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Name:
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Harborcon
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Subject:
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Insurance situation
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Date:
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2/19/2007 2:06:40 PM
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Don't know if the same holds true in Alabama, but that seems waaaay out of line, unless their house is valued in the millions. I have a 14x65' mobile home on the gulf side of the beach road in Orange Beach. My total investment in the trailer was $9,000 10 years ago. It's insured for $18,000 replacement value. My contents are insured for $15,000. I pay about $1200/year for insurance and, in 10 years, have had a total of approximately $5,000 in claims (after Ivan). So now I have paid more in insurance than I did for the dwelling. I believe the trick is to have nothing there that I am unwilling to lose. I would still have the ground, even if everything else blew away, and I would replace it another trailer, even though I could build a house on it if I wanted. Some of the $1 Million homes on the beachfront 600' from me disappeared. It is obvious which were insured; they have rebuilt/restored what was left. For the rest, anyone who could afford the land would't be worried about insurance. My little place has a great view and is close enough to the water to suit me, very comfortable with a couple of bedrooms and baths, and attractively furnished. I believe my insurance (which was not canceled after Ivan and my claim) is fair. For those who want a "showplace" they must be willing to pay the price...again and again, if necessary, I suppose.
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