Florida County by County Property Insurance

The Florida Office of Insurance Regulation issued its first Property Insurance Stability Report for 2023. On a county by county basis, it found Sumter County (West of Orlando) has the lowest average cost for single-family home property insurance at $1,533, while Monroe County (Key West) had the highest average cost at $7,162.  Counties of Interest: Single Family/Condos Okaloosa County (Destin, Ft. Walton Beach, Niceville, Crestview) - $3014/$1,418 Walton County (Santa Rosa Beach, 30A, Freeport, DeFuniak Springs) - $4,337/$1,619 Bay County (Panama City, Panama City Beach) - $2,737/$1,921 Gulf County (Port St. Joe) - $3,020/$1,338 Santa Rosa County (Narvarre, Milton, Pace) - $2,745/$1,477  Escambia County (Pensacola, Perdio Key) -  $2,929/$1,471 Miami Dade County (Miami, Homestead) - $5,391/$2,440 Palm Beach County (West Palm Beach, Boca Raton, Delray Beach, Jupiter) - $5,247/$1,923 Collier County (Naples) - $4,230/$1,795 Hillsborough County (Tampa) - $2,513/$1,073 Orange County (Orlando) - $2,629/$960        

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Buy Your Destin Vacation Rental Investment Property Now

With Spring Break not far off, now is the time to Buy if you want to get in on a Peak time for Vacation Rental Income. We can get you closed and Ready for Business by March 1st. March and April are two great months for Vacation Rental Income. Spring Break come at different times all over the Midwest and South keeping your Rental Property booked. What a great way to start out with your New Investment Property.   Home Prices have been dropping, but I think they have dropped about as low as they are going to. Many have dropped their List Price 10-20%. The market crash is not going to happen as it did in 2008. The difference, Owners have plenty of equity in their properties. There's only so much land close to the Beach in Florida with more residents making Florida their permanent home. That's why you won't see any crazy deals like you saw in 2008.    There are Owners who are ready to Sell for one reason or another. This is where you might get an Owner to Accept a reasonable Offer. If you have questions about True Rental Income, not projections from Vacation Rental Companies (they always give you best case scenarios to get your business), please give me a call.    I will give you a breakdown on Rental Rates, Expenses and Gross Income.   I look forward to working with you and have a Great 2023!

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Historic Boost in Troops' Housing Allowance 2023

Housing allowances for troops are jumping by 12.1%, on average, in 2023, defense officials announced Wednesday. That’s the largest year-over-year percentage jump in the Basic Allowance for Housing in at least 15 years. Many Service Members have been hit hard over the last few years by the increased cost of housing. The percentage increase in BAH varies by rank, location and whether the service member has dependents. New rates take effect Jan. 1. Troops can look up their new BAH amount for 2023 by plugging in their rank and zip code in the DoD tool. Of the 300 designated military housing areas, 291 will see increases in BAH; five will see decreases, and four will stay the same. Those with decreasing rates are Lake Charles, Louisiana (down by 10%); Holloman Air Force Base/Alamagordo, New Mexico (down by 4%); Vance Air Force Base/Enid, Oklahoma (down by 2%); Long Island, New York (down by 2%) and Buffalo, New York (down 1%). Troops stationed in areas where the amount of housing allowance decreases aren’t penalized; they continue to receive the same amount they received in 2022. Areas where the BAH will stay the same are San Francisco; Erie, Pennsylvania; Memphis, Tennessee; and Bismarck, North Dakota.

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