[City Guy997S]

https://www.fa-mag.com/news/ultra-ri...isk-74553.html

Even for Star Island, the most exclusive enclave in Miami, the bill is a shocker: $622,000.

But, only last year, the same policy cost $200,000.

So it goes across the nation in the rarefied playgrounds of the rich, where price — and, it seems, risks of climate change — are no object.


My dream would be to own an older waterfront home, $0 insurance and when mother nature wrecks it, oh well tear it down and build a mansion (true value is in the lot, not the actual structure). The deductible is usually 3-5% of the value of the home so if the house is worth 10mm, the 5% deductible means you have to cover the first 500K in damage BEFORE the insurance company even comes out to look at things.

So imagine paying crazy money for a policy, then oh yeah you are on the hook for the first 500K then we will cover the rest! What are you actually covering?!?!?!

[FL_Expert]

I’d just go without and save 6m over 10 years.

[LKJ1988]

Best to go bare.

[logybogy]

That's really stupid. If you are worth $100 Million+ or Billionaire like many of the people owning on Star Island you make your home a Cat 5 fortress with upgrades and self insure. Maybe you get a fire only and liability policy with Lloyds of London or something. But paying $620k a year is insane for a $20 Million home.

[City Guy997S]

Originally Posted by FL_Expert

I’d just go without and save 6m over 10 years.

But if you have a mortgage that isn't an option!

But I totally agree with the concept

[City Guy997S]

Originally Posted by logybogy

That's really stupid. If you are worth $100 Million+ or Billionaire like many of the people owning on Star Island you make your home a Cat 5 fortress with upgrades and self insure. Maybe you get a fire only and liability policy with Lloyds of London or something. But paying $620k a year is insane for a $20 Million home.

Fortress works but if you have been to Star Island its surrounded by water so a storm surge is likely your biggest enemy. You will have a fortress with 3-4 feet of water in it!


https://www.youtube.com/watch?v=fgPMFcF2is4

[Gerania]

No one is required to live at ground level.

[cw30000]

Originally Posted by City Guy997S

https://www.fa-mag.com/news/ultra-ri...isk-74553.html

Even for Star Island, the most exclusive enclave in Miami, the bill is a shocker: $622,000.

But, only last year, the same policy cost $200,000.

So it goes across the nation in the rarefied playgrounds of the rich, where price — and, it seems, risks of climate change — are no object.


My dream would be to own an older waterfront home, $0 insurance and when mother nature wrecks it, oh well tear it down and build a mansion (true value is in the lot, not the actual structure). The deductible is usually 3-5% of the value of the home so if the house is worth 10mm, the 5% deductible means you have to cover the first 500K in damage BEFORE the insurance company even comes out to look at things.

So imagine paying crazy money for a policy, then oh yeah you are on the hook for the first 500K then we will cover the rest! What are you actually covering?!?!?!

Climate change does not apply if you are political connected and/or wealthy. If you are, you can also help by buying CO2 credit from your own company

[kidyankee764]

Mister D. needs to focus less on wokeness in other states and start to rectify this problem. It seems that every month, I’m getting a new increases between property taxes and homeowner’s insurance. What I’m paying now is making life in my homestate of Connecticut seem dirt cheap.

[FL_Expert]

Originally Posted by City Guy997S

But if you have a mortgage that isn't an option!

But I totally agree with the concept

Does anyone on the island actually have a mortgage? I mean, is traditional financing even possible on a $50m house?