[FL_Expert]

Originally Posted by sinatras

No it does not. The premium takes into account the replacement value of the home, not the market value. Coverage is based on the value of the actual loss that can be replaced, not the market value of the property which includes the view, desirability of the neighborhood, etc.

One of my homes in Tampa is valued at $2.6 million appraised this year. It is a 1953, 3 bedroom, 2 bath ranch home. The cost to replace it according to the insurance company and my insurers' dec page is $412,000.

Your math is wrong.

So you're saying it's on Tampa Bay... Because that's the only way a 1953 3/2 is worth that much in Tampa.

[sinatras]

Originally Posted by FL_Expert

So you're saying it's on Tampa Bay... Because that's the only way a 1953 3/2 is worth that much in Tampa.

Wrong again!

[sinatras]

Originally Posted by LKJ1988

Already seeing homes sitting in my hood. These 2 bedroom dumps were selling for 20k on the gulf back in 2010 and HOI was like 5k a year and no Ins Comp would touch these homes west of US19.

Now flood Ins is like 5 k a year for a house worth 170k in my hood/

How much are they paying in HOI?

[gentlearts]

Flood insurance and homeowners are separate.

I guess the only way of getting around it is buying only enough house that you can afford to pay cash for, just say no to insurance, bank what you would have paid, and use that money if your house burns down.

It would be very satisfying to stick it to “the man.”

[FL_Expert]

Originally Posted by sinatras

Wrong again!

I know the Tampa property market, a home you’re describing in a top neighborhood (Davis Island, Beach Park, …) is worth about $1.1m. Zero chance of $2.6m in Tampa. I’m sure you know this too.

[sinatras]

Originally Posted by FL_Expert

I know the Tampa property market, a home you’re describing in a top neighborhood (Davis Island, Beach Park, …) is worth about $1.1m. Zero chance of $2.6m in Tampa. I’m sure you know this too.

Clearly you don't know as much as you think you do.

https://www.zillow.com/homedetails/4...45046689_zpid/

This is not even a home. It's just a lot. It's on a canal. But you can extrapolate South Tampa values from there.

$2.6 million for a desirable property (LAND, waterfront or not) in South Tampa is a drop in the bucket. Especially if it's an oversized lot (as all my properties are).

[FL_Expert]

Originally Posted by sinatras

Clearly you don't know as much as you think you do.

https://www.zillow.com/homedetails/4...45046689_zpid/

Okay, I already said you can get to $2.6m if it's on Tampa Bay and this is perfectly consistent with that.

Originally Posted by sinatras

$2.6 million for a desirable property (LAND, waterfront or not) in South Tampa is a drop in the bucket. Especially if it's an oversized lot (as all my properties are).

Not really. Paying $2.6M should afford a home over, perhaps well over, 3,000sq ft:

https://www.zillow.com/homedetails/1...45107806_zpid/
https://www.zillow.com/homedetails/3...45051257_zpid/
https://www.zillow.com/homedetails/6...45111693_zpid/

A home like you've described typically goes for $1.1M, and often less:
https://www.zillow.com/homedetails/5...45111724_zpid/
https://www.zillow.com/homedetails/6...45111710_zpid/
https://www.zillow.com/homedetails/4...45053679_zpid/
https://www.zillow.com/homedetails/2...45053788_zpid/

[sinatras]

Originally Posted by FL_Expert

Okay, I already said you can get to $2.6m if it's on Tampa Bay and this is perfectly consistent with that.



Not really. Paying $2.6M should afford a home over, perhaps well over, 3,000sq ft:

https://www.zillow.com/homedetails/1...45107806_zpid/
https://www.zillow.com/homedetails/3...45051257_zpid/
https://www.zillow.com/homedetails/6...45111693_zpid/

A home like you've described typically goes for $1.1M, and often less:
https://www.zillow.com/homedetails/5...45111724_zpid/
https://www.zillow.com/homedetails/6...45111710_zpid/
https://www.zillow.com/homedetails/4...45053679_zpid/
https://www.zillow.com/homedetails/2...45053788_zpid/

Typically? And how do you know my property is “typical”? You don’t know anything about my property beyond what I’ve said. In fact you don’t even live in South Tampa nor are you walking the streets every day talking to neighbors about what’s selling for what. Many times off market.

But tell you what. I’ll connect you with the appraiser and you can argue your case. Good luck!

[FL_Expert]

Originally Posted by sinatras

Typically? And how do you know my property is “typical”? You don’t know anything about my property beyond what I’ve said. In fact you don’t even live in South Tampa nor are you walking the streets every day talking to neighbors about what’s selling for what. Many times off market.

But tell you what. I’ll connect you with the appraiser and you can argue your case. Good luck!

We both know $2.6m is unrealistic. I wouldn't have called you out if you said $1.5m, which would be high but maybe there's some way we can arrive at that exaggerated figure. $2.6m is an egregious claim though, and I don't see any evidence that supports it. There simply aren't 1950s 3/2s going for that in Tampa that aren't on the water.

[twinkletwinkle22]

Originally Posted by gentlearts

Flood insurance and homeowners are separate.

I guess the only way of getting around it is buying only enough house that you can afford to pay cash for, just say no to insurance, bank what you would have paid, and use that money if your house burns down.

It would be very satisfying to stick it to “the man.”

I know several people in SW Florida who "self-insure" (fancy name for "no homeowners insurance") because they can't afford the insurance cost.

Unaffordable insurance becomes a problem when it's listed for sale. Mortgage lenders figure in the monthly cost of EVERYTHING including home and flood insurance when qualifying buyers for a mortgage. Properties with very high insurance will have to lower their list price to get buyers.

We paid cash for our home in Florida (bought 16 years ago--sold 5 years ago) but made sure we got an insurance quote before making an offer. No, the real estate agent did not suggest we do that. Cash buyers are on their own when it comes to making good decisions.