Asked by Diana Phillips, 39507 • Mon Feb 9, 2009
I'm a single professional female ,46, who inherited the home I in. It's quite modest but it is the only true nest-egg I have. I live in Gulfport MS and would like to move back to a metropolitan area for better career options but recently found out that my homeowner's insurance company does not offer insurance if the property becomes a rental. I think this fallout from some Hurricane Katrina-related insurance changes in the region. I'd like to keep the house just to know I always have a home to go to, but am also aware there could always be another bad hurricane and if the property is a rental, even with alternate insurance, FEMA will not assist and getting insurance pay out may be iffy. Am I better off just selling and taking a less than ideal price to go to an area where my investment would be safer? Even if it means using this as a down payment and taking out a mortgage at my age? If there's something I'm not considering, please let me know. Any advice/input appreciated.
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