I am trying to sell my home in Florida and have interested buyers, but the cost of the insurance is probably going to make the deal fall through. I'm just curious if I am the only one, or is anyone else running into these problems.
2006-09-18 12:18:41 · 5 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
This answer is more of an opinion than an answer based on researchable facts. I have a relative living in the Orlando area who has been trying to sell her home since January 2006 and another who lives in the Ft Myers area and is not trying to sell. I also have several friends who live in the south Florida area. All are complaining about increases in homeowner's insurance premuims. Insurance companies have been hit with billions of dollars of claims in the last couple of years in the gulf and atlantic coast areas and have raised rates across the board.
My relative in Orlando is fairly safe from catastrophic damage, but is still having trouble selling her house. My opinion is that this is part of the general nationwide real estate slowdown. As interest rates rise, more and more people are priced out of the market for "average" homes. There is no doubt that an increase in insurance rates, and the possibility of a catastrophic storm play into the equation, but I think that economic conditions are playing a much larger role than people think.
Good luck with your sale.
2006-09-22 12:11:38 · answer #1 · answered by exbuilder 7 · 9⤊ 0⤋
It's always a problem during hurricane season. I know of many people that bought but couldn't close for this reason. Best to wait until December. If a company is writing policies, it will usually stop if there is a storm in their "box", which I think is within 250 miles.
2006-09-18 12:29:48 · answer #2 · answered by Papa John 6 · 0⤊ 0⤋
nope no problem at all, but remember NO ONE writes a policy for homeowners during hurricane season....well not quite the season BUT whilst one has been reported.................
Our insurance which is very good I think, is included within the mortgage, just wondering are you also in a flood zone area as well? as this would really be a no no for me to buy that house.....
2006-09-18 12:28:06 · answer #3 · answered by candy g 7 · 0⤊ 0⤋
I heard that some are having troubles because of the past few years of hurricanes & the damages they did. we had to drop state farm from our auto insurance because they were raising it even on the automobiles.
good luck!
2006-09-18 12:34:00 · answer #4 · answered by malak 4 · 0⤊ 0⤋
Join the que.
2006-09-21 17:40:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋