Hurricane advice - LTR flooded
Deborah R.Pro Member
Real Estate Investor · Tampa, FL · Member since 2016 · 54 posts · 15 votesWho has had their rental significantly damaged by a hurricane/tornado/flooding?
What's the basic steps if the house isn't habitable?
I'm guessing we end the lease, contact insurance, do repairs - then relist it for rent? Pretty sure at least one of my rentals in Tampa is flooded.
Thanks in advance!
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather.
That may be what people want, but that's not what they're going to get. Face it, it costs money to run a government and provide services, and have reserve capacities on standby to do things. I'm just waiting for all of the people who bought Florida land in the past 30 years -- when global warming became widely known in society -- want the federal government to bail them out for declining property values even though they knew they were buying in vulnerable areas. Where is that money going to come from?
All these people on fixed incomes who moved to Florida for the weather and disregarded the consequences and risks can do the same thing as the people on fixed incomes who stayed up North: Rent a cheap apartment or buy a cheap condo. Oh, and accept the fact that they disregarded the risks and therefore shouldn't be bailed out.
I agree. I don't want to bail any of these people out. We're already getting hammered with huge insurance increases because of the damages in these coastal areas. Illinois isn't seeing any wildfires or floods or hurricanes. Why are we seeng increases of 100%?
These people had no problem when the values of their homes doubled and tripled. Some bought at the peak and they need to accept the hit.
As for an area that fits that criteria, I would point to tennessee. Property taxes are next to nothing. No state income taxes. Cheap gas. Home prices are a little inflated but nowhere near as bad as florida or texas. However, you don't get the super warm weather that you get in florida either or say texas either. Tennessee can get a little chilly in the winter months.
But like you said. You aren't going to find perfect. If its perfect, then the price of homes is triple what people want to pay (i.e. san diego type areas).
I'm just wondering what florida is going to do if their coastal areas lose 2i to 30% of their homes. If I had a million dollars, I'm not buying someting on the ocean down there. The insurance, if you can get, would be crazy and its only a matter of time of when a storm is going to take that house out in the next 10 years. Its not a matter of if. Its going to get hit.
There are over 23 million people in Florida and the population has been growing rapidly. It'll be interesting to see what happens moving forward but I feel like Florida will always have something to offer. People do have short memories. Some of the most expensive real estate in the country is in Florida: Gemini Estate (sold for $175M in 2022), Gordon Point (currently for sale for $295M, the most expensive listing in the US), Tarpon Island (~$180M), etc. These people will just self-insure.
Who has had their rental significantly damaged by a hurricane/tornado/flooding?
What's the basic steps if the house isn't habitable?
I'm guessing we end the lease, contact insurance, do repairs - then relist it for rent? Pretty sure at least one of my rentals in Tampa is flooded.
Thanks in advance!
The house that flooded wasn't in a flood zone - no flood insurance on that one.
Lease termination may be necessary when the home is uninhabitable and significant repairs need to be made for an extended period of time. But also look at your lease to see if there are any provisions on point.
The house that flooded wasn't in a flood zone - no flood insurance on that one.
Oh, I get it, @John Clark. Me and thousands of other Floridians.
I just haven't gone through anything like this and am curious from others on how to handle it from a landlord point of view.
Any advice on next steps?
So there should be a difference if the house was damaged by flooding versus winds/tornado. Was your house flooded? Or did the windws blow stuff off the house or blow stuff into the house that represents the damage?
You might be covered if its the second one.
But I would be very scared if I owned stuff in florida right now. At some point, and I think we've actually hit that point after the second hurricane in a month or whatever its been, is that people are going to be tired of dealing with these massive storms and the ever increasing rise in insurance rates. And at some point, I almost wonder when all the insurance companies are going to pull up stakes there entirely and really make that state unlivable.
These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there. Even inland away from the coast - there's the risk of wind and/or flooding from crazy rain - I could see people rethinking their decision to move to florida.
The question is where do those people go now? I would have said north carolina before but look at how that storm walloped a couple of towns there. Texas? Georgia? Tennessee?
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather. It'll be interesting to see what happens to florida if a mass migration truly happens.
I just don't know anyone in their right mind that would want to move to any city on the coast in florida any more.
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather.
That may be what people want, but that's not what they're going to get. Face it, it costs money to run a government and provide services, and have reserve capacities on standby to do things. I'm just waiting for all of the people who bought Florida land in the past 30 years -- when global warming became widely known in society -- want the federal government to bail them out for declining property values even though they knew they were buying in vulnerable areas. Where is that money going to come from?
All these people on fixed incomes who moved to Florida for the weather and disregarded the consequences and risks can do the same thing as the people on fixed incomes who stayed up North: Rent a cheap apartment or buy a cheap condo. Oh, and accept the fact that they disregarded the risks and therefore shouldn't be bailed out.
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather.
That may be what people want, but that's not what they're going to get. Face it, it costs money to run a government and provide services, and have reserve capacities on standby to do things. I'm just waiting for all of the people who bought Florida land in the past 30 years -- when global warming became widely known in society -- want the federal government to bail them out for declining property values even though they knew they were buying in vulnerable areas. Where is that money going to come from?
All these people on fixed incomes who moved to Florida for the weather and disregarded the consequences and risks can do the same thing as the people on fixed incomes who stayed up North: Rent a cheap apartment or buy a cheap condo. Oh, and accept the fact that they disregarded the risks and therefore shouldn't be bailed out.
I agree. I don't want to bail any of these people out. We're already getting hammered with huge insurance increases because of the damages in these coastal areas. Illinois isn't seeing any wildfires or floods or hurricanes. Why are we seeng increases of 100%?
These people had no problem when the values of their homes doubled and tripled. Some bought at the peak and they need to accept the hit.
As for an area that fits that criteria, I would point to tennessee. Property taxes are next to nothing. No state income taxes. Cheap gas. Home prices are a little inflated but nowhere near as bad as florida or texas. However, you don't get the super warm weather that you get in florida either or say texas either. Tennessee can get a little chilly in the winter months.
But like you said. You aren't going to find perfect. If its perfect, then the price of homes is triple what people want to pay (i.e. san diego type areas).
I'm just wondering what florida is going to do if their coastal areas lose 2i to 30% of their homes. If I had a million dollars, I'm not buying someting on the ocean down there. The insurance, if you can get, would be crazy and its only a matter of time of when a storm is going to take that house out in the next 10 years. Its not a matter of if. Its going to get hit.
So there should be a difference if the house was damaged by flooding versus winds/tornado. Was your house flooded? Or did the windws blow stuff off the house or blow stuff into the house that represents the damage?
You might be covered if its the second one.
But I would be very scared if I owned stuff in florida right now. At some point, and I think we've actually hit that point after the second hurricane in a month or whatever its been, is that people are going to be tired of dealing with these massive storms and the ever increasing rise in insurance rates. And at some point, I almost wonder when all the insurance companies are going to pull up stakes there entirely and really make that state unlivable.
These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there. Even inland away from the coast - there's the risk of wind and/or flooding from crazy rain - I could see people rethinking their decision to move to florida.
The question is where do those people go now? I would have said north carolina before but look at how that storm walloped a couple of towns there. Texas? Georgia? Tennessee?
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather. It'll be interesting to see what happens to florida if a mass migration truly happens.
I just don't know anyone in their right mind that would want to move to any city on the coast in florida any more.
>These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there.
We had a duplex on the sand at Gulf Shores Alabama when it got hit consecutive years by hurricane (I think it was 2005 & 2006). Each time about half the units on the sand got red tagged and had to be built off the sand at the inland part of the lots. So in 2 years about ~25% were left on the sand. Fortunately ours was not red tagged but both times had heavy damage (but less than most properties). It was a hassle (we had full insurance, but the rates increased significantly but we had large payouts twice), so we sold it.
It then went many years before that area got hit again.
I fear the rate and severity is increasing, but you never know if this is a new normal or freak event until Later.
Hurricanes, tornados, fires, droughts, severe heat. All areas are impacted. I would not be adverse to low interest loans to help those that do not have insurance or are under insured. And if something similar happens to my properties, I would hope for the same.
these events will happen to many of us eventually. Compassion should be shown.
Best wishes
So there should be a difference if the house was damaged by flooding versus winds/tornado. Was your house flooded? Or did the windws blow stuff off the house or blow stuff into the house that represents the damage?
You might be covered if its the second one.
But I would be very scared if I owned stuff in florida right now. At some point, and I think we've actually hit that point after the second hurricane in a month or whatever its been, is that people are going to be tired of dealing with these massive storms and the ever increasing rise in insurance rates. And at some point, I almost wonder when all the insurance companies are going to pull up stakes there entirely and really make that state unlivable.
These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there. Even inland away from the coast - there's the risk of wind and/or flooding from crazy rain - I could see people rethinking their decision to move to florida.
The question is where do those people go now? I would have said north carolina before but look at how that storm walloped a couple of towns there. Texas? Georgia? Tennessee?
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather. It'll be interesting to see what happens to florida if a mass migration truly happens.
I just don't know anyone in their right mind that would want to move to any city on the coast in florida any more.
>These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there.
We had a duplex on the sand at Gulf Shores Alabama when it got hit consecutive years by hurricane (I think it was 2005 & 2006). Each time about half the units on the sand got red tagged and had to be built off the sand at the inland part of the lots. So in 2 years about ~25% were left on the sand. Fortunately ours was not red tagged but both times had heavy damage (but less than most properties). It was a hassle (we had full insurance, but the rates increased significantly but we had large payouts twice), so we sold it.
It then went many years before that area got hit again.
I fear the rate and severity is increasing, but you never know if this is a new normal or freak event until Later.
Hurricanes, tornados, fires, droughts, severe heat. All areas are impacted. I would not be adverse to low interest loans to help those that do not have insurance or are under insured. And if something similar happens to my properties, I would hope for the same.
these events will happen to many of us eventually. Compassion should be shown.
Best wishes
I think I'm in my right mind and I own a STR in Gulf shores FL @mikeh. That's Like saying nobody in their right mind would own an investment property in Illinois for various reasons that don't need to be mentioned. I understand your point but but strong language like that, combined with the overexaggerate of the news and their storms of the century that actually never happened put out a little bit of a unnecessary fear out there , I get it tho , there's some truth and practicality to it , I must admit the high insurance costs and hurricanes have caused me to rethink the investment location, but I'm not gonna tuck tail and run in fear quite yet because who really knows if this is the new normal, and even if it is people live and invest in Florida coasts because it's Paradise for most of the year and they love it and accept the risk . The hurricanes certainly didn't stop Californians and New Yorkers and everybody else in the US from flocking to Florida in droves pre-Covid and during Covid and I think it's always going to be a popular tourist destination and place for people to want to live. There are difficulties, risks, and dangers everywhere in the country, they just come in different forms. Property values might sag for a bit, but they'll go back up.
So there should be a difference if the house was damaged by flooding versus winds/tornado. Was your house flooded? Or did the windws blow stuff off the house or blow stuff into the house that represents the damage?
You might be covered if its the second one.
But I would be very scared if I owned stuff in florida right now. At some point, and I think we've actually hit that point after the second hurricane in a month or whatever its been, is that people are going to be tired of dealing with these massive storms and the ever increasing rise in insurance rates. And at some point, I almost wonder when all the insurance companies are going to pull up stakes there entirely and really make that state unlivable.
These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there. Even inland away from the coast - there's the risk of wind and/or flooding from crazy rain - I could see people rethinking their decision to move to florida.
The question is where do those people go now? I would have said north carolina before but look at how that storm walloped a couple of towns there. Texas? Georgia? Tennessee?
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather. It'll be interesting to see what happens to florida if a mass migration truly happens.
I just don't know anyone in their right mind that would want to move to any city on the coast in florida any more.
The reason all the insurance companies pulled out of Florida wasn't just the hurricanes. It was the roofing scams combined with no cap on attorney fees for small claims. Hurricanes certainly aren't inviting those companies to come back and start writing policies there again though!
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather.
That may be what people want, but that's not what they're going to get. Face it, it costs money to run a government and provide services, and have reserve capacities on standby to do things. I'm just waiting for all of the people who bought Florida land in the past 30 years -- when global warming became widely known in society -- want the federal government to bail them out for declining property values even though they knew they were buying in vulnerable areas. Where is that money going to come from?
All these people on fixed incomes who moved to Florida for the weather and disregarded the consequences and risks can do the same thing as the people on fixed incomes who stayed up North: Rent a cheap apartment or buy a cheap condo. Oh, and accept the fact that they disregarded the risks and therefore shouldn't be bailed out.
I agree. I don't want to bail any of these people out. We're already getting hammered with huge insurance increases because of the damages in these coastal areas. Illinois isn't seeing any wildfires or floods or hurricanes. Why are we seeng increases of 100%?
These people had no problem when the values of their homes doubled and tripled. Some bought at the peak and they need to accept the hit.
As for an area that fits that criteria, I would point to tennessee. Property taxes are next to nothing. No state income taxes. Cheap gas. Home prices are a little inflated but nowhere near as bad as florida or texas. However, you don't get the super warm weather that you get in florida either or say texas either. Tennessee can get a little chilly in the winter months.
But like you said. You aren't going to find perfect. If its perfect, then the price of homes is triple what people want to pay (i.e. san diego type areas).
I'm just wondering what florida is going to do if their coastal areas lose 2i to 30% of their homes. If I had a million dollars, I'm not buying someting on the ocean down there. The insurance, if you can get, would be crazy and its only a matter of time of when a storm is going to take that house out in the next 10 years. Its not a matter of if. Its going to get hit.
There are over 23 million people in Florida and the population has been growing rapidly. It'll be interesting to see what happens moving forward but I feel like Florida will always have something to offer. People do have short memories. Some of the most expensive real estate in the country is in Florida: Gemini Estate (sold for $175M in 2022), Gordon Point (currently for sale for $295M, the most expensive listing in the US), Tarpon Island (~$180M), etc. These people will just self-insure.
Who has had their rental significantly damaged by a hurricane/tornado/flooding?
What's the basic steps if the house isn't habitable?
I'm guessing we end the lease, contact insurance, do repairs - then relist it for rent? Pretty sure at least one of my rentals in Tampa is flooded.
Thanks in advance!
Deborah if the property is un-inhabitable the lease agreement likely terminates, but refer to the lease. If no provision in the lease, refer to your local landlord-tenant laws. Contact insurance immediately and get that place dried out, fixed up and re-rented asap. You may be able to qualify for FEMA funds? Sorry that you are going through this! I hope it is not too bad.
Hello - My son purchased an investment property - duplex in Madeira Breach, Fl. Had flood damage after Helene- everything had to be taken out to the walls. I am in PA and he does not do rehabs for a living. I am looking for contractor referrals he can trust. The scammers come out when disasters strike and nervous he will get scammed. I have not yet seen the damage but he will need everything. Any recommendations are appreciated, Thank you!
@Deborah R.
My son has from Hurricane Helene
@Deborah R.
My son has to completely gut the property. He has flood insurance but curious when they will pay and how much. He got a public adjuster but nervous he will rebuild and another hurricane will hit next year.
So there should be a difference if the house was damaged by flooding versus winds/tornado. Was your house flooded? Or did the windws blow stuff off the house or blow stuff into the house that represents the damage?
You might be covered if its the second one.
But I would be very scared if I owned stuff in florida right now. At some point, and I think we've actually hit that point after the second hurricane in a month or whatever its been, is that people are going to be tired of dealing with these massive storms and the ever increasing rise in insurance rates. And at some point, I almost wonder when all the insurance companies are going to pull up stakes there entirely and really make that state unlivable.
These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there. Even inland away from the coast - there's the risk of wind and/or flooding from crazy rain - I could see people rethinking their decision to move to florida.
The question is where do those people go now? I would have said north carolina before but look at how that storm walloped a couple of towns there. Texas? Georgia? Tennessee?
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather. It'll be interesting to see what happens to florida if a mass migration truly happens.
I just don't know anyone in their right mind that would want to move to any city on the coast in florida any more.
>These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there.
We had a duplex on the sand at Gulf Shores Alabama when it got hit consecutive years by hurricane (I think it was 2005 & 2006). Each time about half the units on the sand got red tagged and had to be built off the sand at the inland part of the lots. So in 2 years about ~25% were left on the sand. Fortunately ours was not red tagged but both times had heavy damage (but less than most properties). It was a hassle (we had full insurance, but the rates increased significantly but we had large payouts twice), so we sold it.
It then went many years before that area got hit again.
I fear the rate and severity is increasing, but you never know if this is a new normal or freak event until Later.
Hurricanes, tornados, fires, droughts, severe heat. All areas are impacted. I would not be adverse to low interest loans to help those that do not have insurance or are under insured. And if something similar happens to my properties, I would hope for the same.
these events will happen to many of us eventually. Compassion should be shown.
Best wishes
- Some of those owners could have ownec in that area before global warming was even a thought
- virtually every area is being affected by climate change or has risks related to Mother Nature.
- because the USA has contributed more to global warming than any country and has prospered from it.
- some otherwise smart people do not believe humans are contributing to global warming. For the most part I think they listen to trusted non experts that feed them incorrect information. So if they have listened to the wrong people, they could be unaware of the rising risks.
- because historically help is provided for natural disaster events, Katrina, hurricane taking our Puerto Rico, pretty much every hurricane, Maui fire, various CA fires, tornados, earthquakes. Because of this is an investor stupid if they are expecting help for their region when a natural disaster hits. my city recently had flooding in non flood zones. The risk seemed zero, but it still happened (city poor maintenance played a role).
- because people should be compassionate. Reality is many bad events/outcomes was done with risk and/or stupidity including poor research. Consequences of Mother Nature even living in a low elevation state that is in hurricane paths is not an outlandish risk. Few areas have zero risks. My area has 2 big Mother Nature related risks, fire and earthquakes. I do not have earthquake insurance because it is too costly. I suspect if I am impacted, thousands will be and help will be forthcoming.
I hope the people impacted by these events get some assistance. Not a full bailout, but low interest long term loan could go a long ways in recovering. In the short term, they need immediate help such at food, water, and lodging.
Your entitle to your opinion, but I believe most people are compassionate to those impacted by Mother Nature related events whether in is hurricanes, flooding, earthquakes, tornados, fires, etc.
@Michelle Romano. Sorry but I don’t know any companies/or people to recommend in the Madeira Beach area. I’ve gotten most of my referrals through local Facebook groups. Some real estate groups and other just local community groups. Helpful to see who others recommend.
Hope he finds a good group to do the work!
Hi Deborah, I'm so sorry you are going through this. It's devastating. I have 4 properties in Ft.Myers and was spared this time, but the anxiety is real.
I would have your tenants contact their renters insurance if they haven't already. Most plans will pay for temporary housing for situations like this, so at least you don't have to worry about that aspect.
Also if you want attorney advice on this situation I recommend the attorneys at www.evict.com. Their speciality is landlord tenant laws and they only serve Florida. They have been nice enough to answer questions for me throughout the years via email even though I don't have them on retainer.
I also have a great mold remediation guy who is based out of Ft.Myers, but his company has grown massively in the last 4 years so they may serve Tampa Bay now. So many mold companies are such scammers, and I trust the guy I use. I've done over 5 projects with him.
I recommend documenting everything with the damage through photos, videos, etc. before cleaning up.
Best of luck during this challenging time!
You mention you are pretty sure one of the rentals was flooded. Go and find out because the first thing you want to do is get the water out and dry out the space.
So there should be a difference if the house was damaged by flooding versus winds/tornado. Was your house flooded? Or did the windws blow stuff off the house or blow stuff into the house that represents the damage?
You might be covered if its the second one.
But I would be very scared if I owned stuff in florida right now. At some point, and I think we've actually hit that point after the second hurricane in a month or whatever its been, is that people are going to be tired of dealing with these massive storms and the ever increasing rise in insurance rates. And at some point, I almost wonder when all the insurance companies are going to pull up stakes there entirely and really make that state unlivable.
These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there. Even inland away from the coast - there's the risk of wind and/or flooding from crazy rain - I could see people rethinking their decision to move to florida.
The question is where do those people go now? I would have said north carolina before but look at how that storm walloped a couple of towns there. Texas? Georgia? Tennessee?
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather. It'll be interesting to see what happens to florida if a mass migration truly happens.
I just don't know anyone in their right mind that would want to move to any city on the coast in florida any more.
>These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there.
We had a duplex on the sand at Gulf Shores Alabama when it got hit consecutive years by hurricane (I think it was 2005 & 2006). Each time about half the units on the sand got red tagged and had to be built off the sand at the inland part of the lots. So in 2 years about ~25% were left on the sand. Fortunately ours was not red tagged but both times had heavy damage (but less than most properties). It was a hassle (we had full insurance, but the rates increased significantly but we had large payouts twice), so we sold it.
It then went many years before that area got hit again.
I fear the rate and severity is increasing, but you never know if this is a new normal or freak event until Later.
Hurricanes, tornados, fires, droughts, severe heat. All areas are impacted. I would not be adverse to low interest loans to help those that do not have insurance or are under insured. And if something similar happens to my properties, I would hope for the same.
these events will happen to many of us eventually. Compassion should be shown.
Best wishes
- Some of those owners could have ownec in that area before global warming was even a thought
- virtually every area is being affected by climate change or has risks related to Mother Nature.
- because the USA has contributed more to global warming than any country and has prospered from it.
- some otherwise smart people do not believe humans are contributing to global warming. For the most part I think they listen to trusted non experts that feed them incorrect information. So if they have listened to the wrong people, they could be unaware of the rising risks.
- because historically help is provided for natural disaster events, Katrina, hurricane taking our Puerto Rico, pretty much every hurricane, Maui fire, various CA fires, tornados, earthquakes. Because of this is an investor stupid if they are expecting help for their region when a natural disaster hits. my city recently had flooding in non flood zones. The risk seemed zero, but it still happened (city poor maintenance played a role).
- because people should be compassionate. Reality is many bad events/outcomes was done with risk and/or stupidity including poor research. Consequences of Mother Nature even living in a low elevation state that is in hurricane paths is not an outlandish risk. Few areas have zero risks. My area has 2 big Mother Nature related risks, fire and earthquakes. I do not have earthquake insurance because it is too costly. I suspect if I am impacted, thousands will be and help will be forthcoming.
I hope the people impacted by these events get some assistance. Not a full bailout, but low interest long term loan could go a long ways in recovering. In the short term, they need immediate help such at food, water, and lodging.
Your entitle to your opinion, but I believe most people are compassionate to those impacted by Mother Nature related events whether in is hurricanes, flooding, earthquakes, tornados, fires, etc.
People have known about the increased severity of hurricanes and tornadoes in Florida for the last 30 years, regardless of cause. They’ve known about hurricanes and tornadoes in Florida since time immemorial. Plenty of time to either sell and leave or not buy. You might as well tell us that people buying property in Alaska should be subsidized because of the cold.
subsidies are coercive. I can see helping people who have unexpectedly severe losses, like those in western North Carolina, but no amount of hurricane damage anywhere in Florida can be deemed unexpectedly severe.
Buying low-lying land near the ocean and getting flooded? Who knew? — gimme a break.
So there should be a difference if the house was damaged by flooding versus winds/tornado. Was your house flooded? Or did the windws blow stuff off the house or blow stuff into the house that represents the damage?
You might be covered if its the second one.
But I would be very scared if I owned stuff in florida right now. At some point, and I think we've actually hit that point after the second hurricane in a month or whatever its been, is that people are going to be tired of dealing with these massive storms and the ever increasing rise in insurance rates. And at some point, I almost wonder when all the insurance companies are going to pull up stakes there entirely and really make that state unlivable.
These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there. Even inland away from the coast - there's the risk of wind and/or flooding from crazy rain - I could see people rethinking their decision to move to florida.
The question is where do those people go now? I would have said north carolina before but look at how that storm walloped a couple of towns there. Texas? Georgia? Tennessee?
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather. It'll be interesting to see what happens to florida if a mass migration truly happens.
I just don't know anyone in their right mind that would want to move to any city on the coast in florida any more.
>These storms of a century now appear to be happening every couple of years. And the fear is that this may be the new norm there.
We had a duplex on the sand at Gulf Shores Alabama when it got hit consecutive years by hurricane (I think it was 2005 & 2006). Each time about half the units on the sand got red tagged and had to be built off the sand at the inland part of the lots. So in 2 years about ~25% were left on the sand. Fortunately ours was not red tagged but both times had heavy damage (but less than most properties). It was a hassle (we had full insurance, but the rates increased significantly but we had large payouts twice), so we sold it.
It then went many years before that area got hit again.
I fear the rate and severity is increasing, but you never know if this is a new normal or freak event until Later.
Hurricanes, tornados, fires, droughts, severe heat. All areas are impacted. I would not be adverse to low interest loans to help those that do not have insurance or are under insured. And if something similar happens to my properties, I would hope for the same.
these events will happen to many of us eventually. Compassion should be shown.
Best wishes
- Some of those owners could have ownec in that area before global warming was even a thought
- virtually every area is being affected by climate change or has risks related to Mother Nature.
- because the USA has contributed more to global warming than any country and has prospered from it.
- some otherwise smart people do not believe humans are contributing to global warming. For the most part I think they listen to trusted non experts that feed them incorrect information. So if they have listened to the wrong people, they could be unaware of the rising risks.
- because historically help is provided for natural disaster events, Katrina, hurricane taking our Puerto Rico, pretty much every hurricane, Maui fire, various CA fires, tornados, earthquakes. Because of this is an investor stupid if they are expecting help for their region when a natural disaster hits. my city recently had flooding in non flood zones. The risk seemed zero, but it still happened (city poor maintenance played a role).
- because people should be compassionate. Reality is many bad events/outcomes was done with risk and/or stupidity including poor research. Consequences of Mother Nature even living in a low elevation state that is in hurricane paths is not an outlandish risk. Few areas have zero risks. My area has 2 big Mother Nature related risks, fire and earthquakes. I do not have earthquake insurance because it is too costly. I suspect if I am impacted, thousands will be and help will be forthcoming.
I hope the people impacted by these events get some assistance. Not a full bailout, but low interest long term loan could go a long ways in recovering. In the short term, they need immediate help such at food, water, and lodging.
Your entitle to your opinion, but I believe most people are compassionate to those impacted by Mother Nature related events whether in is hurricanes, flooding, earthquakes, tornados, fires, etc.
People have known about the increased severity of hurricanes and tornadoes in Florida for the last 30 years, regardless of cause. They’ve known about hurricanes and tornadoes in Florida since time immemorial. Plenty of time to either sell and leave or not buy. You might as well tell us that people buying property in Alaska should be subsidized because of the cold.
subsidies are coercive. I can see helping people who have unexpectedly severe losses, like those in western North Carolina, but no amount of hurricane damage anywhere in Florida can be deemed unexpectedly severe.
Buying low-lying land near the ocean and getting flooded? Who knew? — gimme a break.
1,000%!
What happened in North Carolina was definitively unforeseeable, a freak event, without any forethought of such, or means to defend oneself from such unforeseeable.
Those in earthquake zones who INTENTIONALLY don't have the readily offered coverages for such, ARE THEIVES by NOT insuring with expectation of DEFRAUDING the rest of us to pay for there gamble.
YES, I say LET THEM GO HOMELESS, too damn bad, YOURE CHOICE, I really don't care if you have to live in a tent that you bought by selling your blood, YOU CHOOSE THAT PATH.
Same for those IN FL when it comes to hurricanes, everyone knows the risks, accepts them so own your decisions.
My empathy is reserved for those who deserve it, not those ABUSING "empathy" to cover there selfish gambles. That's THEFT, and you should suffer your choices.
@Deborah R.
Thanks for those who gave actual advice.
I know others have had significant damage to their rentals- whether flood, tornado, earthquake. I was just looking for advice on sequence of actions. I never said I should get any handouts. I invest where I live.
Also- my rental that flooded was actually at a higher elevation than my other rental houses in Tampa. It was rainfall that caused the flooding- not surge from the Gulf of Mexico. I have 2 flood zone A rentals, but those were both fine. Go figure.
Thanks again for those that gave helpful advice!
@Deborah R.
Thanks for those who gave actual advice.
I know others have had significant damage to their rentals- whether flood, tornado, earthquake. I was just looking for advice on sequence of actions. I never said I should get any handouts. I invest where I live.
Also- my rental that flooded was actually at a higher elevation than my other rental houses in Tampa. It was rainfall that caused the flooding- not surge from the Gulf of Mexico. I have 2 flood zone A rentals, but those were both fine. Go figure.
Thanks again for those that gave helpful advice!