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Would I be an idiot
Posted on 2/22/20 at 10:52 pm
Posted on 2/22/20 at 10:52 pm
If I bought a house where the annual insurance premium is 7500? It's in a high fire risk area of California. It's on 10 acres of beautiful land, but my wife is afraid of the wildfire risk. Over 30 years I would be paying 150k more in insurance premiums assuming it doesnt go up at all.
9
Posted on 2/22/20 at 11:10 pm to Chasin The Tiger
I write policies that high weekly along the gulf coast.
However, fast majority are rentals, so it’s simply an expense to the owners.
However, fast majority are rentals, so it’s simply an expense to the owners.
Posted on 2/23/20 at 4:15 am to Chasin The Tiger
No one here is in a position to call you an idiot with the limited personal and financial info we know about you. This is purely up to you to decide if
quote:is both fiscally viable and personally worth it for this
Over 30 years I would be paying 150k more in insurance premiums
quote:
It's on 10 acres of beautiful land
This post was edited on 2/23/20 at 4:17 am
Posted on 2/23/20 at 5:33 am to Chasin The Tiger
It’s the California part that wouldn’t work for me. I’ve tried it twice - northern and southern - and it’s not for me long term. However, I have several friends that love it. You may too.
The financial decision is only part of it and it’s a big part. It doesn’t stop at fire insurance. I was stupid enough to incorporate my business there. Eventually dissolved it to start a new entity to cut shackles of cost and regulation.
The financial decision is only part of it and it’s a big part. It doesn’t stop at fire insurance. I was stupid enough to incorporate my business there. Eventually dissolved it to start a new entity to cut shackles of cost and regulation.
This post was edited on 2/23/20 at 7:36 am
Posted on 2/23/20 at 6:01 am to Chasin The Tiger
Is there a fire mitigation program that you can do upgrades to your house to lower the premium?
Posted on 2/23/20 at 7:01 am to Chasin The Tiger
quote:I hope not, because I'd be embarrassed to say how much we pay in comparison to that.
Would I be an idiot
If I bought a house where the annual insurance premium is 7500?
It obviously depends though.
If someone buys a $150K house with an associated $7.5K/yr insurance premium, it would rank high on the crazy scale. . . . a $7.5K/yr premium on a $1.5M home. . . . not so much.
Assuming stable premium rates, the market should speak to your question.
How is resale in the area?
Unless rates took a big jump with recent fires, insurance cost influence should be accounted for in pricing and average DOM. If those are good, you would not "be an idiot" in committing to the premiums.
Posted on 2/23/20 at 7:15 am to Chasin The Tiger
quote:
California
Posted on 2/23/20 at 7:38 am to Chasin The Tiger
quote:
If I bought a house where the annual insurance premium is 7500
I’m assuming you understand that you left out important details? $7500 on a $3 mil house is different then on a $300,000 house.
If it’s on 10 acres, is it not possible to create a buffer zone to your house? If you have nothing but grass and concrete for 200 yards in all directions from your house, would that not greatly reduce the chances of it catching fire?
Posted on 2/23/20 at 9:19 am to Chasin The Tiger
I pay $11,000/ year in property taxes in ILLINOIS. That doesn’t seem too bad
Posted on 2/23/20 at 11:38 am to baldona
House is 600k and I would need to create a buffer around the house. The land is heavily wooded so I would also need to clear brush and dead trees. Also thinking about installing a water tank with fire hose hookup, I see that at alot of properties around here.
We've looked at 20 different properties and are set on this one. The seller doesnt want to budge on price though.
We've looked at 20 different properties and are set on this one. The seller doesnt want to budge on price though.
Posted on 2/23/20 at 6:13 pm to Chasin The Tiger
quote:
If I bought a house where the annual insurance premium is 7500?
It gets worse when you can't find a company to insure your property at any price. This is only going to get worse in Calif. Don't do it.
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