surprise to long-time SoCal residents. That said, as a SoCal native w/familial ties to south Florida, the Florida sailing environs are second to none!
It's all about risk. California is going thru this too. It's not just hurricanes, it's storms in general. Florida has a lot of storms and wind. Home prices have risen too. Insurance payouts are going up too.
Keep in mind that since home prices have sky rocketed in the last couple of years, property taxes have done so as well. Many HOA fees have also increased considerably, but not quite as much as insurance and taxes.
Lived on Siesta Key in the mid seventies. They used to have a bunch of beach shacks going south toward Turtle beach. They have since been replaced with huge mansions. Also, Siesta Key used to be called Rattlesnake Island, not the greatest for real estate marketing.
Thanks for the info! I'm actually a Connecticut resident looking to move down to Florida at the end of the year (St Pete area). The insurance hikes and quite a few carriers leaving or going under have me a little worried but I'm still itching to come down. I own a couple of rental properties up here and taxes are just getting worse. One of my properties was re-assessed this year and the property taxes doubled!
@@yume816 the heat down here in Florida in the summer is overblown Hype, many days in the summer it is very cool after it rains and the morning after is also very cool until the sun warms up in mid-day,,, Florida is great been here for 29 years and never paid any homeowner Insurance, I will fix my own property if something happens
![Yailin La Mas Viral, @kreizyk.official - Dale 2 (Remix) [Video Oficial]](http://i.ytimg.com/vi/JaYHBzgqz94/mqdefault.jpg)
Great info....as usual!!😊
Great video! I especially enjoyed listening to your retirement strategy. Please update us as you pursue a second home.
Thank you for the valuable info. Insurance has definitely become a crisis in Florida. Whatever ppl save on taxes and lower cost of living, they end up spending on insurance
It's only going to get much worse in FL. The only semi-affordable properties will be found inland away from the coast. The only big problem I see with self insuring is a catastrophic fire, if you cannot pay for the tear down, clean up and full rebuild self insuring isn't a viable option. You'd probably need $400k cash minimum in reserve.
You opened my eyes to simply raising the level of self insurance by simply raising the deductible. I never really looked at it that way. It's becoming more obvious that the Federal govt will need to step in to reign in the insurance companies, but it seems unlikely given today's politics. The policy should be that you either provide reasonably priced insurance in all 50 states, or no states.
So how rich do you have too be to live in siesta key.......multi millionaire
CORRECTION: NO HURRICANE has hit Southern California since 1939. Earlier this month (Aug. '23), by the time "Hurricane Hilary" made landfall in Baja California (MX) it had been (as predicted by meteorologists) downgraded to a tropical storm... Resultant storm damage was limited to outlying rural desert communities. As Southern California is naturally protected from Pacific hurricanes by deep/cold, near-shore ocean conditions, coastal mountain ranges, and the mountainous off-shore Channel Island chain, ... this came as no surprise to long-time SoCal residents.
That said, as a SoCal native w/familial ties to south Florida, the Florida sailing environs are second to none!
Thank you for your correction and response.
I have house in Florida and I do have insurance on it. Is this good?
It's all about risk.
California is going thru this too.
It's not just hurricanes, it's storms in general. Florida has a lot of storms and wind.
Home prices have risen too. Insurance payouts are going up too.
Thank you for your comment.
Keep in mind that since home prices have sky rocketed in the last couple of years, property taxes have done so as well. Many HOA fees have also increased considerably, but not quite as much as insurance and taxes.
I think you are soooo informative out of all the videos on RUclips 👍👍👍👍
What are you special, this has been going on for 40+ years!
The climate change, a few extra degrees of heat in the Gulf, makes Hurricanes more severe.
Lived on Siesta Key in the mid seventies. They used to have a bunch of beach shacks going south toward Turtle beach. They have since been replaced with huge mansions. Also, Siesta Key used to be called Rattlesnake Island, not the greatest for real estate marketing.
Another great video!
Lets just say it's no BARGAIN living in Florida, people will be moving out.
Thanks for the info! I'm actually a Connecticut resident looking to move down to Florida at the end of the year (St Pete area). The insurance hikes and quite a few carriers leaving or going under have me a little worried but I'm still itching to come down.
I own a couple of rental properties up here and taxes are just getting worse. One of my properties was re-assessed this year and the property taxes doubled!
Thank you for your feedback. Would value the opportunity to work with you. My parents were raised near St. Pete and I know the market well.
You might miss the four seasons like fall in CT. It’s unbearably hot during the summer. Hot days and beaches get boring after some time.
@@yume816 the heat down here in Florida in the summer is overblown Hype, many days in the summer it is very cool after it rains and the morning after is also very cool until the sun warms up in mid-day,,, Florida is great been here for 29 years and never paid any homeowner Insurance, I will fix my own property if something happens
I hate to think about how this latest hurricane is going to affect insurance rates. My parents have a townhouse condo in Naples.