No, Zillow says $388K average.
Homeowners insurance rate hike (FL)
- Thread starter gregk24
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JHZR2
Staff member
SC isn’t a giant sub-tropical peninsula, but it sticks out into the ocean and snags a lot of hurricanes. And isn’t that much further north to have the benefit of colder water.Don't come here, were full
Seriously however, if your looking at coastal SC the insurance here is rising as well, and there are many fewer companies providing it - reinsurance doesn't want to touch it. If your looking elsewhere in SC then I don't think its the same issue.
Mountains seem to be a better bet if looking for lower costs. Mountains in short driving distance of the beach maybe?
Bailing out NY transit or Chicago schools with Covid money is ok but not flood money for Florida homeowners? Also FEMA flood insurance is capped at 250K, so it’s definitely not for wealthy beach home owners it’s working class.
If you saying the entire federal government is one big grift I’ll agree with that.
I have the same luck. As my buddy jokes with me saying: "if I didn't have bad luck I'd have no luck at all." All joking aside, if an hour west of the SC coast isn't far enough we'll look a little further west, or pick another state. LOL At my age making a mistake moving can be a Royal PITA, bouncing back from a bad move is a lot harder when you're classified a senior citizen.
Those with sufficient assets can self insure. In the end, it is significantly less expensive. Over a lifetime, there will be losses. However, on average, it is cost effective to self insure.
Examples abound on both sides of the argument, some massive failures, and some amazing successes. Unfortunately, by negating massive risk via insurance, the opportunities of capital also disappear. Zero risk, zero potential.
Also, the "master rate" charged to insurance companies (for anything) is often at odds with "blue book" rates. Example: I pay $35K/yr health ins. Appendectomy = $55K. Insurance negotiates that down to unknown numbers. The cash "blue book" appendectomy is $12K.
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That would be upstate SC and WNC which are expensive to build with so many retirees coming from expensive areas of the US. It's around 4 hr drive down I26 to Charleston SC and 5hr to Myrtle area. Columbia SC is midway.
JHZR2
Staff member
4-5 hours isn’t close to the beach.
1-1.5 hours is close to the beach in my standards. I guess you can’t quite get to real mountains though… even around here, it would be more like 3 hours plus traffic. Makes it hard to go every weekend…
JHZR2
Staff member
The issue is that for most, the insurance is mandatory. Because the homeowner is insuring someone else’s risk, not their own.
Almost wish because of that, it was built into mortgage rates. To be competitive the cost of insurance needs to be low. Not competitive on rate, you won’t sell mortgages.
Check Lexington SC, Chapin SC in Lexington County... 2 hours from the coast (Folly Beach) 2ish hours to the Mountains.
Big plus is a 41 mile long, up to 200 feet deep lake called Lake Murray. Super clean water as it supplies the entire state capital and surrounding area with fresh drinking water. Fantastic healthcare networks there too. (as it is the state capital)
There is zero risk of a hurricane making it that far inland to do damage or put another way, dozens more risk to your life or property such as driving a car. 15 years of hurricanes skirting or hitting the coast and all we got was a breezy Long Island day in the middle of SC.
You're at much greater risk on Long Island. People would call us and ask how we made out with the storm and I would be like really?
IN 15 years our longest period without power was not quite 4 hours in an unrelated power loss during winter. Every single storm to hit the coast I would get upset because I like storms, even though I didnt want damage I wanted at least a good Long Island coastal storm like you get in the fall up there. Nope, never ... Like anything, storms do happen, thunder ect... some areas hail or small tornados in the more rural areas of Lexington county.
Prices have gone up like everywhere else but still our taxes were less than $3000 a year on a 3000 sq ft home in one of the highest country tax areas Irmo, SC which is next door to the two above but in Richland county. If I moved back though I would be more inclined for Lexington County areas of Lexington and Chapin because lower tax rate though it doesnt mean it would be a must have. They are all low.
We just moved from the SC area to the coast after living there 15 years. We like it here in NC coastal but we are ocean and beach people. Taxes and sales taxes almost much lower than where we moved from in SC (but remember we were in a high county tax area of SC but still dirt cheap to L.I. comparison)
If you want to be even closer to the mountains, Greenville SC is another fantastic choice.
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I’m not exactly sure what’s stopping you for getting some quotes? Do it before renewal and you don’t need to leave your current insurer if you don’t find a better deal.
Or contact an insurance broker to try and find a better deal.
Both options don’t force you to leave just because you’re shopping around.
Shopping around is not really an option. The number of insurers in FL is dismal. Its basically take it our leave it.
I shopped around to only find worse prices. Not suggesting you shouldn't try. But the issue here isn't complacency.
Well, not that I disagree completely with your statement but for the OP it is complacency. You shopped around, he hasn't.
He should be shopping like crazy to get answers. It's possible he is overpaying.
There are areas in Florida that are less hurricane prone. Northeast Florida Yulee area is less prone to hurricanes than most of NC, SC and all of Florida and Alabama
Its one reason besides location we almost bought there, we actually live in a more hurricane prone area in North Carolina than if we did live in Florida but agree, Florida has to be harder to insure but Yulee area maybe a little less so. (MAYBE)
I don’t disagree about shopping around, but for Florida homeowners insurance, it might be different. We all know insurers give deals to new clients, then crank the rate next round. That’s fine if there’s 30 options, but if there is only 3 then maybe it stops working. They get you. They know you can’t go back to the old place ?
Great info, thanks! As it turns out my son is looking at the Lexington area, so it is on our list. At some point we will be making a trip to SC with friends to scope it out.
Admittedly I don’t know the FL insurance situation, but I doubt there are so few insurance companies there.
It’s becoming a reality for many people, not just in Florida to shop home owner and auto insurance every year.
I’m sure there are enough insurance companies in FL to shop every year.
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Something important to remember (coming from a guy who has been fully insured for 25+ years and no claims except one on a loaner car from a dealer of $3k), replacement cost is very close whether the house is 1.6 mil in NJ or 400k in SC--same house/construction. It's the land that is attributable to the varying market price. my .02
I don't either, but quick google:
Since 2017, six property and casualty companies that offered homeowners insurance in Florida liquidated. Five more are in the liquidation process in 2022. Other insurance companies are voluntarily leaving the state.
and - the reason there leaving might be :
- Florida accounts for only 9 percent of the country’s home insurance claims but 79 percent of its home insurance lawsuits, many of them fraudulent.
Lender placed insurance is expensive.
Lexington is nice. Pretty much, Chapin and Irmo on one side of the lake, Town of Lexington on the other. The Counties in that area are Lexington and Richland.
Unless you really go rural way out towards the end of the lake which is Prosperity and Saluda keep in mind it's 40 miles long> Chances he will want to stay in closer east side of Lexington for the nightlife maybe and keeping in mind the City and State Capital (Columbia) isnt that far and you have the whole USC scene there we like that stuff then would go home to our quiet little area.
Lexington Medical Center is the big provider there, but you also have Prisma another big one and Heart specific hospitals as well.
Lexington Medical heart center is in conjunction with Duke University Medical Center in NC. I ve been happy with them and going to miss it even though I am ok now, I like to stay proactive, a bit slimmer choice here on the coast for sure.
One thing to keep in mind, the area has grown like crazy so you will have traffic though not LI type.
The entire interstate i20 and i26 exchanges there are being rebuilt. Huge project, already underway. I think over a billion dollars of improvements to modernize and meet the growth.
PS!!! One thing for sure, there is a vast unimaginable hundreds of square miles or more of undeveloped land in SC. Its not like Long Island *LOL*
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