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Hurricane Ian Florida Resort Updates thread!

TUGBrian

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a useful link for all currently closed II resorts:

 

ilene13

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Flood insurance in FL has become exorbitantly expensive. People with mortgages have to have it but many transplants from high dollar states have moved to FL and paid cash for their homes, especially in the last few years. This has fueled the rising housing costs in FL. Some middle class folks who've lived in FL for many years have not seen their salaries rise to meet the increased prices of flood insurance. It's really a shame. They'll have no choice but to apply for federal assistance.
FEMA flood insurance runs from $402-$550 a year. Everyone I know has it, with or without mortgages!!!!
 

amy241

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Sanibel Cottages has sustained a lot of damage to roofs of their buildings. I was able to see the resort using the NOAA Hurricane Ian damage surveillance photos. It looks like all buildings except one has roof damage. I have no idea about flood damage as aerial photos will not reveal that since storm surge water has retreated.
 

rapmarks

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FEMA flood insurance runs from $402-$550 a year. Everyone I know has it, with or without mortgages!!!!
Do you know people in Sw Florida paying this. It was a lot higher when we checked. It was high enough to stop some home sales
 

TUGBrian

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believe any home in florida with a mortgage is required by the lender to carry separate flood insurance as part of their regular homeowners insurance, and its WAY more than 500 a year.
 

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I live in Florida on the east coast and have been actively looking at buying a home on Marco Island for the last 4 months. I can tell you that ever since FEMA changed to Risk Rating 2.0 in October 2021, “new entries“ into the National Flood Insurance Program will pay markedly higher rates. I spoke to insurance agent Jim Bonfitto on Marco about this as we were considering actually building a home. I recall it was quoted to run between $9,000 - $12,000 a year as a new entry into the NFIP.

If you can find a home on the resale market that has an existing flood policy, you can transfer the policy and take advantage of better “pass through” or “glide through” rates which are closer to what the seller is currently paying.

Once we found out how expensive flood insurance has become for new construction homes, we decided we were better off looking for a newer resale home that had existing flood coverage.

Flood insurance is extremely expensive as of the change in how FEMA calculates the risk.
 

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The flood insurance people are quoting above sounds very inexpensive. It is totally worth it. Your home could be destroyed due to flooding and flooding would be common in Florida during even regular storms. I doubt $9000+ a year is accurate. If it were that high, I doubt 3M people a year would have moved to FL and bought $400,000 new homes. On a $400,000 home, $9000+ a year is ridiculous. I will ask some friends who recently bought new homes in FL. I am not saying your home would be that cheap but most new homes are very cheap in FL. On a $2 million home, I can imagine flood insurance costing that much though.
 
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amy241

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The flood insurance people are quoting above sounds very inexpensive. It is totally worth it. Your home could be destroyed due to flooding and flooding would be common in Florida during even regular storms. I doubt $9000+ a year is accurate. If it were that high, I doubt 3M people a year would have moved to FL and bought $400,000 new homes. On a $400,000 home, $9000+ a year is ridiculous. I will ask some friends who recently bought new homes in FL. I am not saying your home would be that cheap but most new homes are very cheap in FL.

It is very accurate - you did not read carefully. I said “new entries” into the National Flood Insurance Program are now being assessed very high rates as a result of FEMA’s change in how they assess risk. Risk Rating 2.0 took place in October 2021. Typically, a new entry would take place if someone were buying new construction or the existing resale home did not have existing flood coverage in effect.

There are many people paying less but they have existing policies and these policies are not new policies. Also, others have been grandfathered in as a result of buying resale homes that had coverage. The high rates I reference only apply to new entries into the NFIP.

And to clarify, the rate I was quoting was for a home in excess of $1.3M - not a $400,000 home. So there would obviously be a difference based on value and coverage amount requested. But regardless of value of home, the flood insurance rates did climb significantly when FEMA changed how they assess risk.
 

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It is very accurate - you did not read carefully. I said “new entries” into the National Flood Insurance Program are now being assessed very high rates as a result of FEMA’s change in how they assess risk. Risk Rating 2.0 took place in October 2021. Typically, a new entry would take place if someone were buying new construction or the existing resale home did not have existing flood coverage in effect.

There are many people paying less but they have existing policies and these policies are not new policies. Also, others have been grandfathered in as a result of buying resale homes that had coverage. The high rates I reference only apply to new entries into the NFIP.

And to clarify, the rate I was quoting was for a home in excess of $1.3M - not a $400,000 home. So there would obviously be a difference based on value and coverage amount requested. But regardless of value of home, the flood insurance rates did climb significantly when FEMA changed how they assess risk.

I understood you meant new entries into the flood insurance program. You did not clarify the home prices for a new entry at the $9000+ annual rate. The rate you are quoting makes sense on a $1.3M+ home but most homes are way cheaper in Florida. So they are not paying that rate for flood insurance. Or if they even pay half that amount, then people in the new or resale entry into flood insurance may be going without it if it is possible to go without it. Sometimes the mortgage company requires full insurance. But if insurance is that much per year, why are so many people moving to FL because it is cheap to live there. As a note, I am from FL but now I live in sky high cost of living CA. We pay a fortune for home insurance and close to the annual rate you are quoting for flood insurance. Our home is very expensive as are all homes in CA.
 

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Do you know people in Sw Florida paying this. It was a lot higher when we checked. It was high enough to stop some home sales
I live in SW Florida. I just got my renewal $405. Reduced from $550 last year, in fact they sent me a refund!! We built our house 6 years ago. We live in zone X and our house is 900,000+
 

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I understood you meant new entries into the flood insurance program. You did not clarify the home prices for a new entry at the $9000+ annual rate. The rate you are quoting makes sense on a $1.3M+ home but most homes are way cheaper in Florida. So they are not paying that rate for flood insurance. Or if they even pay half that amount, then people in the new or resale entry into flood insurance may be going without it if it is possible to go without it. Sometimes the mortgage company requires full insurance. But if insurance is that much per year, why are so many people moving to FL because it is cheap to live there. As a note, I am from FL but now I live in sky high cost of living CA. We pay a fortune for home insurance and close to the annual rate you are quoting for flood insurance. Our home is very expensive as are all homes in CA.

Gotcha. Homes in coastal areas of Florida have become very expensive. The market has been red hot here with high demand, low inventory. There are still affordable areas of Florida to buy homes in but if you are looking for anything close to the water or beach prices have gone crazy. Yes, CA is known for the high cost of living and high home prices. I think my homeowner’s insurance on our east coast home is about $4000 - higher than it used to be. I would believe the CA wildfires have caused CA rates to soar. I have a friend in San Diego and she said that many insurers are cancelling policies there.

Florida used to be a good value but with pandemic inflation the cost of living here has really climbed:

 

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I live in SW Florida. I just got my renewal $405. Reduced from $550 last year, in fact they sent me a refund!! We built our house 6 years ago. We live in zone X and our house is 900,000+

That’s a great rate. Zone X is a preferred zone I believe and not a true flood zone as would be AE or V. I don’t think zone X requires flood coverage but I know many choose to have it anyway.
 

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So far, it appears that the SW Florida coast from Englewood to Bonita Beach was hit very hard, including Venice, Charlotte Harbor, Punta Gorda, Cape Coral, Fort Myers, and Sanibel/Captiva Islands. To a lesser extent, flooding has been reported in central Florida, including greater Orlando. Now, it's on the central/north Atlantic coast of Florida, heading up past Daytona. These things are impossible to predict and everyone is wondering about the actual damage, once it's gone.

Our DS/DDIL and their family are visiting us in NC from north Tampa. We're thankful that they're all safe. Their condo, 20 minutes inland, apparently has power and was spared major damage. Some of their neighbors had evacuated Tampa to Orlando, only to experience hotel window damage in Orlando! Still praying for the people of Florida. Would like to hear reports from other Tuggers/Floridians re: how they've managed. Later, we'll hear about the many timeshare resorts. Anyone reporting in?
We here in Gainesville had predictions of the eye coming right thru town at one point.... Result, 25 MPH winds, 1" of Rain -
So very lucky, so very sorry for all the people in SW FL....
 

Talent312

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Zone X is a preferred zone I believe and not a true flood zone as would be AE or V.
I don’t think zone X requires flood coverage but I know many choose to have it anyway.

We're in Zone X "Area of Minimal Flood Hazard" on a hilltop in N. Florida.
When our insurance agent sends us flyers about flood insurance,
we laugh and make bad jokes about wanting waterfront property.
I don't think I'll do that anymore.
.
 

rapmarks

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That’s a great rate. Zone X is a preferred zone I believe and not a true flood zone as would be AE or V. I don’t think zone X requires flood coverage but I know many choose to have it anyway.
Right, I don’t believe that is a flood plain. And if they would have to pay out 900000 on a 500 premium, multiplied by however many houses were flooded, they would go broke fast. So maybe 500 is th3 cost on areas that don’t flood. Lakewood ranch is fairly far from the gulf.at least far enough to not get storm surge
 

Lisa P

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The rate you are quoting makes sense on a $1.3M+ home but most homes are way cheaper in Florida.

Tampa Housing Demand & Prices (Single-Family Homes)
  • The Median Sale Price increased by 28.4% to $413,108 in May 2022 (compared with May 2021).
  • The Average Sale Price increased by 25.5% to $514,166.
  • Median Time to Contract is 6 days, up 0.8% year-over-year.
Our DS/DDIL were looking to buy a 3-4 BR/2 bath "starter home" in a family-friendly neighborhood over the last year within a 20 minute commute of his Tampa job. They could not find listings for anything that wasn't a serious fixer-upper project house for less than $700,000. Anything lower was being picked up by investors and retirees paying all cash, within a day or two of listing. Young families who need mortgages were really shut out. DS works for a large financial institution. Colleagues told him that in qualifying for a mortgage, the banks would add $500+/month to expected monthly housing costs, for hurricane/flood insurance. Sorry, but I don't see any of this as cheap.

...if insurance is that much per year, why are so many people moving to FL because it is cheap to live there.

No income tax makes a huge difference for people with a decent income, especially retirees. A lot of other people were tired of the lockdowns too, in other states. Most people from other states have no idea about the high insurance costs until they get there.

Homes in coastal areas of Florida have become very expensive. The market has been red hot here with high demand, low inventory. There are still affordable areas of Florida to buy homes in but if you are looking for anything close to the water or beach prices have gone crazy.

True. Now, with more homes lost or needing major repairs, the demand vs. supply ratio will worsen further. Rents have risen even faster than home sales prices, more than doubling in some areas over the last 3 years. In this time of supply chain issues, lumber & other building materials will be problem, not to mention all the vehicles that were damaged by floods, now needing replacement cars & trucks. Timeshare resorts will be competing with many others seeking repair/rebuild/replace services & supply.
 
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pedro47

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No they did not evacuate. Water taxi or helicopter only way off. Some stayed on their boats.
I wonder will the U S Army, The Marine Corp or The Corp of Engineers step up and use their water craft boats to ferry residents on & off the Islands until a temporary bridge is in place.
 

pedro47

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Tampa Housing Demand & Prices (Single-Family Homes)
  • The Median Sale Price increased by 28.4% to $413,108 in May 2022 (compared with May 2021).
  • The Average Sale Price increased by 25.5% to $514,166.
  • Median Time to Contract is 6 days, up 0.8% year-over-year.
Our DS/DDIL were looking to buy a 3-4 BR/2 bath "starter home" in a family-friendly neighborhood over the last year within a 20 minute commute of his Tampa job. They could not find listings for anything that wasn't a serious fixer-upper project house for less than $700,000. Anything lower was being picked up by investors and retirees paying all cash, within a day or two of listing. Young families who need mortgages were really shut out. DS works for a large financial institution. Colleagues told him that in qualifying for a mortgage, the banks would add $500+/month to expected monthly housing costs, for hurricane/flood insurance. Sorry, but I don't see any of this as cheap.



No income tax makes a huge difference for people with a decent income, especially retirees. A lot of other people were tired of the lockdowns too, in other states. Most people from other states have no idea about the high insurance costs until they get there.



True. Now, with more homes lost or needing major repairs, the demand vs. supply ratio will worsen further. Rents have risen even faster than home sales prices, more than doubling in some areas over the last 3 years. In this time of supply chain issues, lumber & other building materials will be problem, not to mention all the vehicles that were damaged by floods, now needing replacement cars & trucks. Timeshare resorts will be competing with many others seeking repair/rebuild/replace services & supply.
Lisa P, You stated $500.00 per month in flood insurance for a home costing &700,000.00 dollars.
Are the majority of the homes all brick, in this price range?
What do you feel is the average costs of flood insurance in the state of Florida? Before Lan struck the state of Florida IMHO ?
 

TravelTime

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Gotcha. Homes in coastal areas of Florida have become very expensive. The market has been red hot here with high demand, low inventory. There are still affordable areas of Florida to buy homes in but if you are looking for anything close to the water or beach prices have gone crazy. Yes, CA is known for the high cost of living and high home prices. I think my homeowner’s insurance on our east coast home is about $4000 - higher than it used to be. I would believe the CA wildfires have caused CA rates to soar. I have a friend in San Diego and she said that many insurers are cancelling policies there.

Florida used to be a good value but with pandemic inflation the cost of living here has really climbed:


Yes on the coast of FL is expensive. Like you said, FL has been booming and prices are skyrocketing.
 

TravelTime

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FL is boom and bust. It is possible that prices could really bomb with the recession and everything.
 

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I wonder will the U S Army, The Marine Corp or The Corp of Engineers step up and use their water craft boats to ferry residents on & off the Islands until a temporary bridge is in place.
I heard that starting Tuesday the army corp of engineers will have barges to take people and equipment back and forth to the island. Some of my neighbors in Wisconsin are heading down sunday in anticipation of this.
 

Talent312

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Some of my neighbors in Wisconsin are heading down Sunday in anticipation of this.

Heading down where? Sanibel's mayor says the island is uninhabitable.
The last think the area needs are tourists coming to see the destruction.
.
 

rapmarks

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Heading down where? Sanibel's mayor says the island is uninhabitable.
The last think the area needs are tourists coming to see the destruction.
.
Not tourists. They have trailers loaded with equipment and supplies and hope to get to relatives house on Sanibel , but if they don’t they will help others. There are several families from Dells that have waterfront properties.
 

rapmarks

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Lisa P, You stated $500.00 per month in flood insurance for a home costing &700,000.00 dollars.
Are the majority of the homes all brick, in this price range?
What do you feel is the average costs of flood insurance in the state of Florida? Before Lan struck the state of Florida IMHO ?
Houses are cement block construction and I think the five hundred a month insurance is for flood, fire and hurricane insurance
 
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