October 03, 2006
In Florida, Your Home Is Hostage To High Insurance Rates
Want a home in Florida? Be very sure you know how much you'll have to pay as homeowners insurance or you may end up like this guy. This buyer was set to close on the $299,000 home when he learned his insurance would cost him $4,700 a year. The big premium pushed his monthly payment past the lender's comfort level, and approval for the loan was yanked. Palmbeachpost.com reports:
The scotched sale is a scenario that's becoming all too common amid Florida's housing hangover, say real estate brokers and affordable-housing experts. Even as some sellers have lowered their asking prices, skyrocketing insurance premiums and property taxes have killed deals and sent buyers to the sidelines.
Read more: Nobody's market: Homeowners insurance, taxes vex would-be buyers
--
Did you enjoy this post?
