Hurricane advice - LTR flooded

[Deborah R.]

Who has had their rental significantly damaged by a hurricane/tornado/flooding?  

What's the basic steps if the house isn't habitable?  

I'm guessing we end the lease, contact insurance, do repairs - then relist it for rent?  Pretty sure at least one of my rentals in Tampa is flooded.  

Thanks in advance!

[Steve K.]

Quote from @Mike H.:

Quote from @John Clark:

Quote from @Mike H.:

its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather.

 That may be what people want, but that's not what they're going to get. Face it, it costs money to run a government and provide services, and have reserve capacities on standby to do things. I'm just waiting for all of the people who bought Florida land in the past 30 years -- when global warming became widely known in society -- want the federal government to bail them out for declining property values even though they knew they were buying in vulnerable areas. Where is that money going to come from?

All these people on fixed incomes who moved to Florida for the weather and disregarded the consequences and risks can do the same thing as the people on fixed incomes who stayed up North: Rent a cheap apartment or buy a cheap condo. Oh, and accept the fact that they disregarded the risks and therefore shouldn't be bailed out.

 I agree. I don't want to bail any of these people out.  We're already getting hammered with huge insurance increases because of the damages in these coastal areas.  Illinois isn't seeing any wildfires or floods or hurricanes.  Why are we seeng increases of 100%? 

These people had no problem when the values of their homes doubled and tripled.  Some bought at the peak and they need to accept the hit. 

As for an area that fits that criteria, I would point to tennessee.  Property taxes are next to nothing. No state income taxes. Cheap gas. Home prices are a little inflated but nowhere near as bad as florida or texas.  However, you don't get the super warm weather that you get in florida either or say texas either.   Tennessee can get a little chilly in the winter months.

But like you said. You aren't going to find perfect. If its perfect, then the price of homes is triple what people want to pay (i.e. san diego type areas).

I'm just wondering what florida is going to do if their coastal areas lose 2i to 30% of their homes.  If I had a million dollars, I'm not buying someting on the ocean down there. The insurance, if you can get, would be crazy and its only a matter of time of when a storm is going to take that house out in the next 10 years.  Its not a matter of if. Its going to get hit. 

 There are over 23 million people in Florida and the population has been growing rapidly. It'll be interesting to see what happens moving forward but I feel like Florida will always have something to offer. People do have short memories. Some of the most expensive real estate in the country is in Florida: Gemini Estate (sold for $175M in 2022), Gordon Point (currently for sale for $295M, the most expensive listing in the US), Tarpon Island (~$180M), etc. These people will just self-insure.