Received my new Flood Insurance bill today (Charlotte Harbor: home, buy)

[Harbor Hopper]

Originally Posted by yellowsky

Ah! but how do you know they are not just bragging?

He's the inspector!

[sware2cod]

Originally Posted by krnfitz

Are there any publicly accessible documents that will show the elevation of a particular lot? A map maybe? It is going to be very labor intensive to find a lot or a house and then after the fact check into the elevation. Would be easier as a buyer to be able to identify those lots/houses that are 10' or higher on the front end.

The home we were looking at is in BSI.

there are 2 values that you need

1) The FEMA Required BFE (elevation) for the lot. This is on the FIRM maps. Some lots have more than one BFE. You care about the BFE on the portion where the footprint of the home is. These maps are in the process of being revised and nobody knows that the new BFE will be.

2) The actual elevation of the home. This is obtained via an Elevation Certificate from a surveyer. It's the elevation of the lowest living area that is important. It needs to be at or above the FEMA Require BFE else flood insurance will be very expensive. Often a home is elevated (fill dirt, stemwall or lower floor that's non living.) So in this case the natural ground level of the lot might be quite a bit lower than the living area of the home.

[SJNE17]

I got a quote for a ~2,500 sq. ft. house for about 450k hazard (structure & pool, other than some weird exclusions), another $100k contents (actual replacement cost), and flood. All-in it's about $5.3k/yr.

Excludes the lanai "cage," however, which would be a separate policy.

Does that pass the smell test for pricing in the area?

Citizens is the carrier.

[wpc691]

Originally Posted by SJNE17

I got a quote for a ~2,500 sq. ft. house for about 450k hazard (structure & pool, other than some weird exclusions), another $100k contents (actual replacement cost), and flood. All-in it's about $5.3k/yr.

Excludes the lanai "cage," however, which would be a separate policy.

Does that pass the smell test for pricing in the area?

Citizens is the carrier.

That seems really high; is there some issue with the elevation of the house, or wind issues ( gable roof, no shutters)?

[sware2cod]

Originally Posted by SJNE17

I got a quote for a ~2,500 sq. ft. house for about 450k hazard (structure & pool, other than some weird exclusions), another $100k contents (actual replacement cost), and flood. All-in it's about $5.3k/yr.

Excludes the lanai "cage," however, which would be a separate policy.

Does that pass the smell test for pricing in the area?

Citizens is the carrier.

I agree - seems high.

Maybe the quote assumes worst case scenario for wind mitigation discounts(no discounts given).

Is it in a flood zone? If yes, what kind of flood zone and what is the required FEMA elevation and what is the actual elevation of lowest floor of living area?

If it's an older home in a flood zone with an elevation that is too low(lower than current FEMA required elevation) , then the rate isn't bad.

What kind of deductible, especially hurricane(aka windstorm) deductible. Often there is a nice discount for increased the windstorm deductible to 5%.

[SJNE17]

Thanks.

Hazard & personal items premium was about $3,500 total, and flood's about $1,500. Deductible on the hazard was $2,500. Hurricane deductible is 2% of total coverage.

BFE on the lot (in PGI) is 10'. I presume it's in a flood zone--it's right on a canal. While limited in what they could disclose (or knew), the prior carrier said the home was/is compliant with the regs in effect at time of build (built in 1990).

Other cost-mitigating items would be a wind evaluation, a new elevation cert, and some other reviews (roof, for example) that would lower the overall cost.

Again, it was an estimate. Agent said new policy final premium might be a few/several hundred less, if inspections prove beneficial. I'm also going to look at other quotes from other firms.

Also, I wasn't entirely clear on what (or if) the hazard policy covered on the boat dock (which has a 10k lb. lift), if any. For those of you that have a dock, is that something else you insure separately in connection with boat insurance, or is there a rider that primary hazard carrier offers?

[MartyGras]

Originally Posted by SJNE17

Thanks.

Hazard & personal items premium was about $3,500 total, and flood's about $1,500. Deductible on the hazard was $2,500. Hurricane deductible is 2% of total coverage.

BFE on the lot (in PGI) is 10'. I presume it's in a flood zone--it's right on a canal. While limited in what they could disclose (or knew), the prior carrier said the home was/is compliant with the regs in effect at time of build (built in 1990).

Other cost-mitigating items would be a wind evaluation, a new elevation cert, and some other reviews (roof, for example) that would lower the overall cost.

Again, it was an estimate. Agent said new policy final premium might be a few/several hundred less, if inspections prove beneficial. I'm also going to look at other quotes from other firms.

Also, I wasn't entirely clear on what (or if) the hazard policy covered on the boat dock (which has a 10k lb. lift), if any. For those of you that have a dock, is that something else you insure separately in connection with boat insurance, or is there a rider that primary hazard carrier offers?

I don't think the BFE is correct, I believe the BFE for PGI is 9 feet.

Also I would increase the deductible to $5,000 it makes a real difference

Gary

[SJNE17]

city/county records on file clearly show it as 10'.

the city didn't have an elevation cert on file though (i spoke with building department).

good point on the deductible. i will inquire. thanks.

Originally Posted by MartyGras

I don't think the BFE is correct, I believe the BFE for PGI is 9 feet.

Also I would increase the deductible to $5,000 it makes a real difference

Gary

[2Doxies]

Just got notified that Gulfstream has renewed my flood policy at 100% increase! From 1200 to 2467, thats insuring the building for 210K and contents for 0 and a 5K deductible. My elevation survey was done last year and was told i am at 8 ft lowest point. I was told by my ins. agent that all companies will be the same rate. This is a vacation home for me that I currently rent out but want to retire down there asap. Even though my taxes are low there compared to Illinois, the insurance makes up for it. I will be going to the FEMA website to educate myself on this a little. I have read this thread and learned quite a bit....like the one about the vodka

[Harbor Hopper]

Originally Posted by 2Doxies

My elevation survey was done last year and was told i am at 8 ft lowest point.

If your lowest elevation is 8ft, then your BFE must be higher than that in order for your insurance to increase like that. You need to review your elevation cert and FEMA map to find out what the BFE is for your property.
Also, try to get the $210k coverage cut in half. Nobody in our area needs full replacement value insured for flood. IF (big IF) your property were to actually flood, we're talking a few inches of water perhaps, which is certainly not going to destroy the entire home.