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Updates and Valuable Free Information.
Property Insurance is a hot topic for the main stream media. If a person did not do all the reasearch they might think you could not get Insurance in Florida.
Fortunately, there are many experts in the area to guide you through the sometimes murky waters of the insurance industry.
Here is a new online tool that will allow consumers to compare homeowners' insurance rates in all 67 counties. It's called www.ShopandCompareRates.com They have collected the approved homeowners' rates for 25 insurance companies, including Citizens Property Insurance Corporation, based on the following example: a $150,000 masonry home that is 5-years old, has a $500 non-hurricane deductible, a 2% hurricane deductible, has no claims, and no wind mitigation discounts. Companies have several rating territories in each county, so those rates were averaged into a single rate in each county for each company. They hope to expand this feature to include more companies and more options in the future.
www.floir.com The Florida Office of Insurance Regulation ensures that insurance companies licensed to do business in Florida are financially viable, operating within the laws and regulations governing the insurance industry; and offering insurance policy products at fair and adequate rates which do not unfairly discriminate against the buying public.
www.citizensfla.com Citizens Property Insurance Corp is a State-run insurer
As a last resort, home buyers who can't obtain insurance can turn to the state's Citizens Property Insurance Corp. which is the state's largest homeowners property insurer. The Florida Legislature created the corporation in 2002 by merging two underwriting agencies, Florida Residential Property and Casualty Joint Underwriting Association and the Florida Windstorm Underwriting Association, to provide insurance to people in high-risk areas who can't find coverage in the private market. Citizens Property Insurance is working on a system that would give policyholders the option to pay their premiums annually, semi-annually or quarterly. By spreading the payment, Citizens hopes it will alleviate financial pressures brought on by a high-risk state. But it may also mean that Citizens will have to take on more risk.
Talk to insurance companies early to find the best deal and bind the coverage as soon as possible.
When you have a good idea that you may be purchasing a property in a general area, it is recommended to start shopping around and talking to insurance companies for quotes. It's similar to what you would do for a mortgage.
A binder - is an insurance company's commitment to cover the home buyer. Just as a loan lock is a lenders commitment to lock in a rater for a specific time. Without a binder, real estate deals can be delayed when insurance companies shut off new coverage because of hurricane or tropical storm reports.
Most insurance companies track weather patterns to determine when and where to temporarily stop issuing policies. In hurricane season, before you are ready to go under contract get that binder. Buyers must put money down toward the insurance costs to get a binder, but the money will be refunded if the deal falls through.
June 15, 2007 The State of Florida approves eight insurers, limits who they can cover and pricing.
State insurance regulators have given eight new property and casualty insurance companies approval to write policies so far this year, already doubling the number of insurers that entered the market as of May last year. The companies are limited in who they will cover and at what price. Among the eight insurers approved by the Florida Office of Insurance Regulation, four are standard insurers, three are nonstandard insurers -- also called surplus line carriers -- and one is a reciprocal exchange, in which the members pay a first-year fee that becomes the initial capital for the insurer.
Monday, February 18, 2008
Saturday, February 16, 2008
Florida Real Estate Market Research
www.TopTeamWeb.com
Feb 2008 - In the Tampa Bay Florida On Average - Property under 250,000 is in a stable buyers market. $250,000 to $500,000 is in a good buyers market. Property over $500,000 is in an extreme buyers market...meaning more price reductions and better negotiating.
The market has stabilized in certain areas of Tampa Bay Florida. Overpriced properties still exist and sellers are hoping for an uniformed buyer to show up. That will not be you, when you use exclusive buyer representation.
Two years ago many Investors played musical chairs with investments and bought overpriced real estate they intended to 'flip' or sell for a profit. Many since....have sold for losses...sometimes substantial. I represented and negotiated a deal recently for a buyer and the seller took an $85,000 loss on a $425,000 investment property that was a vacant and on the market for over 9 months.
Proper research and facts in this current market are critical. Don't judge real estate nationally...but locally.
Remember, you are probably considering buying only one property at this time.
Listing Agents represent the Sellers....so have a Buyers Agent find out......
How much did they pay and when?
How much mortgage debt remains on the property. Was it a secondary residence?
Is it vacant?
What did others pay going back to when the unit was first built.
How many days has it been on the market with the current listing agent?
How many other listing agents marketed it and for how long?
What are comparable properties selling for in the last 6 months.
What is the condition of the property?
Feb 2008 - In the Tampa Bay Florida On Average - Property under 250,000 is in a stable buyers market. $250,000 to $500,000 is in a good buyers market. Property over $500,000 is in an extreme buyers market...meaning more price reductions and better negotiating.
The market has stabilized in certain areas of Tampa Bay Florida. Overpriced properties still exist and sellers are hoping for an uniformed buyer to show up. That will not be you, when you use exclusive buyer representation.
Two years ago many Investors played musical chairs with investments and bought overpriced real estate they intended to 'flip' or sell for a profit. Many since....have sold for losses...sometimes substantial. I represented and negotiated a deal recently for a buyer and the seller took an $85,000 loss on a $425,000 investment property that was a vacant and on the market for over 9 months.
Proper research and facts in this current market are critical. Don't judge real estate nationally...but locally.
Remember, you are probably considering buying only one property at this time.
Listing Agents represent the Sellers....so have a Buyers Agent find out......
How much did they pay and when?
How much mortgage debt remains on the property. Was it a secondary residence?
Is it vacant?
What did others pay going back to when the unit was first built.
How many days has it been on the market with the current listing agent?
How many other listing agents marketed it and for how long?
What are comparable properties selling for in the last 6 months.
What is the condition of the property?
Pent Up Demand means Bargains
www.TopTeamWeb.com
1st Quarter 2008
Realtors around the state of Florida expect buyers and sellers’ pent up demand to generate an immediate increase in home sales following passage of Amendment 1, which allows buyers to take their Save Our Homes tax savings with them when they move.
“People who buy now are getting a great deal because home prices have fallen,” says FAR President and St. Petersburg Realtor Nancy Riley. “These price reductions, combined with portability, will mean a great deal on the taxes owed on their new home.” "Those who have been dreaming of buying their first home will find this the best market in many years.”
1st Quarter 2008
Realtors around the state of Florida expect buyers and sellers’ pent up demand to generate an immediate increase in home sales following passage of Amendment 1, which allows buyers to take their Save Our Homes tax savings with them when they move.
“People who buy now are getting a great deal because home prices have fallen,” says FAR President and St. Petersburg Realtor Nancy Riley. “These price reductions, combined with portability, will mean a great deal on the taxes owed on their new home.” "Those who have been dreaming of buying their first home will find this the best market in many years.”
Has the Market Bottomed part 2
http://www.tampabaycondosale.com
Feb 2008 - Each transaction is individual. Many recent sales were rock bottom purchases for the Buyers.
A few recent examples for your consideration
2BR 2BA Waterfront Condo MLS# 7256439 Orig List Price: $525,000 Reduced to List Price: $484,500
2007 SOLD Sales Price: $250,000 Address: 895 Gulfview Blvd S 303 Clearwater, FL
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3BR 2BA Waterfont Condo MLS# 7251356 Orig List Price: $639,000 Reduced List Price: $574,000
SOLD Sales Price: $480,000 Address: 530 Gulfview Blvd S 702 Clearwater Year Built: 2006
--------------------------------
2BR 2BA Gulf Front Condo Clearwater Beach Orig List Price: $524,900 - SOLD Sales Price $406,250
We believe the market is ripe for bottom pickings
Feb 2008 - Each transaction is individual. Many recent sales were rock bottom purchases for the Buyers.
A few recent examples for your consideration
2BR 2BA Waterfront Condo MLS# 7256439 Orig List Price: $525,000 Reduced to List Price: $484,500
2007 SOLD Sales Price: $250,000 Address: 895 Gulfview Blvd S 303 Clearwater, FL
--------------------------
3BR 2BA Waterfont Condo MLS# 7251356 Orig List Price: $639,000 Reduced List Price: $574,000
SOLD Sales Price: $480,000 Address: 530 Gulfview Blvd S 702 Clearwater Year Built: 2006
--------------------------------
2BR 2BA Gulf Front Condo Clearwater Beach Orig List Price: $524,900 - SOLD Sales Price $406,250
We believe the market is ripe for bottom pickings
Has the Real Estate Market Bottomed
Record-low mortgage rates, pent-up demand and a large selection of properties bode will for Buyers. http://www.tampabaycondosale.com
The Hot Florida real estate market from 2003 to 2005 has dissipated. From 2006 to the present, there has been an increasing inventory of listings with asking prices well below the actual purchase price. The majority were speculators that got caught up in the frenzy. No one can predict the bottom for national, regional or even local real estate.
The one thing that is certain is the amount of bargains that now exist...that may not be on the market for those waiting for the bottom. A detailed comparable analysis, days on the market, sellers purchase price, sellers current mortgage outstanding, use as an investment or permanent residence is the first step to review on any property that interests. The second step is not to deal with the Sellers Listing Agent...but to use a Buyers Agent... with strong experienced negotiating skills to help you determine an offering price on the property you want to purchase.
Each transaction is individual. Many recent sales were rock bottom purchases for the Buyers.
The Hot Florida real estate market from 2003 to 2005 has dissipated. From 2006 to the present, there has been an increasing inventory of listings with asking prices well below the actual purchase price. The majority were speculators that got caught up in the frenzy. No one can predict the bottom for national, regional or even local real estate.
The one thing that is certain is the amount of bargains that now exist...that may not be on the market for those waiting for the bottom. A detailed comparable analysis, days on the market, sellers purchase price, sellers current mortgage outstanding, use as an investment or permanent residence is the first step to review on any property that interests. The second step is not to deal with the Sellers Listing Agent...but to use a Buyers Agent... with strong experienced negotiating skills to help you determine an offering price on the property you want to purchase.
Each transaction is individual. Many recent sales were rock bottom purchases for the Buyers.
Sunday, November 18, 2007
Florida Property Tax Reform
http://www.TampaBayCondoSale.com
November 2007 - The final tax reform proposal passed both chambers.
Floridians will have a chance to vote for some property tax relief in January.
The highlights of the Constitutional Amendment are as follows: Expands the homestead exemption. Allows "portability" of accumulated Save Our Home benefits for homestead property owners. 10% assessment cap for all non-homestead and commercial properties. Tangible Personal Property exemption of $25,000 for small businesses.
November 2007 - The final tax reform proposal passed both chambers.
Floridians will have a chance to vote for some property tax relief in January.
The highlights of the Constitutional Amendment are as follows: Expands the homestead exemption. Allows "portability" of accumulated Save Our Home benefits for homestead property owners. 10% assessment cap for all non-homestead and commercial properties. Tangible Personal Property exemption of $25,000 for small businesses.
Thursday, January 11, 2007
Florida Special Session to Cut Insurance Costs
Mortgage Info http://www.floridaonlinemortgages.com
Free Real Estate Search http://www.topteamweb.com
Florida House proposes range of special session bills to cut insurance costs
TALLAHASSEE, Fla. – Jan. 11, 2007 – The Florida House of Representatives unveiled its insurance reforms yesterday. It’s too soon to predict which initiatives will survive, much less find agreement between the House and Senate, but Florida Association of Realtors®’ (FAR) Vice President of Public Policy John Sebree says the House’s proposals go “far beyond where we thought they would go in an effort to cut rates for consumers.”
The proposed reforms will be discussed in a workshop today and considered as six separate bills during the special session of the legislature that begins next week.
According to House leaders, their reform package is “designed to cut homeowners insurance rates by 25 percent, replace Citizens Property Insurance’s Board of Directors and rollback the company’s most recent rate increases, crack down on pup companies and cherry-picking, and ensure that consumers are treated fairly by insurers.”
“Pup companies” are Florida subsidiaries of national property insurance companies such as State Farm Florida and Allstate Floridian. Critics say that the national firms create new Florida-only companies that make overall losses appear worse than they are by comparing hurricane losses only to income derived from state policyholders, ignoring large profits generated derived from property insurance policies in other states.
Highlights of the House reform package:
• Require that existing pup companies increase their investment in Florida by creating a surplus of 133 percent of the minimum required statutory surplus.
• Prohibit the formation of any future pup companies in Florida.
• Require Florida’s Office of Insurance Regulation to consider the profitability of national affiliates during the rate review process for current Florida-based subsidiaries.
• Eliminate the practice of “cherry-picking” coverage, affecting insurers that offer other types of insurance policies in Florida, such as auto, and property insurance in other states. If passed, these insurers would have to be “meaningfully engaged in the sales of property insurance in Florida.”
• Require insurers to consider the storm-worthiness of homes, rather than the date of construction, to determine risk.
• Require insurers who purchase low-cost reinsurance through Florida’s CAT Fund to pass 100 percent of that savings onto consumers.
• Repeal the Jan. 1, 2007, Citizens Property Insurance rate filing and refund to property owners any premium already paid.
• Freeze Citizens Property Insurance rates effective on Dec. 13, 2006, for the duration of 2007.
• Require Citizens’ rates to be actuarially adequate, but no longer requires Citizens’ rates to be the highest in the market.
• Eliminate the reinsurance factor used to calculate Citizens’ rates, which should eliminate an estimated 56 percent increase in current rates.
• Allow homeowners to make Citizens policy payments on an installment basis.
• Suspend the provision in law that allows insurance companies to automatically raise rates without review.
• Eliminate regional exemptions to the Uniform Building Code.
• Advocate the creation of a National State Summit on Property Insurance between Florida, other high-risk states, and elected and appointed leaders in the federal government.
• Renew Florida’s commitment to the creation of a National Catastrophe Fund.
• Renew Florida’s commitment to amending the Internal Revenue Service code to allow tax-deferred hurricane reserve accounts.
• Renew Florida’s commitment to amending Internal Revenue Service code to allow hurricane savings accounts.
• Establish Florida’s commitment to amending Internal Revenue Service code to allow a personal income tax deduction for home mitigation.
Free Real Estate Search http://www.topteamweb.com
Florida House proposes range of special session bills to cut insurance costs
TALLAHASSEE, Fla. – Jan. 11, 2007 – The Florida House of Representatives unveiled its insurance reforms yesterday. It’s too soon to predict which initiatives will survive, much less find agreement between the House and Senate, but Florida Association of Realtors®’ (FAR) Vice President of Public Policy John Sebree says the House’s proposals go “far beyond where we thought they would go in an effort to cut rates for consumers.”
The proposed reforms will be discussed in a workshop today and considered as six separate bills during the special session of the legislature that begins next week.
According to House leaders, their reform package is “designed to cut homeowners insurance rates by 25 percent, replace Citizens Property Insurance’s Board of Directors and rollback the company’s most recent rate increases, crack down on pup companies and cherry-picking, and ensure that consumers are treated fairly by insurers.”
“Pup companies” are Florida subsidiaries of national property insurance companies such as State Farm Florida and Allstate Floridian. Critics say that the national firms create new Florida-only companies that make overall losses appear worse than they are by comparing hurricane losses only to income derived from state policyholders, ignoring large profits generated derived from property insurance policies in other states.
Highlights of the House reform package:
• Require that existing pup companies increase their investment in Florida by creating a surplus of 133 percent of the minimum required statutory surplus.
• Prohibit the formation of any future pup companies in Florida.
• Require Florida’s Office of Insurance Regulation to consider the profitability of national affiliates during the rate review process for current Florida-based subsidiaries.
• Eliminate the practice of “cherry-picking” coverage, affecting insurers that offer other types of insurance policies in Florida, such as auto, and property insurance in other states. If passed, these insurers would have to be “meaningfully engaged in the sales of property insurance in Florida.”
• Require insurers to consider the storm-worthiness of homes, rather than the date of construction, to determine risk.
• Require insurers who purchase low-cost reinsurance through Florida’s CAT Fund to pass 100 percent of that savings onto consumers.
• Repeal the Jan. 1, 2007, Citizens Property Insurance rate filing and refund to property owners any premium already paid.
• Freeze Citizens Property Insurance rates effective on Dec. 13, 2006, for the duration of 2007.
• Require Citizens’ rates to be actuarially adequate, but no longer requires Citizens’ rates to be the highest in the market.
• Eliminate the reinsurance factor used to calculate Citizens’ rates, which should eliminate an estimated 56 percent increase in current rates.
• Allow homeowners to make Citizens policy payments on an installment basis.
• Suspend the provision in law that allows insurance companies to automatically raise rates without review.
• Eliminate regional exemptions to the Uniform Building Code.
• Advocate the creation of a National State Summit on Property Insurance between Florida, other high-risk states, and elected and appointed leaders in the federal government.
• Renew Florida’s commitment to the creation of a National Catastrophe Fund.
• Renew Florida’s commitment to amending the Internal Revenue Service code to allow tax-deferred hurricane reserve accounts.
• Renew Florida’s commitment to amending Internal Revenue Service code to allow hurricane savings accounts.
• Establish Florida’s commitment to amending Internal Revenue Service code to allow a personal income tax deduction for home mitigation.
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