Hurricane Ian
10-19-2022, 08:46 AM
#281
VIP Member
VIP Member
The salvage and disposal of some of these large sunk boats and the ones that are a 100 yards into the mangroves will make a few underwriters think twice before taking on any new policies.
As of today there remains a moratorium on any new homeowners policies being written per my wifes insurance company. Her company deals with highend homes in Naples, the claims on cars alone are a couple hundred thousand per a household.
The mountains of household debris they are temporarily piling at nearby empty lots to accelerate the clearing of neighbor hood streets tells a big story.
As of today there remains a moratorium on any new homeowners policies being written per my wifes insurance company. Her company deals with highend homes in Naples, the claims on cars alone are a couple hundred thousand per a household.
The mountains of household debris they are temporarily piling at nearby empty lots to accelerate the clearing of neighbor hood streets tells a big story.
The following 7 users liked this post by offshoredrillin:
1983ScarabIII (10-19-2022), Brad Christy (10-19-2022), Interceptor (10-19-2022), Menage_Aqua (10-19-2022), outta control (10-20-2022), the deep (10-19-2022), TomZ (10-19-2022)
10-19-2022, 08:50 AM
#282
Registered
respectfully I have no sympathy for insurance companies, they are 100% for profit and they should have tons of money ready for these situations, they collect premiums from everyone everyday. yet as soon as people make claims their collective sphincters slam shut like a cigar cutter...
Agreed. Insurance companies complaining about having to pay out claims is the equivalent of me complaining about having to deliver machined parts I've accepted a PO for.
Thanks. Brad.
(937)545-8991
10-19-2022, 09:40 AM
#283
respectfully I have no sympathy for insurance companies, they are 100% for profit and they should have tons of money ready for these situations, they collect premiums from everyone everyday. yet as soon as people make claims their collective sphincters slam shut like a cigar cutter...
Its basically a gambling operation..........sell policies and hope nobody makes a claim (wins).
Florida has a roofing scam going on right now, guys canvas neighborhoods promising you a free roof. You "assign" your claim to them, they sue the insurance company. Of course if they collect 75K and then put a 25K roof on your house they keep the other 50K for their fees/lawyers etc. The glitch with your free roof? You now show a 75K claim on your past insurance so like having a 75K auto claim, your new rates will be higher since you are a higher risk. 80% of the nations insurance lawsuits right now are coming out of Florida. Now you can understand why carriers don't want to write policies here. Also once you assign your claim you have ZERO say in anything anymore, you don't own the claim anymore they do!
2 of my neighbors got free roofs, yet both lived in the houses over 20 years and the roof's lifespan is only about 25 anyway. I am getting a roof this month, gave the deposit 5 months ago. The whole roof will only cost me $31,300. I'd bet my neighbors free roof over the next 7 years will cost them more in increased premiums than what I paid for my whole roof. Another issue going on right now, only 2 companies in Florida are manufacturing concrete roof tiles right now..............2 companies! My tiles are done, being delivered next week. I can't imagine what the orders look like now with Ian's damaged roofs.
https://eagleroofing.com/
The following users liked this post:
Smarty (10-19-2022)
10-19-2022, 09:40 AM
#284
Registered
I have a friend in Englewood that said they are already getting notices from investors looking to buy damaged properties. Think the type that are pure CASH buying, companies not individuals.
I bet any rebuilding will need to be on stilts like they do in other areas and strict codes.
I bet any rebuilding will need to be on stilts like they do in other areas and strict codes.
10-19-2022, 10:37 AM
#285
https://www.fortmyersbeachtalk.com/2...yers-beach/The
U.S. Army Corps of Engineers is expected to begin evaluating which homes on Fort Myers Beach will need to be demolished. There will be a three-tier system based on views from the road to determine which homes are clearly unsafe and will need to be demolished and which ones will require further review. The agency will not be going onto any properties without permission from property owners, Town of Fort Myers Beach Manager Roger Hernstadt said. The evaluation will assist Federal Emergency Management Agency (FEMA) reviews of the Hurricane Ian disaster recovery and to aid in safety efforts, Hernstadt said.
Hernstadt said properties without roofs or which are clearly unstable and need to be demolished will be marked red to be demolished “to make sure nobody goes into a structure that is unsafe. We don’t want anybody getting hurt.”
The review will help FEMA document how many homes and businesses were destroyed on Fort Myers Beach and need to be torn down.
Hernstadt said the town will be working with the state and FEMA to determine how property owners will be notified as to when the buildings will be demolished and how long they will have to do the work.
U.S. Army Corps of Engineers is expected to begin evaluating which homes on Fort Myers Beach will need to be demolished. There will be a three-tier system based on views from the road to determine which homes are clearly unsafe and will need to be demolished and which ones will require further review. The agency will not be going onto any properties without permission from property owners, Town of Fort Myers Beach Manager Roger Hernstadt said. The evaluation will assist Federal Emergency Management Agency (FEMA) reviews of the Hurricane Ian disaster recovery and to aid in safety efforts, Hernstadt said.
Hernstadt said properties without roofs or which are clearly unstable and need to be demolished will be marked red to be demolished “to make sure nobody goes into a structure that is unsafe. We don’t want anybody getting hurt.”
The review will help FEMA document how many homes and businesses were destroyed on Fort Myers Beach and need to be torn down.
Hernstadt said the town will be working with the state and FEMA to determine how property owners will be notified as to when the buildings will be demolished and how long they will have to do the work.
10-19-2022, 10:47 AM
#286
Registered
https://www.realtor.com/realestatean...5_M69550-79632
This is clearly a teardown, asking 269K. Look at the pics, water was 1/2 way up the walls. House sold 12 years ago for 35K, No idea what a 1 acre lot is worth in that area but seeing how high the water got it would need a lot of fill to get the new house high enough not to flood. Notice the seller is open to financing the property for the buyer (knowing a bank won't).
This is clearly a teardown, asking 269K. Look at the pics, water was 1/2 way up the walls. House sold 12 years ago for 35K, No idea what a 1 acre lot is worth in that area but seeing how high the water got it would need a lot of fill to get the new house high enough not to flood. Notice the seller is open to financing the property for the buyer (knowing a bank won't).
The following users liked this post:
tommymonza (10-19-2022)
10-19-2022, 10:53 AM
#287
Registered
Join Date: Feb 2012
Location: Sarasota FL. Priest River ID
Posts: 1,131
Received 1,285 Likes
on
474 Posts
These events usually lead to stricter building codes which enhance future insurability on new construction. If I were 10 years younger I’d be buying what I could on good water while prices are beat down.
The following users liked this post:
Menage_Aqua (10-19-2022)
10-19-2022, 01:36 PM
#289
Registered
Real Estate Appraiser up here in MO/LOTO/KC. What your seeing with investors at present is Venture Capital and larger scaled firm that are looking to move 1031 exchange $. Meaning you have time to use proceeds of a sale and invest elsewhere with a lessor capital gain of prevoius profits depending and your taxable income. Seeing this here in the Mid-west with $ pouring out of Cali/AZ/NV for 2-4 family housing and/or apartment complexes. Frankly they inflate the market, but they don't care b/c they need to part with $.
With Ian what you will see is something called Assemblage (2 or more parcels combined to accomidiate a larger single lot for development) As others have said, these older structures that were wiped out may not be able to built back to meet codes and/or there highest and best use. Thats where your large scale condo's may be built, but that will remain to be seen. In the Panhandle there are still chunks of prime grounds still empy after Hurricane Michael and Sally
IMO given how our branches of government have been weaponized against "We the People" you can bet FEMA will be a red ass about re-development. Don't be surprised if the EPA, NOAA and Corp of Engineers gets envolved with this and excludes some areas from even being re-built. At that point here comes the lawsuits and the State of Florida will have to load up the lawyers as the cost to an individual to fight against Uncle Joe will be greater than the value of the land loss. With the loss of beaches in aeas and errosion of other coastal islands and grounds they now have an open door to do what they please.
With Ian what you will see is something called Assemblage (2 or more parcels combined to accomidiate a larger single lot for development) As others have said, these older structures that were wiped out may not be able to built back to meet codes and/or there highest and best use. Thats where your large scale condo's may be built, but that will remain to be seen. In the Panhandle there are still chunks of prime grounds still empy after Hurricane Michael and Sally
IMO given how our branches of government have been weaponized against "We the People" you can bet FEMA will be a red ass about re-development. Don't be surprised if the EPA, NOAA and Corp of Engineers gets envolved with this and excludes some areas from even being re-built. At that point here comes the lawsuits and the State of Florida will have to load up the lawyers as the cost to an individual to fight against Uncle Joe will be greater than the value of the land loss. With the loss of beaches in aeas and errosion of other coastal islands and grounds they now have an open door to do what they please.
Last edited by tlark; 10-19-2022 at 01:40 PM.
The following users liked this post:
Wildman_grafix (10-19-2022)
