Warning: Don't Buy Property in Florida

[sierra_nevada]

As a public service to my friends and other readers, I commend to your attention a news story reported today during PRI's Marketplace about Florida self-insuring against hurricanes.

At the behest of the People, the legislature created a state underwriter of hurricane insurance, and froze the premiums until 2009, apparently below the actual level of

Comments

[sierra_nevada]

OK, done. We'll see what he says.

[mkb_cbr]

The mind boggles. I have kin in Florida, but I don't think they are inclined to leave.

[sierra_nevada]

It would be a favor to explain this situation and the risk it poses to them in clear and unambiguous language, and suggest that they move to mitigate the risk as best they can.

It makes me wonder if any of the mutual funds I'm in have REITs in FL in their portfolios (I should check the prospectuses), and whether they'll divest ...

[nevie]

You'd think someone would come up with a cheap, if unconventional, design that would be able to ride out most hurricanes... like, flat, dome houses, mostly underground. I think it's fairly easy to conclude that if you live in exceptional climates, you have to forgo the usual designs. A-frames just aren't feasible there; you probably don't want to have large trees in your yard; these are sacrifices you make in exchange for warm weather year round and easy access to beach and surf.

ah well...

-nev

As a Floridian

[gayscout]

it isn't that bad. But then the next hurricane hasn't hit yet. I suppose the next time a cat 4 or 5 comes bearing down on us all hell will eventually break out. This is why I plan to buy in San Diego with my husband when the time comes. Perhaps a 4.7 quake now and then, or maybe a Tsunami... The nice thing about Florida from a renter's perspective is that its so underpaid that even if 3 canes hit us rents would have to stay relatively low or the places would be empty, and then nobody wins. Even now my new apartment complex is having to give a month away to get people to move in or give its current residents a free month to get them to stay... We'll just hope the next hurricane never comes... least not until I'm in San Diego...

-Sean

Re: As a Floridian

[sierra_nevada]

Southern California occasionally sees hurricanes, too.

Re: As a Floridian

[gayscout]

Oh then I'll escape to my Forida house :)