Tropicalgarden Posted October 21, 2008 Share Posted October 21, 2008 We have a 1900 storm survivor house located across from Rosenberg Library. It was on the market before the storm since we have moved to SC. It was flooded and we are awaiting a settlement from flood & windstorm insurance. Does anyone have thoughts about what the real estate market for sales and rentals will be after Ike? Fewer houses available, but will anyone need or want them? Also, we have heard that some companies have stopped writing insurance--once we heard that was for 30 days. Does anyone know anything about that? Also, does anyone know if insurance companies normally pay you enough to actually make the repairs or do you end up paying a portion yourself? Not being in Galveston has put us at a disadvantage as far as news. Link to comment Share on other sites More sharing options...
WillowBend56 Posted October 21, 2008 Share Posted October 21, 2008 I have a cousin (a life-long BOI) whose house was flooded out by Ike. She lives in a residential neighborhood no more than a mile west of the Galvez Hotel---actually near a Walmart. The city or insurance company says that if she rebuilds that her home will have to be elevated. Don't know any more details than that. She is pondering whether to rebuild at the same location or not. Link to comment Share on other sites More sharing options...
TheNiche Posted October 21, 2008 Share Posted October 21, 2008 We have a 1900 storm survivor house located across from Rosenberg Library. It was on the market before the storm since we have moved to SC. It was flooded and we are awaiting a settlement from flood & windstorm insurance. Does anyone have thoughts about what the real estate market for sales and rentals will be after Ike? Fewer houses available, but will anyone need or want them? Also, we have heard that some companies have stopped writing insurance--once we heard that was for 30 days. Does anyone know anything about that? Also, does anyone know if insurance companies normally pay you enough to actually make the repairs or do you end up paying a portion yourself? Not being in Galveston has put us at a disadvantage as far as news.Expect insurance rates to go up. Also expect rental rates to go down; UTMB is laying off about half of their staff, and that will have far-reaching consequences for the Galveston economy. Link to comment Share on other sites More sharing options...
sanman Posted October 26, 2008 Share Posted October 26, 2008 Also, does anyone know if insurance companies normally pay you enough to actually make the repairs or do you end up paying a portion yourself?I work for an insurance restoration specialist/general contractor and we do take offs on the interior and exterior damage of properties and submit to the insurance company on behalf of the Owner. We work very hard to get the Owner everything they are entitled to and since we specialize in doing this, especially after hurricanes, we are pretty damn good at getting the damage and subsequent repairs paid for, less the deductible. Additionally, as a GC, we have the flexibility to sub interior work back to you (really just finishes, nothing structural) to help offset your deductible. If you, as an Owner, go at this with your insurance company on your own, you will likely have a hard time getting a fair and complete settlement. I'd be happy to help you with any issues you have on the property. Feel free to call me at 281.222.5199 - Heather. Link to comment Share on other sites More sharing options...
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