Hurricane Ian
09-30-2022, 09:17 PM
#141
Looks like Sportboats Marine, Ft Myers............google images shows a building next door under construction
https://www.google.com/maps/place/17...!4d-81.9464809
09-30-2022, 11:51 PM
#142
Registered
Well this is something that you are well aware of but I'll post it here so others understand:
Citizens is the company that you are forced to use if you can't get coverage elsewhere, but there are glitches like 750K max property value. With the explosion in values, there aren't a lot of sub 750K homes in hot markets especially in waterfront areas. Now add in the newly priced flood insurance rates and suddenly you could have huge premiums for basic coverage. Flood insurance BTW only covers the first 250K in damage, so on a little home that might cover the complete remodel but in a mansion, 250K might cover the kitchen cabinets/appliances and drywall/floors.
Part 2: Some older folks might have a house that is a teardown, meaning land value is the true value of the home. They figure if they go bare, no insurance then something happens oh well they will sell the land and cash out. So 2 weeks ago what might have been an old 2000 sq ft house on a 1mm lot today might be a pile of wet rubble but that lot isn't worth 1mm anymore since the neighborhood is full of now teardown homes and that lot might only be worth a fraction of the value 2 weeks ago. That homeowner has no home to live in, no money to fix/rebuild and their "cash out plan" is out the window............the values are based on the neighborhood and if the neighborhood looks like a war zone then the values will tank! If insurance is unobtainable in an area then nobody will be rushing to fix/rebuild. There are still homes in the keys that have not been fixed/rebuilt after Irma 5 years ago. What happens if the insurance pays you $300,000 but your estimates to bring the house up to code/improvements are 500K and you don't have the 200K difference? If it is your primary home you might re-mortgage and fix it but if its a vacation home you likely will let it sit. Remember materials have exploded in price so if you haven't upped your coverage amounts you might not have enough coverage to fix/rebuild your house.
It's a complete mess...........its even worse if you work in that local economy which is now dead for months if not years. If you worked at a chain hotel, sure they will have the money to get the doors open but a mom/pop bar restaurant likely not. Fishing/boating type business will be bad for months until they get the marinas fixed. Sure people will still fish/rent jet skiis but just in a different area. Mom/pop bait shop........gone for years. Even a large scale business like a car dealership could be in trouble, people need cars now so they will simply leave the area to buy their replacement cars/trucks not wait for the local dealer to get on their feet.
Citizens is the company that you are forced to use if you can't get coverage elsewhere, but there are glitches like 750K max property value. With the explosion in values, there aren't a lot of sub 750K homes in hot markets especially in waterfront areas. Now add in the newly priced flood insurance rates and suddenly you could have huge premiums for basic coverage. Flood insurance BTW only covers the first 250K in damage, so on a little home that might cover the complete remodel but in a mansion, 250K might cover the kitchen cabinets/appliances and drywall/floors.
Part 2: Some older folks might have a house that is a teardown, meaning land value is the true value of the home. They figure if they go bare, no insurance then something happens oh well they will sell the land and cash out. So 2 weeks ago what might have been an old 2000 sq ft house on a 1mm lot today might be a pile of wet rubble but that lot isn't worth 1mm anymore since the neighborhood is full of now teardown homes and that lot might only be worth a fraction of the value 2 weeks ago. That homeowner has no home to live in, no money to fix/rebuild and their "cash out plan" is out the window............the values are based on the neighborhood and if the neighborhood looks like a war zone then the values will tank! If insurance is unobtainable in an area then nobody will be rushing to fix/rebuild. There are still homes in the keys that have not been fixed/rebuilt after Irma 5 years ago. What happens if the insurance pays you $300,000 but your estimates to bring the house up to code/improvements are 500K and you don't have the 200K difference? If it is your primary home you might re-mortgage and fix it but if its a vacation home you likely will let it sit. Remember materials have exploded in price so if you haven't upped your coverage amounts you might not have enough coverage to fix/rebuild your house.
It's a complete mess...........its even worse if you work in that local economy which is now dead for months if not years. If you worked at a chain hotel, sure they will have the money to get the doors open but a mom/pop bar restaurant likely not. Fishing/boating type business will be bad for months until they get the marinas fixed. Sure people will still fish/rent jet skiis but just in a different area. Mom/pop bait shop........gone for years. Even a large scale business like a car dealership could be in trouble, people need cars now so they will simply leave the area to buy their replacement cars/trucks not wait for the local dealer to get on their feet.
Whats going to happen to the swept clean waterfront lots now!
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Velocity941 (10-01-2022)
10-01-2022, 12:11 AM
#143
Registered
yep. Spent the day there sorting through my buddies Silverton.
Daryl who owns Salty Sams greeted us at the entrance as he guarded his property, he appeared a little shell shocked but I got a laugh out of him .
I don’t think it’s all about the money for him he could have cashed out huge years ago , he just enjoys running and constantly improving the place with the flourishing charter businesses and the restaurants.
For a 70 yo he is there every morning and is running a tight ship with a crew he stays on. I’ve been around the marina for 35 years and have seen what it has become.
The multiple charter businesses being sailing charters,fishing charters, or just a dolphin watch tour brings so much enjoyment to so many visitors in the area .
All these charters plus the Pirate Ship is on the same pier as my buddy Scott’s boat. We sit on the back of the boat and see all the people leave with pure joy as most will strike up a conversation as they lust after our BoatNick lifestyle.
A lot of Livelyhoods are wiped out for a long time .
Daryl who owns Salty Sams greeted us at the entrance as he guarded his property, he appeared a little shell shocked but I got a laugh out of him .
I don’t think it’s all about the money for him he could have cashed out huge years ago , he just enjoys running and constantly improving the place with the flourishing charter businesses and the restaurants.
For a 70 yo he is there every morning and is running a tight ship with a crew he stays on. I’ve been around the marina for 35 years and have seen what it has become.
The multiple charter businesses being sailing charters,fishing charters, or just a dolphin watch tour brings so much enjoyment to so many visitors in the area .
All these charters plus the Pirate Ship is on the same pier as my buddy Scott’s boat. We sit on the back of the boat and see all the people leave with pure joy as most will strike up a conversation as they lust after our BoatNick lifestyle.
A lot of Livelyhoods are wiped out for a long time .
Last edited by tommymonza; 10-01-2022 at 12:18 AM.
10-01-2022, 12:57 AM
#144
Registered
Escaped a near miss as a kid and what was burned in my brain was coming out of the basement to see the neighbors houses blown apart .
Lions , Tigers and Tornadoes scare me.
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10-01-2022, 02:22 AM
#145
VIP Member
VIP Member
I live on the Cape Haze Peninsula, in Rotonda West, we have no water service, no electricity, and damage throughout the community (and to my home). Power will not be restored for two weeks. My wife and I endured the storm, we are thankful to be alive.
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10-01-2022, 06:57 AM
#146
Registered
iTrader: (1)
Must have been a crazy ride ! Wow Smarty.
I wish you good luck for what the future holds, as grim as that may seem now.
Here is where smarty is for those that don’t know that area.
I wish you good luck for what the future holds, as grim as that may seem now.
Here is where smarty is for those that don’t know that area.
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10-01-2022, 08:29 AM
#148
Registered
I had a friend have a total loss on a house (fire), he had replacement coverage, not market value which gave him 5 times more money based on the square footage vs average price of comparables in his neighborhood (was in A DUMPY NEIGHBORHOOD) so when they payed his claim, they gave him 80% of replacement cost and told him IF he rebuilt and provided receipts, bills, contractor statements etc they would pay up to the full replacement cost (the 20% difference) based on square footage of old house that burned down. House was worth 45k , his 80% check was 230,000 so he donated the lot to habitat for humanity and walked away.
Insurance has no say in it,, we have zero vest interest in the home.
Also your friend might be fibbing a bit to you. Your policy limit is your limit.just because you have RCV (which all HO3 polices have in FL) and your dwelling is insured at let's say $200k doesn't meant you get $400k in a total loss because housing is up.
You get your policy limit, so maybe your over insured, maybe your under. Limits are just that.
Now did your friend lawyer up to after more from the insurance company by chance? That could put money in escrow until courts figure it out at times, rare but could happen.
Been doing this for years as a claims adjuster, from total loss Fire, wind/storm, to whatever.
Last edited by Nate5.0; 10-01-2022 at 08:53 AM.
10-01-2022, 10:40 AM
#150
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articfriends (10-01-2022)
