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Old 10-30-2013, 11:08 AM
 
1 posts, read 3,015 times
Reputation: 10

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Hi, We are planing to move to GGI later this year and are looking at a condo in the Spinnaker Complex. Does anyone have the scoop on what fema is going to do with flood insurance? I was told by a buddy that it is going to go sky high! He lives in Pittsburgh! so I would rather hear from someone in Punta Gorda.
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Old 10-30-2013, 11:47 AM
 
1,438 posts, read 1,965,150 times
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Quote:
Originally Posted by Capitanbobm View Post
Hi, We are planing to move to GGI later this year and are looking at a condo in the Spinnaker Complex. Does anyone have the scoop on what fema is going to do with flood insurance? I was told by a buddy that it is going to go sky high! He lives in Pittsburgh! so I would rather hear from someone in Punta Gorda.
Do you mean PGI and Spinnaker Point? Look at the recent flood insurance thread, and you'll see lots of uncertainty. I don't know how old Spinnaker Point is, or what the elevation is likely to be. I think the bottom line is, if your lowest living level elevation is above the Base Flood Elevation (BFE) for your area you're probably OK. How to find out your BFE is another question - nobody seems to know. Our house is 9', and I think our BFE is 8'. We just got our fllod bill for next year, and it went up 5%. Whatever you do, do not close on anything without a certified elevation certificate in your hand, and do not just go by what the current owner is paying for flood - that may mean absolutely nothing. I also don't know how flood insurance works for condos - is it only a problem for the first floor?
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Old 10-30-2013, 12:29 PM
 
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Either way I wouldn't buy anything on the ground. Most likely a condos cost would be split with all of the condo owners. With condo fees already very high I wouldn't buy into that right now. Fema has been talking about 14 to 15 feet above bfe for best rates.
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Old 10-30-2013, 12:46 PM
 
Location: Port Charlotte, FL
3,979 posts, read 10,552,117 times
Reputation: 1940
I keep hearing that the flood insurance increase may be put on hold for 4 years. Nothing definite yet. The rates were supposed to go up effective October 1, 2013. Right now it is best to speak directly with an insurance agent to get a quote. Get quotes from at least 3 agencies. Condo associations pay for flood insurance but you as a condo owner pay for your own contents. The HOA fee would most likely increase if the flood insurance increased significantly.

Condo associations may require that you keep insurance for liability, injury, and personal property
contents, within the walls of your condo. Personal property includes heating and air systems, furnishings,and appliances.

If your condo is on the first floor, you will want to make sure your condo insurance covers flood damage, even if you are not in a high-risk flood zone











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Old 10-30-2013, 02:16 PM
 
Location: Punta Gorda Isles
180 posts, read 450,720 times
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Default Anecdotal

Floridians don't know any more about the future of flood insurance than they do about future of hurricanes. There's quite a bit of speculation about flood insurance rates on the internet but the anecdotal stuff really means very little. Stick with the factual news and you'll be as well-informed as anyone, anywhere.
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Old 10-30-2013, 05:03 PM
 
1,917 posts, read 2,632,310 times
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Quote:
Originally Posted by chuckycheese View Post
Floridians don't know any more about the future of flood insurance than they do about future of hurricanes. There's quite a bit of speculation about flood insurance rates on the internet but the anecdotal stuff really means very little. Stick with the factual news and you'll be as well-informed as anyone, anywhere.
That's not entirely true.
Pre FIRM houses are looking at a 25% increase per year over 4 years to bring them up to the actual insurance rate
Others are looking at an increase of between 5 to 8 % (just a normal increase)

Gary
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Old 10-30-2013, 07:27 PM
 
Location: Punta Gorda Isles
180 posts, read 450,720 times
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Default Huh?

Quote:
Originally Posted by MartyGras View Post
That's not entirely true.
Pre FIRM houses are looking at a 25% increase per year over 4 years to bring them up to the actual insurance rate
Others are looking at an increase of between 5 to 8 % (just a normal increase)

Gary
Are Floridians the only people who have access to that information? My only point was that all the information regarding the flood insurance situation in Florida is readily available to anyone, anywhere. The internet is a wonderful thing!!

Last edited by chuckycheese; 10-30-2013 at 08:11 PM..
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Old 11-01-2013, 06:03 AM
 
Location: Port Charlotte, FL
3,979 posts, read 10,552,117 times
Reputation: 1940
FLOOD INSURANCE

In connection with your purchase of a property, your lender may require you to purchase flood insurance, at your own expense, for the entire loan term. Even if you are not required to purchase flood insurance, it may be wise to do so.

With a few exceptions, the National Flood Insurance Program (NFIP) makes flood insurance available to homeowners, renters, and businesses in communities that participate in the NFIP. Flood insurance is also available from private insurers

Currently some NFIP policies receive taxpayer rate subsidies. Due to recent changes in federal law governing the NFIP, subsidized rates will be eliminated over time

Upon the sale or purchase of property, non-subsidized, full-price rates will be charged to the new owner. In some cases, the cost of flood insurance will rise by a substantial amount. Therefore, you should not rely on the current rate that is paid by the owner of a property as an indication of the rate that will be charged to you after you complete your purchase

Other specific actions may also trigger NFIP rate changes, such as allowing a policy to lapse; severe, repeated flood losses; purchasing a new policy; or a community’s adoption of a new flood map. Policies that are not subsidized may see routine annual rate increases

When evaluating a property for purchase, you should consult with one or more flood insurance carriers to learn the flood risk for a property, investigate the availability of flood insurance, and determine the current and future anticipated cost of flood insurance. For more information contact your insurance agent and read the information available at the following website addresses
http://www.fema.gov/national-flood-insurance-program/flood-insurance-reform-act-2012

http://www.floodsmart.gov

http://www.fema.gov/national-flood-insurance-program

http://www.fema.gov/floodplain-manag...-rate-map-firm
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Old 11-01-2013, 12:15 PM
 
Location: Port Charlotte, Florida
165 posts, read 254,136 times
Reputation: 77
My 2 cents. If the can is kicked down the road for 4 years it means if an uninformed buyer gets into a property and is handling the payments then 4 yrs from now all hell breaks loose again. This time with 4 yrs of inflation added to the formula. Thus the now informed but shocked home owner is scrambling to figure out how to make the jump in payment. Neither situation is good.
The question to ask yourself is, if in 4 yrs Im faced with a possible jump in payment can my budget afford it?
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