[sinatras]

Originally Posted by FL_Expert

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.

Your "reality" and my reality are quite different. Once a month I get a flier in my mailbox or a business card from a developer asking if I want to sell. Hence the appraisal. Interestingly the developers agree with the appraised value! I guess they should check with YOU first before they make a DREADFUL mistake!

My reality exists in a very desirable street in a very desirable neighborhood in South Tampa, and I know exactly what my properties are worth. So do the developers wanting to buy them.

Unfortunately I can't sell because family lives in my inventory.

[Mathguy]

Originally Posted by Travelassie

Far as I know, flood/surge damages are excluded from homeowner's insurance policies in all states, not just in big old ugly Florida, LOL. Probably why the National Flood Insurance Program ( NFIP) is under the umbrella of FEMA.



Citizens insurance is a quasi-governmental (state) entity that was founded to provide property insurance to residents in the state unable to obtain the insurance through any other company, either because they have been rejected by other carriers or the rates are unaffordable. Though the state has claimed over the years, and continues to state they'd rather not be in the insurance business. So to this end, they've instituted the "take out" program which incentivizes smaller start up insurance companies to assume Citizen's homeowner policies in their efforts to divest themselves of the policies.



Seems to me if Florida doesn't want to be property insurer of first choice for its residents, it wouldn't want to mess with flood insurance in any way.

Yeah, I'm aware of NFIP. Florida's rates are high for several reasons even completely excluding flood. I'm unaware due to the paywall if the cost of flood insurance is included in the 33k or not.

Citizens is underpriced and the state has a massive amount of insurance risk at this point. They went from a stop-gap measure to the largest insurer in the state at one point.

Shockingly, the politicians won't vote for the needed rate increases lol.

Makes me chuckle thinking back to all the lies and BS the state was throwing out at one time about how the insurance companies were making so much money and that they can just leave if they don't like it. Be careful what you wish for, weird how companies making "so much money" don't want to do much business there.

[FL_Expert]

Originally Posted by sinatras

Your "reality" and my reality are quite different. Once a month I get a flier in my mailbox or a business card from a developer asking if I want to sell. Hence the appraisal. Interestingly the developers agree with the appraised value! I guess they should check with YOU first before they make a DREADFUL mistake!

My reality exists in a very desirable street in a very desirable neighborhood in South Tampa, and I know exactly what my properties are worth. So do the developers wanting to buy them.

Unfortunately I can't sell because family lives in my inventory.

So you got an offer from a developer, got the property appraised, then remembered you can't sell because family lives there. Super believable sinatras.

Coincidentally, an older 3/2 was just listed today right down the street from you. It's pretty nice, but the list price is $1.2m.

https://www.zillow.com/homedetails/4...45054532_zpid/


Bottom line is your $2.6m claim isn't defensible. There aren't properties like you've described going for that much or you'd be sharing the comps to prove your point.

[sinatras]

Originally Posted by FL_Expert

So you got an offer from a developer, got the property appraised, then remembered you can't sell because family lives there. Super believable sinatras.

Coincidentally, an older 3/2 was just listed today right down the street from you. It's pretty nice, but the list price is $1.2m.

https://www.zillow.com/homedetails/4...45054532_zpid/


Bottom line is your $2.6m claim isn't defensible. There aren't properties like you've described going for that much or you'd be sharing the comps to prove your point.

LOLLLLLLLLLLLLLLL completely different neighborhood and street and lot size and flood zone. Keep getting everything wrong, this is fun!

Guess you'll have to wait for my comp. But don't worry; I'll have Waterstone builders check with you first before they make an official offer!

[sinatras]

Originally Posted by Mathguy

Yeah, I'm aware of NFIP. Florida's rates are high for several reasons even completely excluding flood. I'm unaware due to the paywall if the cost of flood insurance is included in the 33k or not.

Citizens is underpriced and the state has a massive amount of insurance risk at this point. They went from a stop-gap measure to the largest insurer in the state at one point.

Shockingly, the politicians won't vote for the needed rate increases lol.

Makes me chuckle thinking back to all the lies and BS the state was throwing out at one time about how the insurance companies were making so much money and that they can just leave if they don't like it. Be careful what you wish for, weird how companies making "so much money" don't want to do much business there.

If the insurance companies were able to gouge homeowners in Florida, they would be flocking to the state. Instead, they are leaving

Eventually 99% of insurance companies will leave Fla and nearly every Florida homeowner will have to be insured by Citizens, which means that we'll officially have socialized insurance in Florida. And taxes will absolutely go through the roof in a reverse-death-spiral.

All so that every billboard-buying roof-chasing lawyer can keep getting richer at the expense of every Floridian. In Florida 80% of the money paid in claims for 2021 went to lawyers!!!!!!! Isn't that special.

[LKJ1988]

Originally Posted by sinatras

How much are they paying in HOI?

Not sure now. I don't have Ins and go bare. I know flood is like 4k and up for these old and small homes west of US19.

[LKJ1988]

Originally Posted by sinatras

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).

Even in Danashores they are going for over 1 mil now.

[otterhere]

I believe I'd just pay cash for a cheap used mobile home and NOT insure it. Hurricane blows it away? Lather, rinse, repeat. What's wrong with that plan?

[beach43ofus]

My homeowners insurance on a $1M home is $1,800. This issue is blown way out of proportion by the media.

[1insider]

Originally Posted by beach43ofus

My homeowners insurance on a $1M home is $1,800. This issue is blown way out of proportion by the media.

I don't think $1800 a year for a $1 MM house is typical. Do you think the media found the handful of people with crazy high insurance premiums and created an insurance crisis out of thin air? Have not most Floridians' insurance costs gone way up in the last two years?