I'm assuming properties in coastal areas of Florida must be dirt cheap now, even mansions (relatively speaking). Who's gonna want to buy property there when you can't get insurance on it, rendering it a likely total loss when you get events like this week? Florida enjoys dream weather the vast majority of the time. But when it's bad, it's truly horrific.Why would you want to live in a coastal area like Florida which is prone to hurricanes and storms on a massive scale and likely to become more frequent ?
I do think it is a fairly safe prediction that these major hurricanes hitting the gulf coast are likely to become more frequent as the years pass, though. And certainly on the Wast coast. Many areas like Miami and the Keys already flood in fairly mundane storms—it will only get worse as heavier rain and storm surge becomes more regular.I’ve lived here for 9 years and it’s the 4th hurricane in the area and the only one to cause damage, the other 3 were ‘weakening’ by the time the came near the area. That’s 8 days out of 3,200 odd days.
It’s ok Michael Fish says it’s one in a millionI do think it is a fairly safe prediction that these major hurricanes hitting the gulf coast are likely to become more frequent as the years pass, though. And certainly on the Wast coast. Many areas like Miami and the Keys already flood in fairly mundane storms—it will only get worse as heavier rain and storm surge becomes more regular.
That’s based on not only independent climate forecasts but also insurer (and reinsurer) actuary forecasts, hence the property insurance crisis in Florida.
So is buying property in Florida a good long term investment?
That's a good question.Why would you want to live in a coastal area like Florida which is prone to hurricanes and storms on a massive scale and likely to become more frequent ?
Unless you are in one of the many residential areas that flood (or have their septic backup) every time it rains!That's a good question.
One i'm constantly asking myself as i'm planning to buy a holiday home there.
Then i visit, and all those questions simply go away. At least for me and my family, there simply isn't anywhere else on earth that has so much going for it.
Florida isn't just Disney. It is so diverse, and it caters for all needs. Fishing in Clearwater on one side. Nasa on the other. Even the afternoon downpours seem refreshing!
I am worried everytime there a hurricane though. And high insurance might just be the thing that wrecks my plans.
we’ve had a home in Davenport near Orlando since 2005 and we love it, it helps being inland when hurricanes hit thoughUnless you are in one of the many residential areas that flood (or have their septic backup) every time it rains!
But I understand, Florida is very enticing. Well, if you ignore a lot of the absolutely crazy and/or Trump-supporting cunts that live (or governor) there, anyway! :-)
Glad it has been great!we’ve had a home in Davenport near Orlando since 2005 and we love it, it helps being inland when hurricanes hit though
Currently about $3500 per yearGlad it has been great!
Still not sure buying property on either coast of Florida is a good long term investment, though.
How are your insurance costs?
Reasonable for your property value and area?Currently about $3500 per year
Sadly I'm afraid it'll be time to dip paw in pocket :-(That depends on how much it costs to repair lol