Love your vids bro and I visit that area often. I think the message really is to never purchase real estate without enough reserves on hand. Insurance rates change often and it's a miracle these insurance companies stay afloat with the changing environment. Buy smart or don't buy at all.
My vacation home at Bean Point in Anna Maria Island is currently covered in 4 feet of sand with a missing roof due to Hurricane Helene and Milton. The house was valued at 2M+ and I had both home, flood and wind insurance. The house was flooded due to 8 feet storm surge but the flood insurance only covered 250K, and it costs about 400K to fix the house. Strictly from a financial point of view, it is a horrible to live in Florida. I have over 500K in emergency money to prepare for disaster events like hurricane but it is still very stressful, even with insurance.
Let’s put this way if you are planning to move to Florida you better be rich and when I say rich, you better be able to at least forward six to $8000 a month in house payments insurance payments, taxes, emergency fund roof replacements and all the things they want to throw at you
Hey Brant, I'm a home Inspector down here in Bradenton and see what you are talking about on a daily basis. I do also know that if your roof is 14 yrs old like you say and with the hurricanes that we just had, any amount of damage is going to be deemed unrepairable and at that point the insurance company will buy your roof. All you will be responsible for is paying the deductible. I have helped dozens of people this month alone get heir roofs replaced.
Unfortunately we are seeing a lot of people over here myself included getting asked to repair 14 year old roofs that have zero damage. The insurance will not cover them.
Good presentation. Unfortunately if you look at a $400,000 house the cash reserve at 10% is $40,000, etc for every year. When you buy a roof, this reserve must be replaced. I have owned condos & houses in Fl with assessments, insurance,taxes, etc. My kids can’t understand this. They spend their money as they get it. What they take for granted, we grew up without. You mentioned gas prices. When I look at what I have paid vs my income, gas prices now are very good. I feel it was/is a distorted election issue. When my wife and I got married in Miami. We lined up for gas at closed gas stations. Thx for bringing us along. 😊😊😊 John Ken
@@MovingToTheGulfCoast 14 yr old roof is unrepairable. insurance will cover the replacement if you know how the system works. I get them bought 90 % of the time, citizens insurance included.
@@DrRock-ni3up I can definitely understand that if your area gets hit by a hurricane. What if the house is not in an area that was hit? My area wasn't hit so I am genuinely curious.
@@MovingToTheGulfCoast sorry for the long delays, Florida state has a different climate as we all know and the insurance companies put a law in to effect to try and protect them selves, its the 15 year roof clause stating that any roof material is only good for 15 years no matter what the manufacture warranty states. So around year 12 on a architectural roof if you have any type of damage like creased shingles the condition of the shingles themselves are so brittle that attempting to repair will cause more damage therefor making a full roof system a replacement needed. Also you don't have to be hit directly by the hurricanes, high winds above 50mph can cause significant damage to an older roof, that scenario would be covered under all other perils in your insurance contract at a lowered deductible but with the hurricanes its going to be hurricane damage with a higher hurricane deductible. I get roofs bought everyday for people in your exact situation and all they pay out of pocket is the deductible.
We actually live in TN. We have a mortgage on the house in FL, so we have to have insurance. It's many times higher in FL than it is in TN - and the TN house (structure) is worth 4 times what the FL house structure is worth. We had a house on a barrier island and sold it. Not because of insurance (we sold it prior to the current insurance crisis), but because it was too expensive on the island for what we got back in return. From the mainland house, we can walk to a bay beach, drive 8 minutes to a Gulf Beach, drive 20 minutes to a State Park with miles of uncrowded beaches, drive to 2 boat launches in 2 minutes and 4 more in under 30 minutes. The insurance is higher than TN for the mainland house, but 1/4 the price of the average comparable island interior house, and 1/10 the price (or less) than a comparable beachfront house. So my $0.02 is that if you plan to actually live in FL, decide just how much it's worth living on or near a Gulf Beach vs living just a bit inland where you can drive to a beach within minutes vs living inland a ways (usually even less expensive), but have to drive 45+ minutes to a beach. It's all a matter of what's it worth. Our place is next to an Estuary and I'm currently listening to a mated pair of bald eagles chatting away. A small gator is puttering around the pond like a little toy RC boat, and we're waiting for the otter family to trip the motion sensors on some WiFi trail cameras. We don't live here because of family responsibilities in TN. But if we could, we absolutely would
This is great advice. Im planning to buy well within my budget next year so that those unexpected bills can be covered over the next ten years based on me and my wifes income. Good insight i to how insurance can affect everyone.
I chose Arizona. Many others reading this would be wise to do the same. My property taxes and homeowners insurance are so low most Floridians would lose their minds if they knew how much they are paying to live in miserable humidity.
Yes, I'd buy a home in FL...but for sure nowhere on or even near the coasts -- have zero interest in being close to a beach. So for me (and since I'm a senior), I'd be buying only in Central FL -- WAY safer from storms is a plus also. And prices there seem to be less impacted by the housing markets elsewhere in FL, especially in the Miami area. Specifically, I'd be looking in The Villages. -- BR
At least here in tampa your probably fine anywhere outside evacuation zones. C and above most of the time is fine as well. Definitely dont get a or b if your buying for yourself
If you have lived in Florida for 40 years, then you would say the Florida is the worst place to live ever now everything has changed and most people can afford to live 10 minutes from the beach and also have time to play at the beach and with boats they work for a living and are retired on a minimal budget and when you say you better have money saved up what is that about half million !!! Florida needs new representative what it has I’ve lived here for 35 years and I should know
Florida is no longer a affordable place to live, esp. for retires, Just went thru all those issues 3 years ago,was forced into a new roof at 15k and still most company's wanted almost 200% more for homeowners insurance,was told they don't want any new policies with roofs older than 10 years old and homes built before the year 2000, planning to move and downsize as soon as possible.
Me and my wife are interested in buying a home in florida, recently moved here for work and we plan to stay. Currently in orlando and love the areas we drive through everyday. Can you sit down and talk with us?
I appreciate the comment. I am actually 6 hours from Orlando so It's outside of the area I work. I do have a really good agent that I work with for Orlando and surrounding areas. Email me and I will be happy to connect you. Email: brant@adoorrealestate.com
All insurance companies should strat doing that. It would drop premiums nationwide. We have gotten to a point where people expect insurance to replace a 20 year old roof. Thats the equivalent of car insurance covering brakes or tires. Same with water heaters especially when they leak and are in the house and cause thousands on damages.
Love your vids bro and I visit that area often. I think the message really is to never purchase real estate without enough reserves on hand. Insurance rates change often and it's a miracle these insurance companies stay afloat with the changing environment. Buy smart or don't buy at all.
We'll be moving there in a few months. Can't wait, especially since today where I live, we're getting a foot of snow!
My vacation home at Bean Point in Anna Maria Island is currently covered in 4 feet of sand with a missing roof due to Hurricane Helene and Milton. The house was valued at 2M+ and I had both home, flood and wind insurance. The house was flooded due to 8 feet storm surge but the flood insurance only covered 250K, and it costs about 400K to fix the house. Strictly from a financial point of view, it is a horrible to live in Florida. I have over 500K in emergency money to prepare for disaster events like hurricane but it is still very stressful, even with insurance.
Let’s put this way if you are planning to move to Florida you better be rich and when I say rich, you better be able to at least forward six to $8000 a month in house payments insurance payments, taxes, emergency fund roof replacements and all the things they want to throw at you
$8k a month is far from rich.
You will not need 8k a month in Florida unless you’re living on the coast
Glad to get a new video! Always enjoy your content!
Hey Brant, I'm a home Inspector down here in Bradenton and see what you are talking about on a daily basis. I do also know that if your roof is 14 yrs old like you say and with the hurricanes that we just had, any amount of damage is going to be deemed unrepairable and at that point the insurance company will buy your roof. All you will be responsible for is paying the deductible. I have helped dozens of people this month alone get heir roofs replaced.
Unfortunately we are seeing a lot of people over here myself included getting asked to repair 14 year old roofs that have zero damage. The insurance will not cover them.
Good presentation. Unfortunately if you look at a $400,000 house the cash reserve at 10% is $40,000, etc for every year. When you buy a roof, this reserve must be replaced.
I have owned condos & houses in Fl with assessments, insurance,taxes, etc. My kids can’t understand this. They spend their money as they get it. What they take for granted, we grew up without.
You mentioned gas prices. When I look at what I have paid vs my income, gas prices now are very good. I feel it was/is a distorted election issue. When my wife and I got married in Miami. We lined up for gas at closed gas stations. Thx for bringing us along. 😊😊😊
John Ken
@@MovingToTheGulfCoast 14 yr old roof is unrepairable. insurance will cover the replacement if you know how the system works. I get them bought 90 % of the time, citizens insurance included.
@@DrRock-ni3up I can definitely understand that if your area gets hit by a hurricane. What if the house is not in an area that was hit? My area wasn't hit so I am genuinely curious.
@@MovingToTheGulfCoast sorry for the long delays, Florida state has a different climate as we all know and the insurance companies put a law in to effect to try and protect them selves, its the 15 year roof clause stating that any roof material is only good for 15 years no matter what the manufacture warranty states. So around year 12 on a architectural roof if you have any type of damage like creased shingles the condition of the shingles themselves are so brittle that attempting to repair will cause more damage therefor making a full roof system a replacement needed. Also you don't have to be hit directly by the hurricanes, high winds above 50mph can cause significant damage to an older roof, that scenario would be covered under all other perils in your insurance contract at a lowered deductible but with the hurricanes its going to be hurricane damage with a higher hurricane deductible. I get roofs bought everyday for people in your exact situation and all they pay out of pocket is the deductible.
We actually live in TN. We have a mortgage on the house in FL, so we have to have insurance. It's many times higher in FL than it is in TN - and the TN house (structure) is worth 4 times what the FL house structure is worth. We had a house on a barrier island and sold it. Not because of insurance (we sold it prior to the current insurance crisis), but because it was too expensive on the island for what we got back in return. From the mainland house, we can walk to a bay beach, drive 8 minutes to a Gulf Beach, drive 20 minutes to a State Park with miles of uncrowded beaches, drive to 2 boat launches in 2 minutes and 4 more in under 30 minutes. The insurance is higher than TN for the mainland house, but 1/4 the price of the average comparable island interior house, and 1/10 the price (or less) than a comparable beachfront house.
So my $0.02 is that if you plan to actually live in FL, decide just how much it's worth living on or near a Gulf Beach vs living just a bit inland where you can drive to a beach within minutes vs living inland a ways (usually even less expensive), but have to drive 45+ minutes to a beach. It's all a matter of what's it worth.
Our place is next to an Estuary and I'm currently listening to a mated pair of bald eagles chatting away. A small gator is puttering around the pond like a little toy RC boat, and we're waiting for the otter family to trip the motion sensors on some WiFi trail cameras. We don't live here because of family responsibilities in TN. But if we could, we absolutely would
This is great advice. Im planning to buy well within my budget next year so that those unexpected bills can be covered over the next ten years based on me and my wifes income. Good insight i to how insurance can affect everyone.
I chose Arizona. Many others reading this would be wise to do the same. My property taxes and homeowners insurance are so low most Floridians would lose their minds if they knew how much they are paying to live in miserable humidity.
Nope 👎. I’m a Floridian and I’m being pushed out. Life is hard here. Much love from Miami ❤
Yes, I'd buy a home in FL...but for sure nowhere on or even near the coasts -- have zero interest in being close to a beach. So for me (and since I'm a senior), I'd be buying only in Central FL -- WAY safer from storms is a plus also. And prices there seem to be less impacted by the housing markets elsewhere in FL, especially in the Miami area. Specifically, I'd be looking in The Villages.
-- BR
At least here in tampa your probably fine anywhere outside evacuation zones. C and above most of the time is fine as well. Definitely dont get a or b if your buying for yourself
If you have lived in Florida for 40 years, then you would say the Florida is the worst place to live ever now everything has changed and most people can afford to live 10 minutes from the beach and also have time to play at the beach and with boats they work for a living and are retired on a minimal budget and when you say you better have money saved up what is that about half million !!! Florida needs new representative what it has I’ve lived here for 35 years and I should know
if you’re from the northeast coast or California you definitely do not wanna buy in Florida
No, not unless u pay cash and self insure.
In a perfect world yes but that’s not an option for a large majority of people.
@geocam2 they don't believe in climate change.
Florida is no longer a affordable place to live, esp. for retires, Just went thru all those issues 3 years ago,was forced into a new roof at 15k and still most company's wanted almost 200% more for homeowners insurance,was told they don't want any new policies with roofs older than 10 years old and homes built before the year 2000, planning to move and downsize as soon as possible.
Me and my wife are interested in buying a home in florida, recently moved here for work and we plan to stay. Currently in orlando and love the areas we drive through everyday. Can you sit down and talk with us?
I appreciate the comment. I am actually 6 hours from Orlando so It's outside of the area I work. I do have a really good agent that I work with for Orlando and surrounding areas. Email me and I will be happy to connect you. Email: brant@adoorrealestate.com
If you have a mortgage on your home does the lender require flood and hurricane insurance?
All insurance companies should strat doing that. It would drop premiums nationwide. We have gotten to a point where people expect insurance to replace a 20 year old roof. Thats the equivalent of car insurance covering brakes or tires. Same with water heaters especially when they leak and are in the house and cause thousands on damages.
In your opinion what would a sufficient emergency fund look like?
@geocam2 Yeahhhh OK genius... Welcome to MAGA or LEAVE with all those celebrities... I heard there are a few seats left... !!!
Hurricanes, tornadoes, HOAs, flood zones... I'd never buy.
how much cash are talking about?
I wouldn't move to Florida if they paid me .
Moved here 10 years ago. Will be moving out of this overpriced state next year. Crazy insurance costs. Insanely overcrowded roadways. I'm done.
Florida sounds like China 🇨🇳
You're ordered to do maintenance 😡 or else😡
Where to hell is DeSantis???
No
if you’re from the northeast coast or California you definitely do not wanna buy in Florida
Agreed. Everyone can stay out 😂😂
@@parkour267 they actually think we should feel lucky that they moved here