Beth Mandal
Mississippi Coastal REALTOR®

(228) 206-7080

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You are here: Home / Mississippi Gulf Coast Real Estate Blog / What is Wind Insurance and Who Needs it on the MS Gulf Coast?

What is Wind Insurance and Who Needs it on the MS Gulf Coast?

March 6, 2018 by admin 2 Comments

What is Wind Insurance and Who Needs it on the MS Gulf Coast?  

I can help answer those questions.

One of the first things I help folks understand as they consider a move to the Mississippi Gulf Coast is the cost of insuring their property.  In 2005, insurance companies started to divide the policies into perils and rates went up.  It was difficult, if not impossible, to find an “all perils” property insurance.  The companies would write fire coverage but not wind coverage.  Wind policies became very expensive and deductibles for these policies went up to 2% and 5% of the total value of the policy.  For instance, for a $200,000 house, you might have a fire policy of $500 a year, a wind policy that is $2,000 a year, and a flood policy at $450 a year.  That is a total insurance cost of $2,950 a year!  Rates vary with the age of the house, how close the home is to the Gulf, owner’s claim history, etc.  

If you own a condominium, most of that insurance cost is going to be covered by your monthly Home Owners Association fees.  This means you share the insurance expense with all the other owners of the building.  This is one of the benefits of owning a condominium.  

Many people moving from other states can find that our property taxes are lower than the area they are moving from.  The savings in property taxes can help to offset any increased cost of insuring their home.  After all, it’s the price we pay to live along the Gulf of Mexico.   

 

Filed Under: Mississippi Gulf Coast Real Estate Blog

Comments

  1. Susan Mccleary says

    January 2, 2018 at 5:26 am

    Hi Everyone!
    I am moving to Biloxi from Nevada soon.
    What are the con’s of living in that area.
    Also, which town is the very bedt to move to if your single and 60. Thank you Susan
    Email. 11joey11@cheerful.com

    Reply
    • Marianne McWilliams says

      January 2, 2018 at 12:48 pm

      While I can’t speak for everyone’s “cons” about the Mississippi Gulf Coast, I can give you some of the most common things we hear as Realtors.
      1. No, the water isn’t the beautiful blue waters like in the Caribbean — but it sure is good for fishing!

      2. No, we don’t always have 4 distinctive seasons like up north, however, we still get a wide range of temperatures.
      But on average our temperatures in the winter are high enough to attract many northerners to come and wait out the winter here. The summers can get really hot with high humidity so make sure you have good air conditioning.

      3. We don’t have any major league sports here, but we do have the minor league team, the Biloxi Shuckers and their new stadium.

      4. You may not like to gamble, however, the many casinos in the area offer up tons of live entertainment, great restaurants, and amazing spas.

      5. Too laid back? Drive just over an hour and get all the thrills you are seeking in New Orleans.

      6. Your friends and family may visit often to sample all the good restaurants specializing in great seafood.

      Each town has its own charm – it really just depends on what you prefer. But I would suggest that you check out our condos along the beachfront. They are a great place to call home while providing you a great environment to mingle with your neighbors. If you are going to live so close to the beach why wouldn’t you want to live somewhere that you can actually enjoy beach views?

      We’d love to help you find the perfect place to call your next home. Give us a call anytime!

      Reply

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Beth Mandal, Broker

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Mandal Preferred, Inc.

2550 Marshall Rd. Suite 100-A
Biloxi, MS 39531

(228) 206-7080
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Beth Mandal, Broker

logoWelcome to Mississippi Gulf Coast Real Estate and Mandal Preferred, Inc., REALTORS©. A full-service real estate brokerage specializing in Beach Condos for Sale in Biloxi.  Decades of experience in all real estate transactions including waterfront listings, luxury residential homes, land and commercial investments.  Servicing the Ms Gulf Coast in the cities of  Gulfport, Biloxi, Long Beach, Pass Christian, and Ocean Springs, MS. … Meet The Team

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