[Kzeus]

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

[dewilson58]

May want to do research.

Look at older homes sold in TV over the last year or six months.

Facts are much better than social media hype.

[Pairadocs]

Originally Posted by dewilson58

May want to do research.

Look at older homes sold in TV over the last year or six months.

Facts are much better than social media hype.

Oh my, that may be too rational a reply of this type of " comment board"...

[rjm1cc]

I would find several insurance brokers in the area and ask then how the age affects the ability to get insurance.
For 20 years old homes the roof has probably been replaced so be sure to discuss roof requirements for homes and what proof you will need if the roof was replaced.

[CarlR33]

If it has withstood the test of time in Florida weather for 20 years must mean something?

[Dusty_Star]

Originally Posted by Kzeus

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

Whether or not a house purchaser buys insurance, is of no concern to the seller. Just like everything else a purchaser may or may not do once they are the new homeowners. So the answer to your question is: Easy.

Look at it another way, let's say you purchase a house & want to sell it in a few years. Is the purchasing of insurance by the buyer of any concern of yours? The purchaser might decide to self-insure. The only way it might become a concern is if deals fall through because people can not find insurance. But that probably just means the house will be on the market for longer.

[Snakster66]

Originally Posted by Dusty_Star

Whether or not a house purchaser buys insurance, is of no concern to the seller. Just like everything else a purchaser may or may not do once they are the new homeowners. So the answer to your question is: Easy.

Look at it another way, let's say you purchase a house & want to sell it in a few years. Is the purchasing of insurance by the buyer of any concern of yours? The purchaser might decide to self-insure. The only way it might become a concern is if deals fall through because people can not find insurance. But that probably just means the house will be on the market for longer.

Then it's not so easy is it? Sellers can't sell if buyers can't buy.

That said, I don't think it's so dire, so it is a moot point (original question). May be a little tougher to get insurance, but not impossible.

[Rainger99]

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

[Stu from NYC]

Houses are still selling. We are paying more for insurance for sure but we have it

[Pairadocs]

Originally Posted by Kzeus

We are moving to The Villages in about a month and have been mulling this question:
How can someone sell a home older than 20 years, if insurance companies refuse to insure at all, or charge exhorbitant fees? And, conversely, why would anyone buy an older home?
We welcome all *kind* responses. Thank you.

The reasons to buy an existing home are numerous, as we found out when we bought NEW, but most of us have no idea when we are new to the development. NOW, we realize the expense of even such things as: driveway enhancement with pavers or painting, fitted closets with much more than a simple rod and a wire shelf, window treatments and/or plantation shutters, gutters and gutter guards, flooring of and installing stairs to the attic above the garage, enclosing a lanai, landscaping beyond the a single tree and a few very inexpensive bushes, roll out cabinet and pantry shelves, garage shelving and storage components, I could go on literally for two more paragraphs with the additional costs we incurred for all the things you are likely get with a with preowned home but do not amount to a huge difference in price. Other considerations are many preowned homes have no bond or at least a substantial portion already paid off. You really REALLY have to do detailed research and not take the opinions of any of us who post, including this post ! LOL !

[Pairadocs]

Originally Posted by Stu from NYC

Houses are still selling. We are paying more for insurance for sure but we have it

And keep in mind, the "insurance thing" is not exclusive to Florida. Retired relatives in planned communities in Arkansas and in Tennessee are experiencing the same thing, mind blowing increases of 50 to 100% ! We did recently find out that there are at least two local real estate businesses who said they would NOT accept our home as a listing unless we FIRST replaced the roof. Although we have had a wind mitigation AND have had the roof inspected by two genuine INDEPENDENT inspectors (not sales people posing as "inspectors") and found the roof sound, no leaks, no missing shingles, etc. but it is a "Florida thing" that you purchase a new roof even if you have no need for it... so it is what it is. Many times people seem to believe just getting a new, but unneeded, roof will reduce the premiums. My brother in law recently found out their new roof INCREASED their premium by $487. The reason ? It's a NEW roof, so like a new car, it's "worth more" so the premium is raised. Got that "logic", or should I repeat it one more time ? LOL !

[Inspector Mark]

The OP said they only wanted kind reply's yet she just insulted everyone who has a home older the 20 years by saying, why would anyone buy an older home.

We just bought a CYV that is close to 30 years old. Had no problem getting home owners ins.

I have no idea why they think an older home is not insurable.

The issue is about the age of roofs not the age of homes.

[Pairadocs]

Originally Posted by rjm1cc

I would find several insurance brokers in the area and ask then how the age affects the ability to get insurance.
For 20 years old homes the roof has probably been replaced so be sure to discuss roof requirements for homes and what proof you will need if the roof was replaced.

Good advice ! But... keep in mind shopping/comparing companies should be your top priority but don't expect to be "thrilled" with the results, just like auto insurance, the price of insurance is sky high everywhere and who knows how it will all end ? Insurance was always a risky business, you make money and you incurred losses, but gradually the insurance companies began to fundamentally change that, like casinos, they understand there will be some losses, but they have structured, like casinos, to make certain the "house" always comes out with a profit. While casinos often publicly acknowledge the HUGE losses they have endured ( so and so won 5 MILLION dollar at our slot machine.... etc.), so do insurance companies, pointing to lightening, flooding, tornadoes, hurricanes, typhoons, and hail, among other "causes" of large losses. In other words, the same weather phenomena that have been with us since insurance first was developed into a for profit business. It was give and take, but overall, of course it was managed to make a profit. Now, giants have stockholders who expect profits, and companies just continue to make sure those profit levels continue to rise.

[gatorbill1]

20 year old homes are not a problem - probably everything - roof, ac, hot water heater, etc have been changed and kitchen and baths remodeled.

[Pairadocs]

Originally Posted by Rainger99

What do people who live in homes built before 2010 pay for insurance?

Have you replaced the roof?

Was it difficult to get insurance?

18 year old home and paid $2486.

Replaced roof and premium was raised to $2770.

Relative in S.Springs experienced the same, replaced roof and premium was raised, but if roof was not replaced, they would be dropped, so really it's not a choice.

As for finding a company, most brokers can come up with a choice of 2 or 3, but the rating, what would happen if it was actually used, is anyone's guess. Have personal knowledge of individuals closer to the coast who incurred significant hurricane damage during Charlie years back... they spend nearly everything in their retirement savings on lawyers trying to get their well known insurance company to repair their home. You have to be careful, many companies will "shift" as much damage as possible to the result of "flooding" and claim they have no liability. It's a mine field, or should I say a shark tank ?