We're all preppers now.
For those affected, they're still in shock. For those of us who are unaffected, what more of a prompt would you need to begin thinking about how you assess risk, how you manage it, and what you can do to prepare for a disaster?
We're vulnerable to flooding here. It's not in a "flood zone," per se (It has a risk rating.), but virtually all of Florida is at risk for flooding.
We have flood insurance. I put the Powerwalls above the floor. We have some experience with evacuating. Mitzi has all the paperwork in a fireproof box that we can grab when we leave.
Gaps in my knowledge are what our options are in the event of a catastrophic loss. Assuming a total loss, flood insurance coverage for the structure is more than enough to pay off the balance of the mortgage. I don't know if any of our contents would be covered by our regular homeowner's policy, but I suspect not. I need to find out.
I do feel a lot better since we got the place in New York. While our homeowner's does cover "loss of use," which I think would still be in force even in a flood event, we'd be competing for housing with thousands of other people around here. Family isn't an option, and they would probably be facing their own challenges anyway. Bolting to New York would be my plan.
The question then becomes what to do about this property. If the house is a total loss, who is responsible for demolition and removal? Even if we were to rebuild, that would have to take place. I recall our condo association was responsible for that when one of our buildings burned. I suspect that, as homeowners, we would be responsible.
At that point, could we simply put the slab on the market? (I suspect we'd have to demo the slab as well. No builder is going to want to build on someone else's old slab.) Lot or slab, we'd still be responsible for HOA fees and property taxes, though I would expect the assessed value to reflect that absence of an actual house.
I used to think that any storm surge that would threaten us would include wind damage, which would invoke our regular homeowner's policy. The geography and hydrology of the gulf coast isn't the same as this part of Florida, so maybe that's still a good assessment. But the gulf is basically a basin, and when water piles up it has nowhere else to go but inland.
Trying to imagine a "worst case" scenario, I'd have to think it's one where it's not a total loss. What to do then? Is there a scenario where we take the interior down to the studs and then try and sell it? Do we have to try and do a total repair and then try and sell it? Repairs are going to be difficult, competing with everyone else for materials and labor, and then hoping you get a competent contractor.
It seems that the wisest course of action, from a risk mitigation point of view, would be to sell now and move. No history of flood. No questionable repairs.
Something to think about. I'm not sure Mitzi is there yet. I am.
She did say she thought she might be able to handle a New York winter.
Originally posted at Nice Marmot 09:22 Thursday, 3 October 2024