Jax to St. Augustine: Anyone have problem with their homeowner's insurance? (Jacksonville: real estate, oceanfront)

[TootsieWootsie]

Since I have read over and over that folks are being dropped by their homeowner's insurance companies--and plan to buy a condo in the area between Jacksonville Beach and St. Augustine--I am concerned about this problem. Has anyone here had any problems with being dropped by their homeowner's insurance company or condo property insurance company?

And who do you use for your property insurance in that area--besides Citizens which, I think, HAS to insure all???

I'm planning on purchasing outright a 2br/2bath condo in that area, and my friends want to purchase a home there; so, both of us are really worrying about our property being insured just in case of hurricane, flooding or other disaster.
Anyone have any experience with this?

[TootsieWootsie]

Well, if nobody has had any problems--great!

[saun1082]

I work at an insurance agency in neptune beach, and in most cases there are options for insurance other than citizens. Most of the big national companies like state farm, allstate and nationwide no longer write here but there are quite a few fl based companies that do. The biggest factor that i would watch out for when selecting a company is whether or not they are admitted by the state. When a state backed carrier goes bankrupt then the state will be responsible for making sure your claim is covered.

[Robyn55]

I would not under any circumstances buy a condo here. At least with a house - you only have to worry about your own insurance and financial problems. With condos - you have to worry not only about your own problems - but your neighbors' problems as well (if they stop paying their maintenance fees - the remaining owners have to pay extra assessments to "keep the lights on"). A lot of condos here are in trouble - and their developers are in trouble as a result of the real estate bubble bursting (many condos were bought by speculators).

Also note that individual homeowners do not buy building insurance for condos - that is the responsibility of the condo association (which is usually composed of a bunch of your neighbors you think are idiots). Condo insurance can be hard to buy - and a big complex will usually have a fairly large deductible. Also - insurance usually doesn't cover a lot of things - like landscaping - screen enclosures - swimming pools - etc. We went through Hurricane Andrew in a condo in the Miami area - and were assessed about $10k by the association for damages not covered by our insurance policy. Note that this was a large complex (over 500 units) occupied by "people of means". No problem collecting the assessments from unit owners. Same can't be said of most places in this area.

Finally - most condos here are built like garbage (and a substantial number are ancient renovated apartment buildings). I've seen a few that look like they were built pretty well (watched them going up) - but they are *very* pricey oceanfront buildings. Robyn

[TootsieWootsie]

Originally Posted by Robyn55

I would not under any circumstances buy a condo here. At least with a house - you only have to worry about your own insurance and financial problems. With condos - you have to worry not only about your own problems - but your neighbors' problems as well (if they stop paying their maintenance fees - the remaining owners have to pay extra assessments to "keep the lights on"). A lot of condos here are in trouble - and their developers are in trouble as a result of the real estate bubble bursting (many condos were bought by speculators).

Also note that individual homeowners do not buy building insurance for condos - that is the responsibility of the condo association (which is usually composed of a bunch of your neighbors you think are idiots). Condo insurance can be hard to buy - and a big complex will usually have a fairly large deductible. Also - insurance usually doesn't cover a lot of things - like landscaping - screen enclosures - swimming pools - etc. We went through Hurricane Andrew in a condo in the Miami area - and were assessed about $10k by the association for damages not covered by our insurance policy. Note that this was a large complex (over 500 units) occupied by "people of means". No problem collecting the assessments from unit owners. Same can't be said of most places in this area.

Finally - most condos here are built like garbage (and a substantial number are ancient renovated apartment buildings). I've seen a few that look like they were built pretty well (watched them going up) - but they are *very* pricey oceanfront buildings. Robyn

I get you. I heard before to buy a house and not a condo...which is really what I want (a condo). This whole situation in Florida is scary when you aren't from there. Seems as if everywhere I turn there is a problem with most everything......really kinda frightening.

[Robyn55]

Originally Posted by TootsieWootsie

I get you. I heard before to buy a house and not a condo...which is really what I want (a condo). This whole situation in Florida is scary when you aren't from there. Seems as if everywhere I turn there is a problem with most everything......really kinda frightening.

No place is perfect. I have a brother in Scottsdale AZ - and you wouldn't think they'd have flood problems there - but they do during their monsoon season. I think it's all a question of understanding the area where you live - and preparing for the risks in that area. Takes some time IMO. Robyn