From: Average Cost of Homeowners Insurance
More interesting is the State by State chart at the link.
For one i had no idea that i basically pay 1/8th what people in Florida pay. I guess I have to update my stodgy ideas about California being always more expensive. I'd still bet that earthquake insurance is cheaper there.
109 comments:
interesting chart..looks like the Gulf coast states (hurricanes) and tornado alley have the highest rates (which kind of makes sense)..
Since they are "raw" prices and not adjusted for total dollar exposure you are even more correct.
It's good to see you are resurrecting the Blog. POIC has his up as well "Muddy Economist" and I'll be writing a bit about Real Estate there.
I am there as well, for the nonce. (I always wanted to use that word.)
I phased out the blog because there were better places. IMO combined ME & EN can do a good job of bridging the void.
obviously wind is the greatest fear of insurance companies..
and yay..Tom Stone is here!!
and yay..Tom Stone is here!!
Let me explain. There are favors. There are debts. There are beer debts. I owe Tom Stone a beer debt.
Yeay Tom. Earthquake coverage is assumed in Florida. Insurance is about 3k including Flood. And we have shutters and Miami Dade hurricane windows etc etc. We are on a barrier island which makes it more expensive.
then you have places like New Orleans that get hurricanes and (stand alone) tornadoes..surprised that they can even get insurance down there..
Insurance companies still hate us.
There is really no reason for New Orleans to exist any more, not needed as a French fort!
My insurance company in Nebraska is now doing annual exterior inspection on my rentals and Dropping roof coverage due to age. They are not dropping the rate. Hail has become big business here. My personal home has a stone coated steel roof and I get a little discount. Some homes around me have had as many as 3 roofs since I got mine. They are always looking to trim cost but it never seems to stop the rise in rates.
They really tortured us to grant the measly discount we got.
I don't understand how muddy economist works.
Do duplicate your posts here Tom, plz!
And there really is no reason for Galveston.
Within the next year or 2 we'll put on a new roof. I want it to be very resistant to wind.
And there really is no reason for Galveston.
Spring Break!!
Roofing companies here don't want to do steel roofs, so they really give you a cost prohibitive price. They like the repeat business. Simple steel barn panels are cheap and IMO easier to install. With insurance the way it's going I need to search harder for builder who will do it reasonably.
Demand could be met by temporary structures!
Would steel be too heavy to rest on wooden trusses?
Tin and aluminum and something that looks like copper seem to peel off.
Recent Hurricane Matthew messed up parts of a few roofs, but what really got zapped were business signs. No biggie.
Steel panels are lighter then shingles. I am sure installation for hurricane winds is different then for here. My guess is the right product has been proven for you area and conditions. I love my steel roof.
Never ceases to amaze the places where great grandparents did it this way passes for an excuse for doing it again.
Getting lively around here!
I wouldn't exclude any specific topic, just exclude those commenters that cannot engage in discussion on those topics with a modicum of civility... as well as those trolls that think they're being civil whilst continuously spouting condescending drivel. THAT's what drove me away from HCN.
I think if you lived 3 blocks from us instead of 3k miles you and the hub would be great friends. Here's to transporters. After my tia or whatever it was, am starting to hsve a little energy. Also, I am thinking we should be training the kids in Liz and hub finances 101. My mother's assets were pretty well organized, but it was still somewhat hard for me. Maybe we will spend it all, but it would be fun to spend some on them. You have any thoughts, Rob, anyone? We aren't rich, but pretty darn well off.
I think the media are regretting any critical word they ever said about Hillary even if she deserved it.
I hope the daughter gets back to Boston ok from new Z what with all the snow.
AFAICT New England is on weather hold. Cinco any comment?
I have a lifelong friend in Pittsfield Mass.with whom I keep in weekly or greater contact. Thing is he gets kinda weather grumpy about joe and doesn't always tell the truth.
Same here. I feel I know your hubby just from our exchanges.
Lovely here today.
But need .coffee.
Coffee sounds good. Maybe some half-can so I can have more without buzzing.
The big CA excitement is the Orrovile Dam spillway collapse. Near capacity and no way to overflow safely.
Stupid autocorrect. Half-caf.
Too little water to way too much?
Too much water to handle without a spillway. Statewide the water levels are double normal for this time of year and snowpack is double normal for the entire year.
It is too soon but I will probably have some engineering criticism of Oroville soon. Something doesn't look right.
A headine said rear might be missing. Oops. I guess they use forgot
.
Just forgot. Rebar. Damned spellcheck. In kali reservoirs never fill up!!!!.
The poor baby fish downstream are at risk.
If there is no rebar in the spillway, what about the dam itself? Classic California infrastructure corruption.
Good Morning!
LL, We have it set up for the kids to get money and real estate including the rentals. If they chose to continue to work it then they will have nice passive income. One can only hope they have that level of thought when the time comes.
My mom has enough that she cannot spend the passive income and mandatory distributions. First world problems.
I think they ought to find out right away!!
How about a good Alzheimers or diabetes charity?
I suspend my opposition to capital punishment for dam infrastructure corruption.
They have been instructed and there is a procedure guide so they are not clueless to what we have. One already has a rental so she is learning the skill.
Good morning!!
Do you use a prop mgmt service LBD?? That's the only way I could handle owning rental property..
The botanist married a CFP who knows this stuff. They'll do fine. Middle kid is a microecon wiz. Too soon to know about the baby.
Yes I have a property manager. I would not do it with one. Many think they will make more doing it themselves but I have more units and they buffer the small problems giving you less headache. I also believe they get more rent and pay for themselves.
Yeah..I would argue that it's not "passive" income if you're managing things yourself.. :<)
If you don't mind...how much do they charge you per month (per unit)?? I hear radio ads out here for a firm that charges $99 per month..not bad given rents for a two bedroom can run $2K+ up here..but that would really cut into the profits in flyover I would imagine..
As my rentals are SFR and the tenants are chosen for long term I use an agency for turn overs. This protects against any discrimination accusations and the bother of vetting applications. Once accepted I take over routine.
They charge 10% of the monthly rent and half a month for signing a lease. After the first lease expires the are month to month. Good property management is hard to find like anything. $99 a month would scare me in your market, then again different culture.
I'm guessing the $99 is a "teaser" rate..probably all kind of add-ons once you start talking to them...
what brand appliances do you guys buy for your rentals?? The place i live (owned by a big corporation) still seems to favor GE (which I believe isn't really "GE" any more..just in name)..
Generally I prefer the Craigslist brand. Seriously, appliances depreciate and people don't use them and are fickle to fads. On CL buy late model names you've heard of and that's fine. Last time I bought new it was whatever was being carried by Costco at that time.
What ever the deal of the week is on appliances. I have no clue what the brand of the ones I just bought are. No washer and dryers for me as some renters have their own and then you have to move and store them. Rent to own seems to work for most now days.
how funny...people carry around their own washer/dryers?? Used to drive me nuts down in SoCal when the rentals wouldn't come with a refrigerator..like I wanted to drag one of those around every time I moved..
Seems if they have any appliances those are the ones. I still have an almost new washer and dryer sitting in the basement of an old duplex for years. I think they are still there, maybe someone took them? I hope so then I don't have to move them!
10% for my one unit. Worth it so far.
People are very finicky about refrigerators as a client of mine found when he tried to include a refrigerator in the houses h e built and sold. Nobody ever liked the lone he chose. Other appliances they did care about.
Did NOT
Or those responsible have to live at the bottom of the dam.
if I was outsourcing my maintenance to a prop mgr..I'd worry they had some kind of kickback scheme in place with the maintenance folks..
I'm cynical that way..lol
Apologies. Blogger is acting up and refusing to publish the posts I have in the que. Keep talking here while I work on it.
I've never known a prop mgt firm that DIDN'T have a "tight" relationship with a maintenance company.
Not that much stuff has broken in my one unit. So far.
Mike, I would not be surprised favors are extended to property managers. Part of the real world and I see any large repair quoted in advance for my approval. You get a feel when they are out of line and generally can reel them in. I worry about the management company being in the sales business and actively sell my renters into owning. I guess you have to set your limits and be happy.
in the past two years..my complex (about 200 units I would guess) has had..
1) major retention wall/hill slide mitigation project
2) replace heating pipes (in walls) in every unit
3) several parking lot projects
now coming up on when all the roofs need to be replaced..
plus the normal stuff..appliances, hot water heaters, kitchen renovations/upgrades (between tenants), routine maintenance, etc etc
even with the rent spikes over the past five years..would be interesting to see if they are turning a profit..
oh yeah..there was a major pool repair project also..probably related to shifting land/hill issue
our maintenance manager is in his mid-40's I'd guess...looks like mid 60's from the stress ;<)
Yeah the one with my lonely unit is very gradually looking at new roofs. I have been told by the people that run the condo that prices have gone up 15% or so.
Never forget entropy.
A double slair of satelites will examine earth's gravity with month maps which will reveal earth's lumps and bumps and changes due to glaces movement and break off, which may reveal stuff about global warming. Don't tell anyone who doesn't want to know!!
Rats. Pair. . .monthly. . .glaciers. is there a way to edit my misspellings?
Don't tell anyone who doesn't want to know!!
you already did.. ;<)
Those are the GRACE satellites. They are still settling in. apparently takes a very long time for the readings they take.
http://www.csr.utexas.edu/grace/
I fully expect a lot of big surprises. I expect undersea volcanoes around Antarctica. A startling new image of the magma chamber under Yellowstone. Oddities of the Atlantic rift and through Iceland. Greenland upwelling due to glacial melting. Cool stuff.
I wonder if those satellites will pick up any retired climate scientists now living on FLA barrier islands.. ;<)
No joy with blogger?
Found the problem just need to get over to the blogging computer.
Good.
The atmospheric scientist is living on Merritt Island which he expects to become Merritt shoals if Trump has his way.
Yes..because Trump can control the impact of 2 billion people in Asia trying to claw their way up to what we would consider a lower middle class existence
but i don't blame you for keeping an eye on the glaciers if you choose to live on a barrier island in FLA.. for the rest of us..not in our top 20 concerns..
Mea culpa,mea culpa. But there are a lot of people along the coast who should worry. Like in New York City. And remember, I am on my 8 inch alp. People further down the street have got flooded in a weather event or 2, but so far not us.
The scientist does refuse to live directly along the shore.
Actually..if Trump is successful at getting MNC's to bring their manufacturing operations back to the US..that could have a huge beneficial impact on global warming (assuming you buy into AGW)
Just the reduction in transportation distances (ships, planes) will help a lot..as well as moving manufacturing facilities with low environmental standards (China, Mexico etc) back into the US with higher environmental standards..
This is the thing, along with trade that I did agree with Trump on. I have no confidence he will follow through in a serious way. I don't think he remembers what he said from one day to the next. He certainly doesn't hear any thing that contradicts his preconceptions.
The Dow is way up. Is this good or bad?
The Dow is way up. Is this good or bad?
Bad. There is no reason for so much up. Okay. Now to walk that back. I have been using the rise to reduce exposure. I am getting some good out of the bad.
Blog note: Back in the office soon. New post after that.
He certainly doesn't hear any thing that contradicts his preconceptions.
let's say it's four (or hopefully eight) years down the road..what would Trump have to do for you to rate him a successful POTUS??
You caught me. The truth is nothing, Because he can't.
Ok. Reduce the yearly deficit by half. Tax the rich to at least 15% more than what they are paying now, double the taxable ceiling on social security. Prohibit cash out refis, unless the borrower has owned the house for 10 years and negative am mortgages, abandon the F 35 plane and other stuff the Pentagon doesn't want or need. Make sure the banks keep say 5% of the assets the sell, for better or worse. Establish tariffs which equalize out social and ecological safety nets so jobs and pollution are not exported. Legalize pot everywhere. Shall I go on?
Oh, and tax all forms of sugar heavily.
Engage in no ne wars, unless to truly defend our republic.
that's a good list..some are not too far off from what he campaigned on (Pentagon buying things they don't need)..
so let's give him some space and see how he does..right now the D's won't even let his cabinet nominees begin their work..
the 5% bank thing..is that a capital ratio target?? what is it now??
Tier 1 capital ratio appears to be 6%..are you saying that needs to be reduced??
no more wars is a big one for me (unless we are attacked of course)...
enforce the immigration laws now on the books and reform the visa programs (H1B, etc) would be next...
tax rates are fine I think but fewer deductions/simplification would help
I would eliminate the cap on SS w/h altogether (at least greatly increase it)...
It would help if he stopped tweeting in the middle of the night.
well Obama had a compliant/fawning media to get his message out..Trump has to take a more direct approach..lol
k..running to the groc store...hopefully there will be a new post up when I return..
I don't care how much it is raining. It took way too long to put out some fires today. Back home but need to go out one more time then you all get several weekend posts I hope you enjoy. Again apologies that blogger and real life inconvenienced your running conversations.
You are doing great. Best conversations I have had in a long time.
dang..LBD grabbed comment #100.. :<)
while we wait for the next post..share this anecdote..
watching the local news the other night..we had just got six inches of snow so schools had been cancelled..and the news reporter was out on "the streets" interviewing people about it. She's talking to this gal (middle school age I'd guess..asking her about the "snow day"..and the girl says
Oh..I was so happy..I had a "Life Skills" exam scheduled for today..so now I don't have to take it"..
I'm thinking.."Life Skills??"..isn't that what your parents are supposed to teach you?? Now we've delegated that to our public schools??
Could be balancing a check book, that's ok. Or, how to scramble an egg. Or, interest rates and what a mtg is.
if it's personal finance stuff (dangers of credit cards..etc)..I guess that is helpful...but this is Seattle...so it's probably more like how to deal with micro-aggressions.. :<)
Chapter 3: Gender Ambiguity..Find Your Safe Space!!
That is actually helpful. I personally tend to catastrophize things, and my mother could never have helped with this, since she helped cause it, so I wouldn't sneak at this.
Hey, is this the Mike and Liz show,
We'd actually make for a good show Liz..opposite ends of the country + opposite political views..:<)
thought I saw a new post pop up (weather related)..but then it went away...
It's there, wait, it's gone for me too.
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