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Old 05-22-2013, 04:22 PM
 
Location: Bar
882 posts, read 1,463,164 times
Reputation: 664

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So a couple of houses we've been looking at, one is on the Eastern side of S. Bayshore Dr. in Northeast Coconut Grove and the other one on a Venetian Island, seem to be in a flood plain. At least that's what i think I'm reading into this map: About.com: http://gisims2.co.miami-dade.fl.us/MyNeighborhood/floodmap.asp?Cmd=INIT

I know nothing of those codes so I could have it completely wrong so I'd love for someone to explain the purple color on the map to me because although I read the associated legend, it makes very little sense to me.

I realize that with both locations being so close to the water, the risk of flooding greatly increases. What I'm trying to figure out is whether that means my flood insurance would be expensive, or does it mean I can't even get flood insurance? I don't mind paying a premium for living near the water, but I naturally don't want to leave a $1.2+ mil home uninsured against flooding.

Thanks in advance for any help.
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Old 05-22-2013, 07:08 PM
 
Location: Miami,FL
2,886 posts, read 4,106,389 times
Reputation: 715
Quote:
Originally Posted by soulsea View Post
So a couple of houses we've been looking at, one is on the Eastern side of S. Bayshore Dr. in Northeast Coconut Grove and the other one on a Venetian Island, seem to be in a flood plain. At least that's what i think I'm reading into this map: About.com: http://gisims2.co.miami-dade.fl.us/MyNeighborhood/floodmap.asp?Cmd=INIT

I know nothing of those codes so I could have it completely wrong so I'd love for someone to explain the purple color on the map to me because although I read the associated legend, it makes very little sense to me.

I realize that with both locations being so close to the water, the risk of flooding greatly increases. What I'm trying to figure out is whether that means my flood insurance would be expensive, or does it mean I can't even get flood insurance? I don't mind paying a premium for living near the water, but I naturally don't want to leave a $1.2+ mil home uninsured against flooding.

Thanks in advance for any help.
All the areas that are shaded in purple are areas that would flood in a 100 year flood at least a ft deep. Now there are 4 different flood zones but only 1 apply's to you sense you are looking the Venetian Island and the grove. The zone that both areas fall Under is Flood Zone VE which in laymen's terms means that those areas a vulnerable to coastal storm surges and as a result under Miami-Dade County law you are REQUIRED to buy Flood insurance, you cannot simply decide you don't want insurance you are required to own it. hope that helps.
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Old 05-22-2013, 07:15 PM
 
Location: Bar
882 posts, read 1,463,164 times
Reputation: 664
Yes thank you that does help.

I can't believe that anyone would choose not to get it, I just wanted to make sure that I am able to get it. I have heard anecdotal evidence that in some areas you couldn't get flood insurance even if you wanted to because of the relatively high risk.

Thanks again.
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Old 05-22-2013, 07:19 PM
 
Location: Miami,FL
2,886 posts, read 4,106,389 times
Reputation: 715
Quote:
Originally Posted by soulsea View Post
Yes thank you that does help.

I can't believe that anyone would choose not to get it, I just wanted to make sure that I am able to get it. I have heard anecdotal evidence that in some areas you couldn't get flood insurance even if you wanted to because of the relatively high risk.

Thanks again.
NP yeah you won't have a problem buying insurance here it's just a what price
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Old 05-23-2013, 07:55 AM
 
Location: Miami
6,853 posts, read 22,454,477 times
Reputation: 2962
Miamihurricane, now if the person owns the house outright then they wouldn't have to buy flood insurance. I know that is the case with regular insurance and wind. If you own the house you don't have to buy insurance. I wonder if flood is the same way?
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Old 05-23-2013, 02:07 PM
 
Location: Miami,FL
2,886 posts, read 4,106,389 times
Reputation: 715
Quote:
Originally Posted by doggiebus View Post
Miamihurricane, now if the person owns the house outright then they wouldn't have to buy flood insurance. I know that is the case with regular insurance and wind. If you own the house you don't have to buy insurance. I wonder if flood is the same way?
I'm not sure, I just know that on the flood map it labeled the areas where flood insurance is required and Zone VE requires flood insurance.
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Old 06-29-2013, 08:01 PM
 
Location: SW Florida
14,940 posts, read 12,136,035 times
Reputation: 24818
Quote:
Originally Posted by doggiebus View Post
Miamihurricane, now if the person owns the house outright then they wouldn't have to buy flood insurance. I know that is the case with regular insurance and wind. If you own the house you don't have to buy insurance. I wonder if flood is the same way?
It's true. If you have a mortgage on the house the lending institution requires you to have flood insurance
on the house if it's in a flood plain. If you have no mortgage that choice is up to you.
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