Home Owners Insurance (Orlando, Melbourne, Daytona Beach: mortgage, equity, foreclosure)

[Tinman313]

Today 8/25/06.Local news Centeral Florida Orlando Area........
Insurance cost for home owners could go as high as $10,000 a year by 2008!
So this is slowing down new construction along with intrest rate plus impact fees for new homes that range from $1500.00---$8500.00 or more just too get the home statred in construction. Welcome Too Florida.........

[Racelady88]

This is also 1/2 of what drove me out.

[CURT]

Originally Posted by Tinman313

Today 8/25/06.Local news Centeral Florida Orlando Area........
Insurance cost for home owners could go as high as $10,000 a year by 2008!
So this is slowing down new construction along with intrest rate plus impact fees for new homes that range from $1500.00---$8500.00 or more just too get the home statred in construction. Welcome Too Florida.........

where did you see this,,,,that could be enough to chase my butt back to jersey.....

[pianogal]

I am in Orlando. I just checked the Sentinel and the only thing they had was a lady from Melbourne who said HER insurance was going from 7900 to 10K. What is your source that says all insurance in CENTRAL FLORIDA is going up to 10K by 2008?

[lulu]

oh no..don't tell me this. That's all I need for our future dreams to go POOF!...and disappear into thin air.

[Tinman313]

They are saying Channel 9 Orlando Thursday 24th Aug 06 That by 2008 the majority of pepole in centeral Florida will be paying up too or at 10 grand a year for home owners insurance by 2008.They did not say on what size home,but guessing 250k-- 400k range.I know in the 14 years I've lived in Brevard County my insurance for 225k home has gone from 670 a year too almost 1400 a year.and my tax,s have gone from 590 too over 1400 a year.
And I'm looking too get out of Dodge ASAP..........

[RedWingsFan]

I read that article as well but I got the feeling the problem lies with those living in mobile or manufactured homes.

[macguy]

Originally Posted by RedWingsFan

I read that article as well but I got the feeling the problem lies with those living in mobile or manufactured homes.

I haven't read it but mobile homes aren't worth anything so I doubt they would be charging $10,000 to insure something worth $20,000, who would pay it?

[pianogal]

I read the article as well and heard a smiliar thing repeated on Channel 9 early this morning. The article did mention manufactured homes but did not state the 10K would be related to them.

The news channel said, homeowners COULD be paying UP TO 10K. To me that means if the current rate hikes continue and if we're paying UP TO 10K seems to me those on the coasts and/or those with the most expensive homes/most risk would be the homeowners doing this. Channel 9 has a sister station in Daytona Beach and always speaks of them as Central Florida as well. We can't take such generalized statements as this and say all homeowners in Central Florida will be paying 10K insurance premiums. We all know the media overhypes everything anyway.

We should let our elected officials know that if they don't do something, they WILL be voted out of office!

[macguy]

Originally Posted by pianogal

I read the article as well and heard a smiliar thing repeated on Channel 9 early this morning. The article did mention manufactured homes but did not state the 10K would be related to them.

The news channel said, homeowners COULD be paying UP TO 10K. To me that means if the current rate hikes continue and if we're paying UP TO 10K seems to me those on the coasts and/or those with the most expensive homes/most risk would be the homeowners doing this. Channel 9 has a sister station in Daytona Beach and always speaks of them as Central Florida as well. We can't take such generalized statements as this and say all homeowners in Central Florida will be paying 10K insurance premiums. We all know the media overhypes everything anyway.

We should let our elected officials know that if they don't do something, they WILL be voted out of office!

You know all the bad predictions of the last few years have not only come true but the reality has exceeded the awful predictions. I can see someone who has recently bought a home who has very little equity in it not being able to pay those kinds or rates and with a big mortgage they don't have the luxury of just dropping their windstorm insurance.

They can't afford to live in the home and probably due to the dynamics not even be able to sell it, they may just walk away from it and let it go into foreclosure. It may not be long before this begins happening all over Florida. We may be seeing the beginning of a real housing disaster here. The ingredients are falling into place and predictions of gloom and doom may not be so far fetched..