No, Zillow says $388K average.Seriously aren't all houses in Florida like at least 500K now?
No, Zillow says $388K average.Seriously aren't all houses in Florida like at least 500K now?
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.
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.It's called the US Taxpayer. The writing was on the wall decades ago and the then governor of Florida suggested that the US Taxpayer subsidize insurance under the premise that most of them wanted to retire or vacation in Florida.
I posted a link in another thread a week or so ago where a handful of states are suing FEMA over rate increase for the Federal Flood Insurance program. The hypocrisy will be on full display.
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.We’re an hour from the beach - 30 miles straight line on a map. Still considered coastal.
Flood is a whole different policy. We don’t have to have it, but I get it anyways. However, it’s gone up a lot lately too so I am debating if I should really keep it. However, with my luck the one year I cancel it will be the year of the great flood.
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.Lots of people consider ALL TYPES OF INSUARNCE a SCAM until they have to file a claim.
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.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.
Mountains seem to be a better bet if looking for lower costs. Mountains in short driving distance of the beach maybe?
4-5 hours isn’t close to the beach.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.
The issue is that for most, the insurance is mandatory. Because the homeowner is insuring someone else’s risk, not their own.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.
Check Lexington SC, Chapin SC in Lexington County... 2 hours from the coast (Folly Beach) 2ish hours to the Mountains.No worries, I seriously doubt we'll land there. Regarding SC I would want to be at least an hour west of the coast, I don't want to have the same issue people are having in Florida. Once we zero in I will be checking flood zones and insurance rates the way I was checking them in Florida.
Every year I want to switch but if I leave our current insurer they aren't accepting new clients and we won't be able to get back with them. Not sure what to do.
Shopping around is not really an option. The number of insurers in FL is dismal. Its basically take it our leave it.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.
Well, not that I disagree completely with your statement but for the OP it is complacency. You shopped around, he hasn't.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.
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.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.
Admittedly I don’t know the FL insurance situation, but I doubt there are so few insurance companies there.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 ?
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 .02Seriously aren't all houses in Florida like at least 500K now?
I don't either, but quick google: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.
Lender placed insurance is expensive.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.
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.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.