4 ms·

> I know people closer to the coast paying as high as $12k/year. This is unsustainable Do you know how that $12k/year translates to a percentage of the home's

> I know people closer to the coast paying as high as $12k/year. This is unsustainable Do you know how that $12k/year translates to a percentage of the home's value? Naturally, $12k/year insurance on a two-acre Palm Beach beachfront palace with imported Italian marble countertops and Viking ranges is different than $12k/year on some normal house. Speaking of unsustainable: I know people in New York (state, not city) that pay 2-3% a year, every year, on property taxes. It's a different kind of risk that needs to be priced ;-)

toomuchtodo 3y ago
That property in question is ~$650k in the Orlando area. It is not an overly fancy home, having been inside it. My property value is ~$400k, 40 years old. ~40 miles from the coast, 90 ft above sea level. I will be required to carry flood insurance, even though there is no chance my property will ever flood. I do not plan on owning this property much longer (relocating to a climate change compatible geography, based on a 100 year time horizon). https://www.citizensfla.com/-/flood-insurance-coverage-rules-kick-in-for-citizens https://www.citizensfla.com/-/flood-insurance-coverage-rules...
- gottorf 3y ago
  Got it, thanks for the answers. 1.85% of home value per year for that Orlando home is indeed quite pricey, with one source saying that the national average is about 0.35%[0]. Yours isn't cheap either at ~1%, but I would still consider that a reasonable price. Mine's roughly 0.5%. > relocating to a climate change compatible geography, based on a 100 year time horizon Careful who you trust: several studies of this sort ranked Vermont very highly in terms of being safe from climate change[1], but as I'm sure you've heard it recently suffered from catastrophic flooding. The final toll may come to single-digit percent of Vermont's GDP. I hear the Great Lakes area is popular for people desiring someplace safe from climate. I wish you the best with your relocation. [0]: https://www.creditdonkey.com/average-cost-homeowners-insurance.html https://www.creditdonkey.com/average-cost-homeowners-insuran... [1]: https://projects.propublica.org/climate-migration/ https://projects.propublica.org/climate-migration/
  - toomuchtodo 3y ago
    > I hear the Great Lakes area is popular for people desiring someplace safe from climate. Indeed, that is where I am headed. Appreciate the discourse.

toomuchtodo 3y ago

That property in question is ~$650k in the Orlando area. It is not an overly fancy home, having been inside it. My property value is ~$400k, 40 years old. ~40 miles from the coast, 90 ft above sea level. I will be required to carry flood insurance, even though there is no chance my property will ever flood. I do not plan on owning this property much longer (relocating to a climate change compatible geography, based on a 100 year time horizon). https://www.citizensfla.com/-/flood-insurance-coverage-rules-kick-in-for-citizens https://www.citizensfla.com/-/flood-insurance-coverage-rules...

gottorf 3y ago
Got it, thanks for the answers. 1.85% of home value per year for that Orlando home is indeed quite pricey, with one source saying that the national average is about 0.35%[0]. Yours isn't cheap either at ~1%, but I would still consider that a reasonable price. Mine's roughly 0.5%. > relocating to a climate change compatible geography, based on a 100 year time horizon Careful who you trust: several studies of this sort ranked Vermont very highly in terms of being safe from climate change[1], but as I'm sure you've heard it recently suffered from catastrophic flooding. The final toll may come to single-digit percent of Vermont's GDP. I hear the Great Lakes area is popular for people desiring someplace safe from climate. I wish you the best with your relocation. [0]: https://www.creditdonkey.com/average-cost-homeowners-insurance.html https://www.creditdonkey.com/average-cost-homeowners-insuran... [1]: https://projects.propublica.org/climate-migration/ https://projects.propublica.org/climate-migration/
- toomuchtodo 3y ago
  > I hear the Great Lakes area is popular for people desiring someplace safe from climate. Indeed, that is where I am headed. Appreciate the discourse.