Damage bill rises as Frances batters Florida

[Tombstone]

Question: Should there be a limit on insurability and government bailouts for this and other regions of the country that sustain huge amounts of damage on an *ongoing basis - year after year?

"An early estimate of insured damage from the storm the second to strike the state in three weeks was between $2bn and $10bn, according to Risk Management Solutions, which provides risk assessments for the insurance industry."

[plazul]

Some folks just wont be able to afford homeowners insurance after this. I haven't heard that there's been any looting which surprises me.

[Tombstone]

You and I end up paying for this. I think insurance should be available, but maybe there should be caps in areas that have x amount of events in x years?

Shoot, they do it with flood insurance!

We used to carry earthquake insurance and boy, was that ever expensive.

[capt_buzzard]

You Yanks have everything. Even on the cheep. I pay 300 euro house insurance. 200 Euro Tv. Internet 150e per 2 months. Heating/electric 150 per 2 months. Food Mall per week 100e.that includes the dog. House maintenance another 400e per year. And that does not include social outings ect. Schools & College fees this year alone 3,000 to 5,000 euro. :-

[Bill Sikes]

Originally Posted by Tombstone

Question: Should there be a limit on insurability and government bailouts for this and other regions of the country that sustain huge amounts of damage on an *ongoing basis - year after year?

"An early estimate of insured damage from the storm the second to strike the state in three weeks was between $2bn and $10bn, according to Risk Management Solutions, which provides risk assessments for the insurance industry."

Isn't insurance for houses like insurance for cars? That is, the history of risk
of the individual/car dictates the premium, as does the risk of the house/location
and previous claims/risk assessment?

[Tombstone]

I wouldn't say that! We should do some cost comparisions. Others in the forum should add to this. Here is the typical monthly outgo for a small family that lives in California near any of the major cities - read: They have good paying jobs:

Mortgage: $1500 - $4000 month
Property taxes: $200 - 500 month
One car payment: $385.00 (Who has one car?)
Home insurance: $110 month
Auto insurance: $100 - 400 month
Gas/Electricity: $90 - 400 month
Garbage/Water/Sewer: $85.00 every 2 months

Originally Posted by capt_buzzard

You Yanks have everything. Even on the cheep. I pay 300 euro house insurance. 200 Euro Tv. Internet 150e per 2 months. Heating/electric 150 per 2 months. Food Mall per week 100e.that includes the dog. House maintenance another 400e per year. And that does not include social outings ect. Schools & College fees this year alone 3,000 to 5,000 euro. :-

[Tombstone]

I thought I would add this to the discussion:

California's Housing Affordability Index Falls Nine Points in June to Lowest Level Since November 1989
Median Prices By Region - Current Month vs. Year Ago

Jun-04 May-04 Jun-03
Statewide
Calif. (sf) $469,170 $463,690 r $374,540 r
Calif. (condo) $375,260 $366,560 r $288,490 r
C.A.R. REGION
Central Valley $279,100 $269,500 r $226,960 r
High Desert $225,260 $214,470 $153,840
Los Angeles $445,140 $434,790 $338,360 r
Monterey Region $621,920 $616,670 $495,830
Monterey County $575,000 $569,000 $421,000
Santa Cruz County $599,500 $639,000 $550,000
Northern California $347,980 $349,510 $285,950 r
Northern Wine Country $500,840 $488,210 $433,980
Orange County $657,930 $662,290 $479,410
Palm Springs/Lwr. Desert $346,700 $364,610 $257,140 r
Riverside/S. Bernardino $304,810 $292,060 $222,340
Sacramento $321,480 $306,870 r $251,910 r
San Diego $580,670 $565,030 $419,320
San Francisco Bay $655,990 $649,240 $572,870
San Luis Obispo $436,150 $422,660 $377,540
Santa Barbara County $572,370 $684,780 $389,530
S. Barbara South Coast $1,095,000 $1,100,000 r $822,500
N. Santa Barbara County $386,440 $378,890 $293,530
Santa Clara $642,000 $635,000 $565,000
Ventura $625,000 $614,850 $455,420

na -- not available
r -- revised
Source: California Association of REALTORS(R)