Naples FL Real Estate News - 07/24/07

July 25, 2007 Posted in Real Estate News 

Thinking about finding a bargain priced castle in Latin America rather in Naples FL? You might want to consider my thoughts. Homeowners insurance continues to draw attention and questions. Are you planning on riding out the next hurricane - you might not be alone, but is it wise?

HOME OWNERS INSURANCE

Florida’s property insurance woes aren’t going away anytime soon. Instead of discounting the cost to homeowners, insurers appear to have used the savings they received from new Florida laws to buy more reinsurance.

One small instigator of rising property insurance rates receives scant attention – lightning strikes. From 2004 to 2006, the cost of homeowners’ insurance claims due to lightning increased 20 percent and is expected to approach $1 billion this year.

HURRICANES

Florida homes had better be strong enough to withstand hurricane winds. Nearly one-third of residents in U.S. coastal areas say they won’t obey orders to evacuate if a major storm threatens, according to a new survey.

INTERNATIONAL

Florida remains a retirement haven, but for some globetrotters the restless search for sun-splashed tropical getaways is sending them farther south as they scout Latin America for second homes at a bargain price.

Looking for a bargain price may have a negative impact in the future - how stable is the government of the Latin America countries? Could these bargain hunters actually lose their investment in years to come?

SUBPRIME MORTGAGES

This is a test: How will the world’s financial markets react to real estate’s current subprime mortgage troubles? Regulators have changed the system hoping to avoid catastrophes of the past – now they’ll find out if it works.

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