Insurance policies are often required. Some may even call them a necessary evil. Regardless, Hurricane Ian has brought some crucial lessons regarding property insurance to the forefront.
The Amount of Coverage Your Policy Provides is Essential
Coverage A on your insurance policy is the coverage you have for your dwelling (your home). This would include the walls, the roof, flooring, etc. The critical part to note is that this is the amount of coverage to rebuild your home in the event of a total loss; it must be in today’s dollars. Given the amount of inflation we have experienced and continue to experience, this may be something you should review to ensure you have the level of coverage you need in the event of a total loss.
Coverage C on your insurance policy is your coverage for your personal property, furniture, electronics, clothing, appliances, etc. Again, this is a personal decision you can discuss with your insurance agent to determine the level of protection that works for you and your family.
Reimbursement For Property Damage
Replacement cost and actual cash value refer to how your homeowner’s insurance policy reimburses you for property damage after a covered loss. While both types of coverage help with the costs of rebuilding your home or replacing damaged items after a covered loss, actual cash value policies are based on the item’s depreciated value, while replacement cost coverage does not account for depreciation. Policies that provide replacement costs are more expensive in terms of your cost, as they provide you and your family with more protection.
Flood Losses
Losses from floods, including rising water and storm surge, are not a covered peril (cause of loss) under your homeowner’s policy. It was highlighted after Hurricane Ian that only 18% of the households in Florida had a flood policy, despite Florida’s unique geographic exposure.
Floods are costly, with FEMA estimating that one inch of water in the average home can cause more than $25,000 in damage to the average one-story property. Floods are not covered under your homeowners, condo, or renters policy. Simply put, you need a separate policy either through the National Flood Insurance Program (NFIP) or a private flood provider.
The maximum coverage available through NFIP is $250,000 for dwelling and $100,000 for personal contents. Even if you cannot afford the maximum coverage, consider having some coverage to rebuild and help your family recover from the loss.
There is additional flood coverage available through private flood providers. If you are interested in purchasing additional coverage, over and above what is offered by NFIP, we can assist with obtaining this additional coverage.
Pineapple Insurance is Here to Guide You
Look at your insurance differently – shift the conversation to be less about costs and more about protection. If you would like to enhance your coverage, but cannot make all the changes at once, one of our agents can work with you to build a multi-year plan to help you address your insurance coverage. Please call us at 813-438-7240 or visit us at Pineappleinsure with questions or to help you develop your plan.
TAMPA, Fla. – Florida’s Largest Home Show continued through Labor Day after a weekend that brought dozens of vendors to the Expo Hall at the Florida State Fairgrounds. The event gave potential Tampa Bay home-sellers a chance to figure out how to make their properties stand out in a competitive real estate market.
Noah Rich, a REALTOR® with Tomlin St Cyr Real Estate Services, said the Tampa Bay housing market is seeing a big increase in inventory over the past couple of months. But the levels aren’t quite like they were pre-COVID.
“Interest rates are definitely a big factor,” said Rich. “We’re just over 6% for conventional home loans. Also, I think just all the news stories about recessions coming, and it’s kind of scaring some of the buyers and slowing the housing market down.”
Home prices are also declining nationally, fueled largely by rising interest rates, according to Realtor.com.
“Over this next year, I think we’re going to see a 4-5% increase in home prices, where the previous two years we’ve seen 20% year over year,” Rich said. “I don’t think we’re seeing them go down. I think we’re just seeing them level off.”
Rich added that because homes are staying on the market longer, potential first-time home buyers have better opportunities to make offers on homes.
The presence of high-end luxury hotels typically attracts more tourism and allows the city to play host to national events such as the USA Gymnastics Championship in August 2022, several NCAA Final Four tournaments over the last couple of years, the 2021 Super Bowl, and the now ReliaQuest Bowl (formally the Outback Bowl).
Tourism Supports Tampa Bay
Tourism is continually a major economic driver in Tampa Bay. With 24.5 million visitors a year, tourism creates $2.5 billion in wages, 55,000 jobs, and $416 million in state and local taxes. In addition to supporting families, this also supports schools, roads and transit, public safety, parks, and air travel. And there’s $0 of state income tax, thanks to tourism.
High-End Hotels, Top Eateries
Additionally, luxury hotels come with elevated dining experiences that add to the culinary environment and the culture around these establishments. Some of the recent hotel openings with hot=spot restaurants include:
JW Marriott – Tampa Water Street
The downtown hot spot incorporates several dining options, culminating in the SiX restaurant and Driftlight Lounge.
The Current – An Autograph Collection Hotel from Marriott
This Rocky Point hotel includes a Buddy Brew, small curation of the Oxford Exchange, the Julian Restaurant, and the Rox Rooftop bar.
Hotel Haya – Ybor City
In the heart of historical Tampa, Hotel Haya boasts two top-notch restaurants. Flor Fina and Quiquiriqui Cafe are both nods to the neighborhood’s Latin roots.
With a rooftop pool, this hotel combo is pet-friendly and made for extended stays. The Corazon Bar and restaurant focuses on local ingredients and seasonal items.
Additionally, Channelside’s The Tampa EDITION is opening this fall. It will be Tampa’s first 5-star hotel!
Custom homes are a big investment – financially, emotionally, and timewise. From getting started to avoiding pitfalls, Tomlin St Cyr is familiar with the designing and building process. Our goal is to help you through the entire process to ensure your goals are met. Our tips below will help you to be prepared for designing and building a custom home in Tampa Bay.
1. Consult With a Home Builder
Get an idea of what the cost is to build a custom in Tampa Bay as well as the size lot you need to build your desired square feet. We suggest finding at least three different builders so you can compare costs, timeframe, etc.
2. Find a Lot
This can be done through a builder that acquires lots or through a private sale. Make sure to do a boundary survey and topography survey. Soil testing may also be a good idea to ensure you do not have any major settling. You should also familiarize yourself with local building codes.
3. Hire an Architect
Many home builders have an architect in-house or have a hired contractor. We highly recommend you hire your own architect, which allows you to own your plans. This way you can shop the plan with multiple builders.
4. Interview Builders
This is one of the most important pieces! Choose someone you trust that has experience and allows you to walk through their work often. Also, make sure to talk to their previous customers and ask around to make sure there is total transparency.
5. Get Pricing
This part is tricky. These days, because of the pricing of supplies and labor, many builders use a lot more allowances rather than fixed pricing for a lot of the build process. Make sure these allowances are sufficient for what you want as many builders lowball this estimate to make their overall price look competitive. A professional interior designer should know if these allowances are sufficient.
6. Hire an Interior Designer
Go through the options and ensure the materials included and the allowances will result in the type and quality of home you desire. Trust us, they are worth the investment to help with design choices that, if not done properly, could be costly to fix. They also have relationships with vendors to get discounts on product.
7. Get a Construction Loan or Determine the Draw Schedule With the Builder
Most construction loans will require 20% down, then you pay interest only on the money the builder has used for the build until the last draw. At that point, the loan is converted to a conventional loan. Make sure to ask us for a great referral to a lender that locks your rate in at the BEGINNING of the process. This can be a huge cost savings in this market!
8. Be Patient!
These days it’s a long process. We suggest staying in a place without a deadline to move out. This will make things less stressful. Also, in negotiations with the builder, it’s key to have a penalty if the build process takes longer than what you believe to be a reasonable amount of time. A Realtor experienced in new construction can help you through these important details.
9. Visit the Property Often
Check that everything you agreed to is in the home. Measure openings, light switches, level of the walls, etc. It’s easier to check mistakes earlier rather than later. We also suggest hiring a home inspector toward the end of construction.
10. Get Your Home Maintenance Vendors Lined Up!
From pool maintenance to landscaping and pest control to water treatment servicer, don’t delay in researching vendors and sending them up. You need to care for your big investment!
It’s a lot to think about and not an easy endeavor, but in the end, you will have created your own masterpiece. Contact us to learn more about starting your journey of designing and building a home in Tampa Bay!
We have all seen the headlines regarding the homeowners’ insurance market in the state of Florida, but they are sobering when you take a step back and think about what is happening:
Florida has lost five insurance companies to liquidation – the most recent being Weston Insurance Company, whose policies will cancel effective September 7, 2022.
Two of the larger, local publicly-traded personal-lines-focused insurance companies – United Insurance Holdings Corp and Heritage Property and Casualty Corp – announced financial losses for the quarter that both exceeded first quarter results.
Citizens, the involuntary market in the state, is quickly approaching its high point in terms of policies in force. This amounted to 1,250,000 homes insured, a level that it has not seen since 2005.
Companies are raising rates and non-renewing customers due to increased costs of litigation, fraud, and inflationary pressures for building materials and labor.
At the end of the day, it is us, the consumer, that pays the ultimate price either by:
Paying the increased cost to ensure that our home and family are protected
Making choices as to the level of coverage, if any, you can afford for their family
Pineapple Insurance is an independent insurance agency, which means that we can shop your insurance with multiple carriers. We can also be a resource to answer questions regarding your existing policy or changes you are contemplating. If we can be of assistance, whether it is a quote or a question, please do not hesitate to reach out, call us at (813)-438-7240, or you can visit us at PineappleInsure.com.
TAMPA, Fla. – The City of Tampa announced a new team Friday that will be focused on cracking down on illegal construction.
The city’s Construction Services Division’s Construction Activity Compliance Team officially launched this week after it was approved in November. The team will focus on illegal construction, particularly involving contractors who regularly break the law. The most common issues involve contractors doing work without permits.
Tampa Realtors, including Ali St Cyr with Tomlin St Cyr Real Estate Services, said it’s important for potential buyers to know whether construction on a home was done properly and with the correct permits.
“If someone’s purchasing a home and the current owner has done work on the home that was unpermitted, that required a permit, that could certainly cause an issue,” St Cyr said. And that’s why it’s so important to have your own independent inspection done.”
St Cyr said these regulations are in place for a reason.
“The reason those rules are in place are to keep everyone safe, including the homeowner,” she said. “Although some find that it is a bit of a pain to have to go through that process, the reason behind that process is very important.” “If you just choose to do the right thing from the get-go, there’s no decision to be made. If a permit needs to be pulled for work, you pull the permit for the work so that you transfer a home knowing full well that you did everything that you were supposed to make a safe environment for the new owner.”
Tomlin St Cyr Real Estate Services (TSC) is dedicated to giving back to the community. TSC CEO John Tomlin was selected by the Boys & Girls Club of Tampa Bay senior leadership team and board members as the Most Valuable Board Member for 2022.
“It’s a culmination of John’s overall commitment to our youth, our mission, and sustainability of our organization,” said Terry Carter, CEO of Boys & Girls Club of Tampa Bay. “His commitment to our youth and the mission is second to none, and we are grateful for his support.”
John & Holly Tomlin’s Commitment
Tomlin led the organization through the onset of the pandemic through early 2022. He had a significant focus around all things safety, programming quality, and serving more youth. The nonprofit recognized Tomlin for making available his resources and energy to support every aspect of the Club operations during the last 18 months.
“Providing children the best opportunity to realize their potential has been a passion for Holly and me as we look to make a difference in Tampa Bay,” said Tomlin. “The Boys and Girls Club does an excellent job in developing leadership skills, providing mentoring, and educational support that is not necessarily available elsewhere so they can develop into proud, productive participants in the community.
“Holly and I have appreciated working with this great organization and staff to help make this happen, and I look forward to continuing to support the Boys and Girls Club of Tampa Bay,” Tomlin said.
Mission, Vision, & Commitment to Inclusion
Boys & Girls Club of Tampa Bay aims to enable all young people, particularly those who need it the most, to reach their full potential as productive, caring, and responsible citizens. The nonprofit is committed to providing a world-class experience at its Club that’s reachable for each young person who enters its doors.
The Club aims to keep all members on track to graduate high school with plans for the future as well as demonstrate excellent character and citizenship while living a healthy lifestyle. All Boys & Girls Clubs across the country support youth and teens of every race, ethnicity, gender, religion, ability, gender expression, sexual orientation, and socio-economic status.
Programs Transforming Youth
Boys & Girls Clubs of Tampa Bay provides a nurturing, safe place for kids to realize their full potential. The nonprofit knows that increasing healthy habits in kids will help strengthen their ability to interact positively with others to form strong relationships.
The Club has multiple programs to help with academic success, career preparation, and community service to foster a new generation of leaders. Additionally, the nonprofit helps promote healthy eating and exercise, self-esteem, self-care, tools for coping with mental health, and intelligent life choices. The Triple Play program utilizes a holistic approach to improve Club members’ knowledge focusing on the mind, body, and soul.
Additionally, the Virtual Club is a new and innovative tool that serves youth in the community. This remote, virtual programming is facilitated with the help of corporate partners and volunteers. The approach provides a platform to serve youth when Club doors are closed as well as serves as a library and reference for families.
Get Involved With Boys & Girls Club
To support kids throughout the community, the Boys & Girls Clubs of Tampa Bay hosts several annual events that engage, inspire, and challenge friends in the community to get more involved with the Club. Most recently, the annual Great Futures Gala, which helps support and expand the outstanding work of Boys & Girls Clubs of Tampa Bay, was emceed by basketball legend Magic Johnson. The club also hosts an annual New York Yankees luncheon in the spring.
To get involved or to learn more, please visit bgctampa.org.
Tomlin St Cyr Real Estate Services (TSC) is proud to be recognized this year as one of the 50 fastest-growing, privately held companies in Tampa Bay by the Tampa Bay Business Journal. With 108 agents between Tampa and Venice, Fla., the brokerage has grown by 285% in the last three years. “We are so proud of this honor because so many people have trusted our talented agents with one of the most important decisions in their lives,” said John Tomlin, CEO of TSC. “We take pride in having exceptionally well-trained agents supported by seasoned veteran brokers to make sure our clients get the support they deserve. Referrals from these past clients are the key to our growth.” “The best part about our growth is that it is not in the number of agents that have joined our team, but in the people we have served,” said broker owner, Ali St Cyr. “We drive successful closings for our clients and this is the measurement of our growth. We are very proud of that!” TSC opened the doors to its full-service brokerage in 2016 with the goal of standing apart from traditional real estate firms. The brokerage boasts an impressive four brokers on staff with decades of experience. Its real estate advisors are highly educated with advanced designations and ongoing training to best serve their clients. And the talented support staff helps make the process seamless.
The brokerage has redefined exceptional real estate service through its relationships and leadership in the Tampa Bay community. With hyper-local knowledge of Tampa Bay’s neighborhoods, precision data analysis, and proprietary marketing practices, TSC brings proven results. The brokerage is continually among the area’s top 5% of producing brokerages. Plus, the ERA Real Estate affiliation helps the firm provide national and international reach for their agents and the clients they serve.
TSC provides only the highest level of ethics and professionalism. Our Suite of Services and Preferred Vendor Directory will help you settle into your new home even after the successful transaction closes. And we proudly support and invest in our community through philanthropy and hands-on volunteering for dozens of local nonprofits. A family-owned and operated business, TSC cares for its employees and clients like family.
The Fast 50 is ranked on companies’ percentage of annual growth over a three-year period. To qualify, companies must be privately held and locally owned; been in operation since January 1, 2019, or prior; have annual revenue of at least $1 million in 2019 or $5 million in 2021; and be headquartered in Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk, or Sarasota counties.
Final rankings for the Fast 50 companies will be revealed in an event on July 28.
It’s almost impossible to keep up with all of the new Tampa Bay developments and construction going on. Below, Tomlin St Cyr has highlighted a few projects we are excited to see in the coming months and years as Tampa Bay continues its building boom.
Courtesy of WFTS
Tampa Riverwalk
In 2016, Tampa residents enjoyed the most recent expansion of the Riverwalk. It now connects the Straz Center for the Performing Arts to Waterworks Park in the Tampa Heights neighborhood. This extension brought the total length of the Riverwalk to 2.6 miles. According to Fodors.com, the Tampa Riverwalk ranks No. 7 among the Top 15 Riverwalks in the US. With its vibrant and inviting environment, we understand why! In 2022, the City of Tampa announced plans for an additional six miles on the west-side waterline. The four-year project will extend the Riverwalk from Platt Street near the Bayshore Publix in Hyde Park north to Rick’s on the River in West Tampa.
Courtesy of tampabay.com
Howard Frankland Bridge
Another of the Tampa Bay developments is the Howard Frankland Bridge, originally constructed in 1959. After a public outreach campaign, the Florida Department of Transportation began construction in 2020 on an expansion to the bridge to alleviate congestion and improve evacuation routes and emergency response. Also, the extension will allow for bicycle and pedestrian options along with the future potential addition of light rail or autonomous vehicles.
Courtesy of Strategic Property Partners
Water Street Tampa
Our skylines are changing for the better! In 2018, construction began on Water Street Tampa, near downtown Tampa, Harbour Island, and the Channel District. The first phase of the plan is on schedule for completion this year. It includes residential, office, retail, hotel, and plenty of space for the community to come out and enjoy the scenery. According to their website, this gem of Tampa has a “Vision for a more balanced Urban Experience.” Phase II is moving right along and developers plan for completion in 2027.
Courtesy of romeyard-tampa.com
Rome Yard
This project will transform the West Tampa area with a $500 million pedestrian-friendly, mixed-use development area. Rome Yard will consist of 900+ affordable apartments and approximately 50 townhomes. The development will also have a workforce training center, a cultural center, an art pavilion, and public transportation. Plus, the Tampa Riverwalk will eventually go through the property. Construction on the 18-acre site is slated to begin in June and take 5-7 years to complete. The property is west of the Hillsborough River, east of Rome Avenue, south of Columbus Drive, and north of Spruce Street.
Courtesy of phillipsdevelopment.com
Ybor City
Gas Worx is a 50-acre mixed-use development on the western edge of Ybor City. The walkable neighborhood will add 5,000 apartments and office/retail space to Tampa’s urban core in addition to green space. Construction will begin in the next few months and take more than 10 years to complete. The first phase is slated for completion in 2024. Additionally, there is flexibility at this site for a potential Tampa Bay Rays field should they move from Tropicana Field.
Courtesy of Weiss Manfredi
Downtown Tampa
The Tampa Museum of Art will begin construction this year on its more than $65 million expansion. A four-story amphitheater with glass walls will extend over the Tampa Riverwalk. The museum will see a size increase from 69,000 to 120,000 square feet. Also, it will triple its event space. Working with the New York-based Weiss Manfredi design firm, the museum will expand exhibition space for collections lasting at least one year.
Luxury homes aren’t just ordinary homes with fancy decorations and expensive throw pillows. From the ground up, there’s a unique difference that makes a luxury home stand out, and it’s a difference that people are willing to pay a premium to own. So, what makes these homes so sought after?
Quality Construction
High-end homes begin in the building stage. A quality foundation and reliable builder can be the difference between a home that remains unproblematic for five years or 15 years. Trust in the builder also gives homeowners peace of mind knowing that corners weren’t cut in the construction process and that they are protected when it comes to leaks, cracks, and even keeping unwanted critters from finding their way into the home. Plus, the architecture will include thoughtful designs for ease of functionality and luxe living.
Minimalism
Simple and clutter-free spaces look cleaner and more upscale than their overly busy counterparts. Color schemes tend to consist of only a few shades and stay consistent throughout common areas. This helps create cohesiveness and a natural flow throughout the rooms of the home. With high-end, top-quality fundamentals, you’ll be able to keep things simple.
Artwork
Keeping a clean color palette allows room to decorate with pieces of artwork. Abstract brushwork on canvases hanging on the walls is an elegant touch often seen in luxury homes. It’s a sign that the homeowner knows what they’re doing or has hired someone who does. Adding personality to a home with art is the cherry on top.
Designer Furniture
Some home decor designers have very recognizable products with specific characteristics. For example, Ethan Allan’s hallmark hand-woven rugs can be spotted as soon as a guest enters the home, and quality furniture does not go unnoticed. It is the difference between a piece that just looks good versus one that is practical, comfortable, and looks good all at the same time.
Vintage
Newer designs are great but finding a piece from a different time adds dimension and gives a room a whole new feel. It’s almost as if the piece has a story to tell, and when people see it, they can’t help but come up with a whole history of how it ended up in that particular space.
Attention to Lighting
Bright and open spaces go a long way in making a home feel luxurious. Natural lighting is often utilized, whether that be through a skylight, glass doors, or a stunning picture window. However, when natural light is not possible, there is also no shortage of artificial lighting. Many homeowners opt for lighting with dimmer switches, which allows them to set the mood and adjust the amount of light. If lighting is installed strategically, it can help to draw guests’ eyes to certain pieces of artwork or furniture that homeowners want to have on display.
Greenery
Plants create a calm and welcoming atmosphere for everyone who enters the home. Having live plants in the home can also help it to feel fresh and fluid, making the room feel alive. Plus, they add beautiful and interesting texture to a home. As a bonus, house plants often act as air purifiers and naturally clean the home’s air.
Finishes and Details
Luxury homeowners and their designers take time to carefully pick out small details like drawer pulls, doorknobs, switch plates, and crown molding. Add in high-end appliances to complete the luxe look. By choosing items like this with care, the home appears complete and the designs intentional.
Drapery
Window treatments are another indicator of a higher-end home. Custom window treatments can run anywhere between $500-$3,000 per window, depending on the fabric, designer, and window length, making them rare in everyday households. Drapery is the perfect element to frame the stunning views in luxury homes.
Outdoor Kitchen and Pool
In Florida, outdoor entertaining areas are a must if hosting is a routine activity. Having a space where guests can enjoy a dip in the pool as well as a great meal is the best of both worlds. It also means enjoying the outdoors, even on the days when the sun is beating down.
Contact one of our local luxury experts to learn more about finding your perfect home!
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