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.