Florida condo owners are stuck in a 'train wreck' as prices drop and mounting insurance rates scare away buyers
- Thread starter bnew
- Start date
I can tell you from professional experience, Condos get involved in hurricanes, tornados, fires, and every other possible event.
You could be on the 20th floor in your condo, see a Hurricane, and the Insurance will deny you, on the grounds that the damage to your place was caused by FLOOD and not wind.
They are still fighting lawsuits from 2005's Hurricanes Katrina/Rita/Wilma
19 Years later.
Moreover, the same companies that insure SFH's in hurricane areas, also insure condo's. (and cars, and apartments, and businesses)
There's plenty of wind damage from a Hurricane, but most insurance companies says that your roof flying off was from the flood water on the ground.
Json
Superstar
Basically Florida been lying playing hot potato with not collecting fees to keep things cheap for years and now these HOAs are in a deep hole
Ain’t no way a HOA should be down 17 million
beenz
Rap Guerilla
I'd NEVER buy real estate that has a HOA.
my homeowners insurance tried to jack up the rates by 25% this year, but I switched to costco insurance (same as my car) and I got it a couple hundred lower than last year.
I don't escrow my home insurance and property taxes and pay them myself, so it's very easy for me to insurance shop and switch carriers at the drop of a dime. so next year, if costco starts BS'ing me on the rates, then I'm switching insurance carriers once again.
I just paid my homeowners insurance in april, and it cost me $1900. I remember back in the day paying maybe like $1000 for homeowners insurance tho.
my homeowners insurance tried to jack up the rates by 25% this year, but I switched to costco insurance (same as my car) and I got it a couple hundred lower than last year.
I don't escrow my home insurance and property taxes and pay them myself, so it's very easy for me to insurance shop and switch carriers at the drop of a dime. so next year, if costco starts BS'ing me on the rates, then I'm switching insurance carriers once again.
I just paid my homeowners insurance in april, and it cost me $1900. I remember back in the day paying maybe like $1000 for homeowners insurance tho.
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High insurance and property tax is worth it, so long as my children aren't being exposed to WOKE media propaganda 
beenz
Rap Guerilla
" shyt.
Villagers fear they’ll be forced to sell homes due to rising costs
Financially struggling Villagers are hoping to see the amenity fee cap restored.
www.villages-news.com
Villagers fear they’ll be forced to sell homes due to rising costs
By Meta MintonJuly 3, 2024
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Financially struggling Villagers are hoping to see the amenity fee cap restored.
The Amenity Authority Committee has recognized that the issue is serious enough to keep as a continuing discussion item on its agenda. The AAC will meet at 9 a.m. Wednesday, July 10 at Savannah Center.
“Many of us are on a fixed income and struggle to keep up. I have known some people who have thrown in the towel and had to sadly leave The Villages,” said Theresa Donehower of the Village of Mira Mesa. “My husband and I have had a talk of what our future will look like financially.”
While those coping with uncertainty about future finances want to see the cap restored, others believe a promise was broken in 2019 when the AAC, which oversees amenities north of County Road 466, and the Project Wide Advisory Committee, which oversees amenities south of County Road 466, both agreed to abandon the cap.
“When we purchased our home in 2017, we were told that there was a cap of $155. It was not put in writing so there goes any legal challenges,” said Villager David Given.
He believes there should be a cap on the homes purchased before a certain date.
“Any new homes or re-sales would fall under a new higher cap limit. We live using Social Security and with everything going up, I can see where we will be forced to sell our home. Putting a cap back on may/will allow us to live the rest of our lives here, in paradise.”
Brenda Griggs wholeheartedly agrees.
“The amenity fees have increased double from my first bill. There has to be a cap or The Villages will not be affordable to residents on fixed incomes. We pay infrastructure increases due to failure of inadequate products used in the infrastructure. This increase should not be constantly passed on to residents,” she said.
As of Jan. 1, the prevailing rate for new homes and resales climbed to $195 per month. Homeowners who remain in their residence are subject to amenity rate hikes in accordance with the Consumer Price Index.
feelosofer
#ninergang
Yea I got fam that moved from Florida to Alabama that's how bad it's getting out there.
Y'all thought I was being funny on the first page. I live down here trust me I wasn't. These northern MAGA snowbird crackas are STOOPID. Blacks and Spanics ain't really no better just dumb.Like I'm not even playing Florida is such a low intellectual place its borderline nauseous interacting with people here.
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Dem313wayz
Superstar
Aka, kick the can down the road
