What’s happening with the Mountain View Center project?

The Villages has nothing to do with Mt. View either. What's your point?

 

Good question, Dave.

 

Common sense would tell you that people who live in a hurricane zone, tornado zone, or along the San Andreas Fault would have to have extra insurance and higher premiums for the particular area. This is nothing new. Florida hurricane insurance dates back to 1970.

 

You are correct which is probably why Dave asked the question. It would be nice to see the data.

 

Insurance varies by a lot of different factors, it's the extra insurance that really make the difference i.e. hurricane insurance, if you live in a flood zone, or living near an earthquake fault, etc. Even in Illinois when we did loans it was mandatory to check if the property was in a flood zone and if so an add on insurance policy was required. Comparing insurance rates in The Villages to this community doesn't really mean anything. It would be the same as comparing costs for a home in Scottsdale or PV to Sun City.

AI generated.
The cost of homeowners insurance is determined by assessing the risk of potential claims and the cost to cover those claims. Insurance companies analyze various factors to calculate your premium, including:
1. Location

• Geographic Risks: Areas prone to natural disasters like hurricanes, tornadoes, wildfires, or flooding generally have higher premiums due to increased risk of damage, according to AAA.
• Crime Rates: Higher crime rates in a particular neighborhood can also increase your premiums.
• Proximity to Emergency Services: Homes close to fire stations and fire hydrants may qualify for lower rates because they are at lower risk of fire damage.

2. Home characteristics

• Age and Construction: Older homes or those built with more flammable materials (like wood) may have higher premiums compared to newer homes constructed with durable materials.
• Size and Replacement Cost: Larger homes or those with unique features (like stained-glass windows) generally cost more to insure because they would be more expensive to repair or rebuild.
• Safety Features: Smoke detectors, burglar alarms, sprinkler systems, and other safety measures can reduce risk and potentially lead to lower premiums.
• Roof Condition: A newer, well-maintained roof can also result in lower rates.

3. Coverage and deductible choices

• Coverage Limits: The higher the coverage limits you choose for dwelling, personal property, and liability, the higher your premiums will be.
• Deductibles: A deductible is the amount you pay out-of-pocket for a claim before your insurance kicks in. Choosing a higher deductible typically results in lower premiums, while a lower deductible means higher premiums.

4. Claims history

• Past Claims: A history of filing multiple claims can signal a higher risk to insurers, potentially leading to increased premiums.
• Type of Claims: Certain claims, like those from easily preventable perils (e.g., kitchen fires), might have a greater impact on your premiums than claims related to unavoidable events (e.g., a tree falling during a storm), according to Hippo Insurance.

5. Other factors

• Credit Score: In some states and with some insurers, a good credit history can lead to lower premiums.
• Bundling Policies: Purchasing multiple policies (like home and auto) from the same insurer may qualify you for discounts.
• Lifestyle Choices: Factors like owning certain dog breeds or having a swimming pool can also affect your rates.

By understanding these factors, homeowners can better grasp how their insurance premiums are determined and potentially explore ways to lower their costs, such as by improving home security, bundling policies, or adjusting deductible levels.

 

Flood insurance is underwritten by the Federal government and they issue a separate policy. This was done by the RCSC as we had separate areas that tended to flood when we experienced actual rain.

 

Link: Flood

AI Generated
You can obtain flood insurance in Illinois through the National Flood Insurance Program (NFIP) or some private insurance companies.
Through the National Flood Insurance Program (NFIP)

• The NFIP is a federal program administered by FEMA that provides flood insurance in participating communities.
• You can purchase an NFIP policy through any insurance company that partners with the NFIP. Many major insurance carriers, including Farmers and USAA, participate in the NFIP's Write Your Own (WYO) Program.
• You can also get a quote and find a policy by using the NFIP Quote Tool or by calling the NFIP directly at 877-336-2627.

Through private insurance companies

• Some private insurance companies offer flood insurance as an alternative to NFIP policies.
• You can consult with an independent insurance agent or broker to explore private flood insurance options available in Illinois.

Local Illinois insurance providers
Some local Illinois insurance providers that may offer flood insurance include:

• Konen Insurance Inc. in Aurora, IL.
• Blue Insurance Group in Warrenville, IL.
• Levitt Insurance Agency in Washington, IL.
• First State Insurance in Mendota, IL.
• Illinois Insurance Center in Hillside, IL.

It is important to remember that there is generally a 30-day waiting period before flood insurance coverage takes effect, so it is recommended to not wait until a storm threat or natural event is imminent.

 

Thanks for the AI generated info on this topic. I have been away from this over 25 years so things change, like owning a flip phone. I still have my original phone. I find it strange that Farmers would go into this line coverage as they are part of Zurich Insurance which is basically a conservative company. I worked for them for a few years after they purchased the company I worked for. They never really understood what we did other than making a ton of money every years. Since you worked in insurance you would understand a company with a loss/expense ratio of 63% is a money machine. My personal ratio over the years I worked was about 3.5,% which was acceptable.

Geoffrey de Villehardouin, 18 minutes ago


My pleasure! I never said I worked in insurance. We had our Mortgage Brokerage Company and making sure people had the proper insurance was just a part of our due diligence to ensure closings went smoothly. This was in the 1990's, so the same amount of time has gone by for me. Yes, part is A.I. Generated, and I have linked a url to the Illinois Dept. of Insurance as verification. You take care now.

Very similar to our first "portable phone" Driven to cell phone distraction | Work Smart. Work Safe.

Link: Flood