Tampa Bay Survived- this time.
First of all, let me say that the destruction that we are seeing and the work needed to rebuild the area and the lives that are forever going be changed by this storm are at the forefront, I think, of everybody’s thoughts.
You know, not one of us missed the reality that that storm could very well have hit Tampa Bay.
So much of Florida has been impacted by the flooding and the issues from the storm everywhere from Fort Myers and Captiva through to Orlando, and even over to the east coast of Florida.
Hurricane Ian in Tampa Bay – Tampa Bay was SPARED!
Truthfully, Tampa Bay was spared. That said, though, I think there’s a couple of things that we should be keeping in mind locally in the days and months ahead. Firstly, please, please, please give any help that you can physically give or any financial assistance or donations of good source services to our neighbors to the south.
You know, those things are gonna be needed over the next several months for them. Secondly, we are not yet done with hurricane season. And if you found yourself unprepared, do what you can still now to prepare for the remainder of the season. It runs through to December 1st and when this season ends, start looking ahead to what you already know you need to do to be ready for the next season in 2023. That will start again on June the first.
Let’s talk about some things to bear in mind for the Tampa market moving forwards. And as you know, if you’ve been following us with us for a while, you’re quite up to date on what’s been going on in the local market. But there are some things that I think are worth mentioning right now. Firstly, there’s a great need for rental properties in the Tampa Bay and surrounding areas.
Rental Properties- what do you have available?
There are other people that are simply going decide to relocate by choice and avoid having to live through and stay in the recovery area. Don’t necessarily want to live through that whole process. And we saw that in Tampa Bay after Hurricane Katrina when many people relocated here from New Orleans. If you have a rental property available either for short term or for long term, even if it’s a VRBO or Airbnb, please feel free to reach out.
We are helping coordinate availability of rental homes with the demand for people that are looking.
I would also anticipate that demand for homes within Tampa Bay is going remain pretty steady at this point too.
Now clearly, some people who are half considering moving to Florida might stop and wonder if they’re actually gonna do it at this point. But on the whole, I would anticipate our markets staying pretty active.
With so many displaced people, whether for long term or short term needs, the fact that we still have low inventory and that we were untouched by the storm are right now positives for Tampa Bay.
Was Hurricane Ian the incentive to leave Florida?
If you are considering relocating out of the area or out of state because maybe you got some fear from the storm or you just re re looking at what your priorities are, now’s a great time to be getting your house in order, ready to go on the market, and we are happy to help you with that. So reach out.
Homeowners Insurance meltdown
I think the actual elephant in the room right now is homeowner’s insurance. So let’s dig into some of those issues and things that you can do that might help you get the best rates that are available for you. So, as a bit of background before Hurricane Ian even hit, Florida’s insurance market’s been in meltdown mode for about the last two years.
Next expect that premiums will continue to go up. Main reason for the rate increases is that the insurance companies have been losing money in Florida in the past three years. They’ve paid out 45 billion more in claims than they’ve taken in in premiums. And let’s face it, Hurricane Ian isn’t expected to, you know, improve that situation at all, but it’s a reminder of how costly hurricanes can be.
Homeowners Insurance- Action to Take right NOW
So as a homeowner, in light of hurricane Ian and the changes happening what are some of the things that you can do to get the best possible rate on your homeowner’s insurance?
1. Shop around
2. Raise your deductible. Another way to lower your homeowner’s insurance premium. Raise that deductible. It’s the amount of money that you would have to pay out of pocket in the event of a claim.
3. Think about any security features you could add. Things like burger alarms, deadbolt locks.
They can help lower your policy. Those features can deter criminals from targeting your home in the first place, which could help reduce the chances of a claim being filed.
4. Don’t insure unnecessary items- only insure things that are absolutely necessary. For example, if you’ve got things in your backyard, you might want to consider removing some things like a back backyard trampoline, and we’ll come onto some of those in a second.
5. Review your policy annually. Review that policy on an annual basis. Make sure it still fits your needs and as your life changes, so will your insurance needs. So keep that policy up to date.
Got an Insurance Non Renewal Notice?
So what might cause an insurance company to choose to drop you?
1. You live in a high risk area, But number two,
2. You have poor credit history, it’s one of the factors that home insurance companies use to determine whether to insure you.
3. if you have a history of making claims, if you’ve claimed on your homeowner’s insurance policy, they may also decide to drop you because homeowners insurance companies view customers who make frequent claims as being high risk.
4. if your home is in disrepair, your company can also drop you. This is because homes that are in disrepair are more likely to experience damage, which the insurance company will have to pay for.
5. If you don’t pay your premiums on time, then your homeowner’s insurance company is more likely to drop you for that. So other factors,
Did you know your dog’s breed could impact your homeowner’s insurance rate? Yep. According to the insurance companies, some companies will raise your rate to account for the increased bite risk. A Manicured lawn, a sparkling swimming pool, that sturdy treehouse a trampoline in your yard? These are some of the things that make your home more enjoyable, but they also tend to invite trespassers, especially if they’re not properly secured. So they’re called “attractive nuisances” and include anything that could be potentially dangerous but is still appealing to other people coming in.
Moving forwards from Hurricane Ian
Moving forwards from the storm- plan now for what you’re going to do for the next storm plan, how you can make sure that you manage to keep some affordable homeowner’s insurance. And if you are thinking of making a move, we’re here to help.
