Scary Situation in Cape Breton, NS

[MU82]

Interesting article that discusses how insurance rates have gone up considerably in Florida, insurers have been leaving the state for years, and events like Ian will drive up rates even higher. Florida real estate could end up being affordable only to rich people.

https://www.nytimes.com/2022/10/13/climate/florida-real-estate-hurricane-ian.html?campaign_id=4&emc=edit_dk_20221014&instance_id=74586&nl=dealbook&regi_id=108420427&segment_id=109942&te=1&user_id=d36dcf821462fdd16ec3636710a855fa

This passage, near the end of the article, was illuminating IMHO:

Debbe Wibberg is a real estate agent in Cape San Blas, a slender peninsula just south of Mexico Beach on the Florida panhandle. She recently sought a new insurance policy for her own home, a small townhouse not far from the water, and now pays almost $3,000 a year for coverage.

Her new insurer won't cover homes that are more than 20 years old, Ms. Wibberg said. And some companies have even stricter rules — for example, refusing to cover beach houses with wood piling foundations more than a decade old.

The pullback has been even more pronounced for people buying second homes or vacation rental properties, who make up most of her clientele, Ms. Wibberg said. Some of those clients are seeing premiums jump by 50 percent or more, which she said is beginning to hurt home prices.

If prospective home buyers start to have an even harder time finding insurance, what would happen to the local housing market?

Ms. Wibberg didn't hesitate. "We won't have one," she said.

[Hards Alumni]

The state and federal government will have to take over. 

[Uncle Rico]

Interesting article that discusses how insurance rates have gone up considerably in Florida, insurers have been leaving the state for years, and events like Ian will drive up rates even higher. Florida real estate could end up being affordable only to rich people.

https://www.nytimes.com/2022/10/13/climate/florida-real-estate-hurricane-ian.html?campaign_id=4&emc=edit_dk_20221014&instance_id=74586&nl=dealbook&regi_id=108420427&segment_id=109942&te=1&user_id=d36dcf821462fdd16ec3636710a855fa

This passage, near the end of the article, was illuminating IMHO:

Debbe Wibberg is a real estate agent in Cape San Blas, a slender peninsula just south of Mexico Beach on the Florida panhandle. She recently sought a new insurance policy for her own home, a small townhouse not far from the water, and now pays almost $3,000 a year for coverage.

Her new insurer won't cover homes that are more than 20 years old, Ms. Wibberg said. And some companies have even stricter rules — for example, refusing to cover beach houses with wood piling foundations more than a decade old.

The pullback has been even more pronounced for people buying second homes or vacation rental properties, who make up most of her clientele, Ms. Wibberg said. Some of those clients are seeing premiums jump by 50 percent or more, which she said is beginning to hurt home prices.

If prospective home buyers start to have an even harder time finding insurance, what would happen to the local housing market?

Ms. Wibberg didn't hesitate. "We won't have one," she said.

Give Florida back to Spain

[The Sultan]

I know people who have places on the coast whose houses or condo complexes, if not completely destroyed, are damaged enough that they may not be able to access them for months.

I know people who have places a couple miles inland who are absolutely fine.

It's probably best to not build so close to the coast where the storm surge is the biggest problem, but I doubt that's happening.

[tower912]

https://babcockranch.com/

Or this.    Never lost power or internet.    Was being used to help shelter people from neighboring communities that weren't so fortunate.   

[NCMUFan]

Many homes along coastal Carolina on stilts.  Ground level strictly parking and storage. 
Also, many are money earner vacation rentals.  Hence, they pay themselves off.

[MU82]

Many homes along coastal Carolina on stilts.  Ground level strictly parking and storage. 
Also, many are money earner vacation rentals.  Hence, they pay themselves off.

There is a debate going on in NC on if the state (and taxpayers) should keep paying to rebuild Outer Banks roads that are wiped out in hurricanes when those roads lead only to a very few houses owned by multi-millionaires.

[Herman Cain]

Interesting article that discusses how insurance rates have gone up considerably in Florida, insurers have been leaving the state for years, and events like Ian will drive up rates even higher. Florida real estate could end up being affordable only to rich people.

https://www.nytimes.com/2022/10/13/climate/florida-real-estate-hurricane-ian.html?campaign_id=4&emc=edit_dk_20221014&instance_id=74586&nl=dealbook&regi_id=108420427&segment_id=109942&te=1&user_id=d36dcf821462fdd16ec3636710a855fa

This passage, near the end of the article, was illuminating IMHO:

Debbe Wibberg is a real estate agent in Cape San Blas, a slender peninsula just south of Mexico Beach on the Florida panhandle. She recently sought a new insurance policy for her own home, a small townhouse not far from the water, and now pays almost $3,000 a year for coverage.

Her new insurer won't cover homes that are more than 20 years old, Ms. Wibberg said. And some companies have even stricter rules — for example, refusing to cover beach houses with wood piling foundations more than a decade old.

The pullback has been even more pronounced for people buying second homes or vacation rental properties, who make up most of her clientele, Ms. Wibberg said. Some of those clients are seeing premiums jump by 50 percent or more, which she said is beginning to hurt home prices.

If prospective home buyers start to have an even harder time finding insurance, what would happen to the local housing market?

Ms. Wibberg didn't hesitate. "We won't have one," she said.

We get the National Flood Insurance and also buy a secondary policy . The two combined are around 3500. Our regular home owners insurance is about 12,000 including 2 percent wind deductible

It will be interesting to see if they renew the Homeowner's Policy

[NCMUFan]

There is a debate going on in NC on if the state (and taxpayers) should keep paying to rebuild Outer Banks roads that are wiped out in hurricanes when those roads lead only to a very few houses owned by multi-millionaires.

I have to admit I have not been to the Outer Banks.  But from numerous conversations with people that visited the Outer Banks I took away that it was a really special vacation spot.  I went to the website /www.outerbanks.org and downloaded their travel guide.
It is too large to attach here. But visit the website and you can download the Outer Banks Official Travel Guide.

[MU82]

I have to admit I have not been to the Outer Banks.  But from numerous conversations with people that visited the Outer Banks I took away that it was a really special vacation spot.  I went to the website /www.outerbanks.org and downloaded their travel guide.
It is too large to attach here. But visit the website and you can download the Outer Banks Official Travel Guide.

We've been and enjoyed it immensely.

[muwarrior69]

100-year floods and hurricanes are not necessarily the same event.

How do you separate the flood from the hurricane's storm surge? Without the hurricane there is no flood. How many 100 year coastal flooding events are there that are not caused by hurricanes?

[🏀]

How do you separate the flood from the hurricane's storm surge? Without the hurricane there is no flood. How many 100 year coastal flooding events are there that are not caused by hurricanes?

Just, just don't.

[Jockey]

I have to admit I have not been to the Outer Banks.  But from numerous conversations with people that visited the Outer Banks I took away that it was a really special vacation spot.  I went to the website /www.outerbanks.org and downloaded their travel guide.
It is too large to attach here. But visit the website and you can download the Outer Banks Official Travel Guide.

There are still some nice things about it. It is a beautiful area. It's still a nice drive end-to-end and there are still some more primitive areas.

But like almost every nice vacation/resort area, it has been taken over by money. Most of the charm that once existed is gone.

If you like three story vacation rentals, though, you will love it.

[NCMUFan]

There are still some nice things about it. It is a beautiful area. It's still a nice drive end-to-end and there are still some more primitive areas.

But like almost every nice vacation/resort area, it has been taken over by money. Most of the charm that once existed is gone.

If you like three story vacation rentals, though, you will love it.

We're sorry.  Sound like we let you down

[Jockey]

We're sorry.  Sound like we let you down

I was disappointed the last time I was there in 2019. It had lost much of its charm. I would still recommend it as somewhere to see in the US if someone hasn't been there before. Especially if heading down to the southern end.

[lawdog77]

We've been and enjoyed it immensely.

Touron

[MU Fan in Connecticut]

How do you separate the flood from the hurricane's storm surge? Without the hurricane there is no flood. How many 100 year coastal flooding events are there that are not caused by hurricanes?

Frequently.  Here in Connecticut coastal flooding events happen during just the right moon at high tide and a strong wind simultaneously.  Rebuilds and remodel are only allowed if the house goes on the stilts.
Nor'easters.

[MU82]

"The Numbers," from the WSJ:

0.3%

Percentage of Florida Power & Light's 11.7 million solar panels that were damaged when southwest Florida was hit by Hurricane Ian. Neighborhoods powered by solar panels with backup batteries weathered the direct onslaught of the storm, utilities and developers said, keeping the lights on while millions of others lost power.

I wouldn't have guessed that to be the case. I would have thought a major hurricane would have sent solar panels flying, crushed them and/or made them inoperable.

[tower912]

Babcock ranch is a model to draw from going forward.

[NCMUFan]

"The Numbers," from the WSJ:

0.3%

Percentage of Florida Power & Light's 11.7 million solar panels that were damaged when southwest Florida was hit by Hurricane Ian. Neighborhoods powered by solar panels with backup batteries weathered the direct onslaught of the storm, utilities and developers said, keeping the lights on while millions of others lost power.

I wouldn't have guessed that to be the case. I would have thought a major hurricane would have sent solar panels flying, crushed them and/or made them inoperable.

https://floridasolardesigngroup.com/do-solar-panels-meet-miami-dade-hurricane-wind-requirements/
Maybe others meet also.

[tower912]

I like that that 2015 article does a good job articulating what the requirements are to put solar panels on a home in Florida.    It seemed logical and straightforward.