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If there is one thing that gay realtor Miami Beach experts have become aware of, including those that write about the topic in blogs and for Florida newspapers, it is that insurance rates for properties has gone sky high ~ and it is almost impossible to procure a reasonable insurance rate in some parts of the country that have been hit hard by hurricanes.
Gay realtor Miami Beach has noted that in a few cases a house deal has nearly been completed sabotaged when a buyer finds out how much it will actually cause to insure a home. The money can be in escrow, the mortgage approved and the homeowners could almost have the keys in hand, but the news about the insurance bill can kill it all!
Just how high are these premiums? Gay realtor Miami Beach has seen by as much as ten thousand dollars per year on the humblest of homes, with the price of insurance for higher priced homes much higher.
Are these rates even legal? Yes these insurance rates are legal. The insurance companies say they need to be this high in case a massive hurricane or some kind of catastrophe wipes out a huge part of Miami coastline. In such a disaster insurance companies are afraid of going broke and not being able to make property owners whole. It’s rumored that many insurance companies that deal with Florida home owners still owe them for damages from previous hurricanes ~ the damages were so enormous that they were simply unable to cut all of their clients the checks that they deserve, so they play the delay game.
Gay realtor Miami Beach warns the worst case scenario is companioning a low credit rating with an insurance application for homeowners insurance. The insurance companies tend to outright turn down people with less than perfect credit, or skyrocket their rates through the roof. It also does not help that Florida’s housing market, including Miami was one of the hardest hit during the lapse in the housing market ~ prices have plummeted, of course making it a great time to buy.
Many people have been forced to move out of the area because of the loss of tens, even hundreds of thousands of dollars in equity with the residential crash, and the thousands extra that they pay to the insurance companies for the privilege of protection does not help. Rising insurance rates in Miami have had people who used to be living comfortably living paycheck to paycheck and being forced to put their homes up for sale.
All that gay realtor Miami Beach can recommend to prospective buyers is that they do their homework well in advance of purchasing a home ~ don’t let this be last minute surprise. Otherwise you may have to forgo living in Miami, especially if you want to live on the coast where homes have very high insurance rates due to living beach side and right in the path of major storms. If you live more inland or in the suburbs then your insurance rates are a bit lower.