Buying a lake community home in the winter

[FlyingScot]

Originally Posted by TiltonBB

I have a different experience. Recently, 11 insurance companies announced they are returning or entering the Florida market so that may help create competition and hold down price increases.

You're closer to this than I am, so I feel awkward questioning you. But with the weather of the past few years, it's hard to look at Florida real estate as anything but an insurance time bomb waiting to go off

[Newbiesaukee]

Originally Posted by FlyingScot

You're closer to this than I am, so I feel awkward questioning you. But with the weather of the past few years, it's hard to look at Florida real estate as anything but an insurance time bomb waiting to go off

I wasn’t going to raise that issue. In fact, we’ve lived and worked in Florida for over 50 years. Our house was totaled in Hurricane Andrew and we never returned to it. It was a traumatic experience and we said when we could both retire we would spend hurricane season somewhere else. Hence our first visit to Winni and purchasing on the Lake.

In essence, we’re “sunbirds” rather than “snowbirds.”

Certainly, millions of people live in FL and enjoy it. But IMO ignoring that risk anywhere in Florida is not realistic and that discussion should be in anyone’s plans.

[TiltonBB]

Originally Posted by FlyingScot

You're closer to this than I am, so I feel awkward questioning you. But with the weather of the past few years, it's hard to look at Florida real estate as anything but an insurance time bomb waiting to go off

I understand your perspective. My current Florida home is about 1 mile East of route 75 in Fort Myers and about 1 mile south of Fort Myers Airport. The neighborhood, Wild Blue, is on a former stone quarry of 660 acres that is now a 660 acre lake, generally 25 to 35 feet deep. That makes me appreciate Winnipesaukee!

This far inland I have no concern about a storm surge. I do keep watching insurance costs and I think if they rise dramatically I would consider selling the house. However, if the insurance cost goes way up it will probably diminish the resale value. I closed in May 2021 and the last couple of new houses in this 670 house community are now on the market. The good news is that new and resale houses are selling for about 150% more than I paid so I have no worry about getting my money back.

I have a friend with a waterfront home with a boatlift. His insurance is $10,800 per year.