Waterfront Homes Demand an Even Higher Price!

By
Real Estate Broker/Owner with Global Property Systems Real Estate DOS NYS #10491202606

Where waterfront property always demands a premium price

now it comes at an even higher price!

 

There are approximately 16 million households along the Gulf of Mexico and the Atlantic seaboard. In fourteen of the top fifteen states, homeowner’s insurance rates have risen by at least 44 percent in recent years. Florida has seen rates soar 91 % from 2003 – 2010* and now have the dubious accolade of being hit with the highest homeowners insurance rates in the nation. In general it’s the  coastal regions which are seeing the largest increases, however nationwide the cost of homeowners insurance has risen 36% from 2003-2010* with more hikes expected in the aftermath of  Irene and Sandy, and the recent catastrophes in tornado alley.

As claims have been on the rise with 39% of nationwide homeowners insurance claims payments paid out between 2004 to 2001 compared to 25% from 1997 to 2003, severe weather is seen as the major cause. However, insurers in an attempt to lure customers to more profitable life and auto insurance, appear to have been selling homeowners insurance too cheaply. Some regulators may also have been holding prices down in some states too, according to Rober Hartwig, president of the Insurance Information Institute of New York.

Should insurance be subsidized by the tax payers? But why should people in other areas without the cycles of huge storms be burdened with the costs of others?The general feeling is that people who want to live in areas constantly battered with mammoth storms causing damage in the billions should pay for it. But wouldn’t the areas frequently hit by horrendous fires caused by lightening also be subject to higher premiums in that case? Where will this it all end?

If you live in NY and your dream is to own a home on the waterfront, a lakefront property may well be the solution. We have several luxury waterfront listings currently available

Click on the pictures for more information:

 originally posted at Waterfront homes demand a premium price

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Piermont |  NY 10968 | USA

Licensed NY State RE Principal Broker


Our beautiful photography is courtesy of photographer Andre R Aragon  

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Rainmaker
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Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Vanessa,

Great blog that brings up many points that have been argued regarding insurance and who should be responsible for premiums.  Things to be considered carefully by buyers and sellers in areas affected - well done!

Jul 18, 2013 10:13 PM #1
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Rainmaker
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Vanessa Saunders

From Manhattan to the Catskills of New York
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