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Old 03-03-2024, 08:36 AM
 
Location: South Tampa, Maui, Paris
4,476 posts, read 3,844,735 times
Reputation: 5323

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https://www.dailymail.co.uk/yourmone...ida-condo.html

I don't think it has anything to do with climate change; it has to do with insurance fraud and price gouging!
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Old 03-03-2024, 09:09 AM
 
30,424 posts, read 21,228,470 times
Reputation: 11968
I would never have a condo. Owners can be left on the hook for some pricey repairs blare.
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Old 03-03-2024, 09:17 AM
 
18,432 posts, read 8,264,501 times
Reputation: 13764
been all over the news....it's either Castle Key or Amica Mutual....they are getting out of Florida

“It’s only two companies and it’s only very specific types of policies,”

”Insurance industry analysts said there’s some good news to report in the Sunshine State including the addition of seven new private insurance companies to Florida’s industry that will make the market more competitive.”

https://www.news4jax.com/news/local/...-more-than-53/
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Old 03-03-2024, 11:05 AM
 
Location: Florida
2,334 posts, read 2,281,879 times
Reputation: 3602
There’s not much to put this into context. A 2,100 sq ft condo in Naples, Palm Beach, Miami Beach, etc could be worth $3m in which case a $28,000 premium isn’t so unreasonable.
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Old 03-03-2024, 11:33 AM
 
18,432 posts, read 8,264,501 times
Reputation: 13764
well, you got it........it was $1million 20 years ago

"In 2004, Ms. Orman and Ms. Travis bought their primary home, a 2,175-square-foot condo with big windows and 600-square-feet of outdoor space, in Hillsboro Beach, Fla., for $954,000. "

https://www.copytk.com/suze-orman-s-portfolio-of-homes
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Old 03-03-2024, 12:17 PM
 
15,829 posts, read 14,468,374 times
Reputation: 11909
As opposed to a single family house, where you're on the hook for 100% of everything?

Quote:
Originally Posted by LKJ1988 View Post
I would never have a condo. Owners can be left on the hook for some pricey repairs blare.
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Old 03-03-2024, 01:18 PM
 
21,618 posts, read 31,189,915 times
Reputation: 9775
This is misleading, as it’s not some small condo worth 400k. This is in Hillsboro Beach, a super wealthy enclave where these condos are worth millions. Additionally, it’s oceanfront.

28k is still quite a lot, but wouldn't be so eye popping if these facts were part of the original post.
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Old 03-03-2024, 01:25 PM
 
30,424 posts, read 21,228,470 times
Reputation: 11968
Quote:
Originally Posted by BBMW View Post
As opposed to a single family house, where you're on the hook for 100% of everything?
Not even close. Never put any money in my house since i got it 20 years ago bro. New roof coming up maybe in 4 years but since i never get much rain i can live without one.
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Old 03-03-2024, 02:17 PM
 
3,493 posts, read 3,201,334 times
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Quote:
Originally Posted by LKJ1988 View Post
Not even close. Never put any money in my house since i got it 20 years ago bro. New roof coming up maybe in 4 years but since i never get much rain i can live without one.



Tile roof and cinder block walls. They don't call it Florida for nothing.
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Old 03-03-2024, 02:49 PM
 
Location: South Tampa, Maui, Paris
4,476 posts, read 3,844,735 times
Reputation: 5323
Quote:
Originally Posted by kidyankee764 View Post
This is misleading, as it’s not some small condo worth 400k. This is in Hillsboro Beach, a super wealthy enclave where these condos are worth millions. Additionally, it’s oceanfront.

28k is still quite a lot, but wouldn't be so eye popping if these facts were part of the original post.


Property value has little to nothing to do with property insurance premiums. Insurance premiums are based on dwelling replacement cost, claims history, credit history and of course location. None of which necessitate a $28,000 premium for a 2k sq foot condo in Florida or anywhere in the US. This is exactly why condo prices are plummeting in Florida. And soon to be SFHs as well.

Thanks Meatball for doing nothing to fix this!
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