09-24-2008, 01:22 AM
DP wrote:
How about an insurance caveat like in southern California: You build here we don't insure you.
It used to be that in NC, you got a lower rate for flood/hurricane insurance if you were 1500 ft from the high tide mark. But since many NC beach homes are on large , flat islands that are only 10 feet or so above sea level, the entire island goes underwater pretty much as a whole.
There are many stories of home owners being offered $30,000+ /year rates for hurricane insurance...
No beach rental income on a standard beach home can accommodate that plus property taxes.
So beach homes are now the huge risk that they really are....