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Old 04-20-2014, 02:41 PM
 
Location: Port Charlotte
1,689 posts, read 2,069,154 times
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we non sailboat side of edgewwater on the sunrise were paying a fee on our taxes for dredging that was done south of edgewater because we use it also to access the harbor. that just ended but up in the ends of the canal it is fairley silted in and many do not have a lot of depth . but there were not enough yes votes to pay to have a dredge done. many don't even have boats and after the sewer just passed they im sure didn't was an extra $500 a year added to there tax bill .

but we were told the county considers them drainage didches and will not dredge them it has to be paid by the owners
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Old 04-21-2014, 09:39 AM
 
5 posts, read 8,020 times
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Quote:
Originally Posted by TamRE View Post
Do you want to be in a deed-restricted community or non-deed restricted? South Gulf Cove has lots that are not on canals, Rotonda West, Eden Harbor, Gulf Cove, anywhere along 776 (S McCall Rd) has non-deed restricted homes, Lake Marlin, Oyster Creek, Stillwater.
We would prefer deed-restricted communities. I will check into some of the areas you mentioned. I have been looking at the Cape Haze area and north. There seem to be some nice places in that area.
Do the islands have a lot higher flood insurance than on the mainland? Flood insurance on the mainland, if it is above a certain sea level, seem to be reasonable, but is that the norm on the islands or capes?
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Old 04-21-2014, 09:49 AM
 
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Thanks for the info! Anyone have any thoughts about the Placida/Cape Haze area? There seem to be quite a few houses for sale within our price range.
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Old 04-21-2014, 09:52 AM
 
Location: Palm Island and North Port
7,486 posts, read 19,878,591 times
Reputation: 2804
Quote:
Originally Posted by lakegirl54 View Post
We would prefer deed-restricted communities. I will check into some of the areas you mentioned. I have been looking at the Cape Haze area and north. There seem to be some nice places in that area.
Do the islands have a lot higher flood insurance than on the mainland? Flood insurance on the mainland, if it is above a certain sea level, seem to be reasonable, but is that the norm on the islands or capes?
I actually live on Palm Island, right off of Cape Haze, in fact I grew up out here. Flood insurance depends on the flood zone you are in, the height and age of the home and several other factors. I bought my home on Palm Island last year for $235K. It's built in 2006, terracotta floors, granite counters, a lot in a half, the lowest elevation is 14 ft, a five minute walk to the beach and deeded dock access- it's very nice. If you're willing to wait and look for deals, they are out there. My flood insurance is $7K a year. Taxes are $6,800 a year.

Changes have been made for all communities in the Florida and remapping projects a still in the progress.

When you hear that all of Florida is in a flood zone, this is correct but a misinformed statement. Depending on the area 50% to 80% flood zones are is in a special flood hazard area (SFHA), where the mortgage companies will require flood insurance. The other 20% to 50% is in the flood zone B, C and X where the flood insurance can be purchased but is a choice of the property owners.

Property owners should be aware of how flood insurance works and know what the average cost are. In the past owner's have accepted that they were in the flood zone and just paid it without knowing if they are paying the right amount or if it was correct. Talk with your neighbors, insurance should be within a reasonable range of each other, but it happens that three identical neighbors are paying $400, $1800 and $900 for the same coverage. The newest neighbor (within the last 5 years) should have been rated with the newest flood zone information and all the required documentation by the insurance agent; and their premium should be the benchmark for the neighborhood comparison.

Now the industry standard is the burden is left up to the property owner to know what flood zone their building is affected by. If your property has been upgraded to a better/new flood zone (lower risk), the lender or insurance company will not notify the owner to modify the existing flood insurance policy because of more beneficial flood zone. Modifying the current policy will require a new elevation certificate which can cost up to $150, but the savings depending on the flood zone can be $200-$1000 savings (plus possible refunds), it will be worth the investment to look into. Owners can find a flood insurance/zone consultants to determine the best option available, most of these companies do not charge if they cannot provided any solutions for the flood insurance. These companies are working for the property owners, not the lender or the insurance company.

Following list is how business and home owners are being affected by the new flood zones:
Your building has been re-designated into a new flood zone. The mortgage lender will now require flood insurance for your building because of a federal requirements. The owner should do one of the following:
1--Get an FEMA elevation certificate from a qualified surveyor. This certificate is used by the insurance companies to correctly rate flood insurance. The elevation certificate needs to show the newest flood zones, so older certificates will not be valid for new flood insurance policies.

2--If the insurance seems too high, have a flood zone consultant verify if the building would benefit from a historical classification to the original flood zone at the time of construction. This is a special classification for insurance, because the building should not pay higher insurance premiums if it was build correctly at the time of construction.

3--Keep your previous coverage using the grandfathering rule, if the owner holds an existing policy they can continue using it (do not let your insurance lapse).

4--Challenge the new FEMA flood zone. This process only affects houses that are higher than the calculated flood. This process is determined on a house by house basis, one neighbor can be approved for an exemption while others will not (for example one will pass by 1/8" and the other fail by 1/8").
Your building has been re-designated out of the Special Flood Hazard Area. The mortgage lender will not require flood insurance for your building because of a federal requirements. The owner should do the following:
1--Contact the insurance division for the mortgage lender and notify them that a flood zone designation has changed. They will review the flood zone that affects the property and provide a written response for the owners request. If the bank releases the requirement for flood insurance, the owner can keep the current policy, or rewrite the current policy to a cheaper preferred risk policy, or cancel the current policy completely. The insurance policy holder is eligible for full refunds from the National Flood Insurance Program (NFIP)
Various items can cause the insurance to be different:
1--Never had an elevation certificate, the insurance company uses the elevation certificate to correctly rate the flood insurance policy. If the insurance company does not have an elevation certificate on record, the insurance policy is probably based on a pre-FIRM calculations (basically means the house was built before the flood zones). This rate is usually higher than using the new flood zones.

2--Elevation certificate has minor errors (1/8" can cost a homeowner a $600 difference in flood insurance premiums. The insurance companies can only input the elevations shown on the elevation certificate, they are not able to round numbers or validate the quality of the certificate documents. In most cases, the cheapest quote for an elevation certificate might not be the best option for the homeowner. The owner can obtain a second opinion on the previous elevation certificate to verify the original certificate.

3--Rated in the wrong flood zone or older flood zone, in some cases the flood zone change 10+ years ago and the owner is never informed that using the newer flood zone can help save money. Basically it is up to the property owner to review and question the insurance policy if there is a other options for their flood insurance needs.

4--Various of other red tape rules based on the construction of the house.
For more informational website
FEMA website for consumer information
Floodsmart.gov: Your premier resource for flood insurance information

Also for individual counties preform a google search with the county name and either FEMA or flood zone.
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Old 04-21-2014, 11:36 AM
 
Location: Anthem, AZ
2,118 posts, read 2,995,720 times
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Wow, Shannon...you got some deal on that house! Granted, I see the other numbers listed too but wow.
Can't believe your taxes are so high, given what you paid for the property but I'm guessing the asses value is likely twice your purchase price? Was it a distressed property?
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Old 04-21-2014, 06:00 PM
 
Location: Palm Island and North Port
7,486 posts, read 19,878,591 times
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Quote:
Originally Posted by Messing About View Post
Wow, Shannon...you got some deal on that house! Granted, I see the other numbers listed too but wow.
Can't believe your taxes are so high, given what you paid for the property but I'm guessing the asses value is likely twice your purchase price? Was it a distressed property?
Yeah, it's not quite double but they have it assessed at $325K, so $100K more than what I paid.

Yes, it was a short sale. It was kind of weird how it happened. I was out showing property on Palm Island and I just happened to drive past the house. I went home and looked it up and saw it was listed at $299K and was a short sale. I was looking at sell a few of my rentals in Port Charlotte that have been giving me headaches for years and put that money into a different rental. So, we put in an offer at $215K and the bank countered at $280K. I didn't want to go that high and just kind of moved on and forgot about the property. Then like six months later the list agent calls me and says that the bank got an offer right after we offered, pretty close to asking price that was cash and they rejected it as well. They went back to those people to accept the offer and they had already purchased another home. She said that the home was slated to go into foreclosure in a month and they needed to get the home under contract. I told her my top amount was $235K, take it or leave it. The bank accepted the offer and we closed one day before it went into foreclosure. We originally were going to rent it out as a vacation rental and then after coming out here and working in the yard for a few months we decided to rent out our home in North Port and move out here full time.

The taxes and insurance are pretty steep though. I guess that's the trade off.
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Old 04-21-2014, 07:58 PM
 
Location: Port Charlotte
1,689 posts, read 2,069,154 times
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Quote:
Originally Posted by SoFLGal View Post
Depending on the area 50% to 80% flood zones are is in a special flood hazard area (SFHA), where the mortgage companies will require flood insurance. The other 20% to 50% is in the flood zone B, C and X where the flood insurance can be purchased but is a choice of the property owners.
http://floridadisaster.maps.arcgis.c...3.0587,32.3749


I saw this map posted on a different thread seems my home is in zone B am I to understand that a bank would not require flood insurance ?
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Old 04-21-2014, 08:12 PM
 
Location: Palm Island and North Port
7,486 posts, read 19,878,591 times
Reputation: 2804
Quote:
Originally Posted by MikeM8560 View Post
http://floridadisaster.maps.arcgis.c...3.0587,32.3749


I saw this map posted on a different thread seems my home is in zone B am I to understand that a bank would not require flood insurance ?
I always say to double check with an insurance agent. Maps and rules change so often I always like to check. If you find out anything different, please let me know.

Zones B, C and X: moderate to low risk


Zones designated as B, C or X fit one of the four following criteria:
  1. Regions with less than 1 percent annual chance of flooding
  2. Regions with a 1 percent annual chance of sheet-flow flooding and average water depths of less than one foot
  3. Regions with a 1 percent annual chance of stream flooding and drainage areas of less than one square mile
  4. Regions with a 1 percent annual chance of flooding that are protected by levees
While flood insurance may not be required in these zones, it is available for those who wish to protect their home and assets in the case of a catastrophic flooding event. The NFIP makes flood insurance available to all property owners and renters in participating communities, even those in moderate to low risk zones.

On another note, I've seen insurance companies give wildly different quotes. I got flood quotes on my home ranging from 7K per year up to over $20K+ per year. It's always good to check around.

Last edited by SoFLGal; 04-21-2014 at 08:49 PM..
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Old 04-21-2014, 08:59 PM
 
1,917 posts, read 1,979,533 times
Reputation: 712
Quote:
Originally Posted by MikeM8560 View Post
http://floridadisaster.maps.arcgis.c...3.0587,32.3749


I saw this map posted on a different thread seems my home is in zone B am I to understand that a bank would not require flood insurance ?
I don't believe those are FEMA flood zones, I think they are hurricane evacuation zones

Gary
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Old 04-21-2014, 09:11 PM
 
Location: Palm Island and North Port
7,486 posts, read 19,878,591 times
Reputation: 2804
Quote:
Originally Posted by MartyGras View Post
I don't believe those are FEMA flood zones, I think they are hurricane evacuation zones

Gary
You're right, Gary. I didn't pull up the map. We weren't talking the same thing. Go here: https://msc.fema.gov/webapp/wcs/stor...0001&langId=-1 and type your address in the box on the left.

Then hit "click a point" and place you cursor right over where your house would be. Then click "retrieve printed firm panel". It will come up with another page for you to "view" or "buy" the map. Click "view". Then it will come up with a black and white map. Find your home on the map and look to see what flood zone your home is in. Mine is in a "VE" zone. In other words, not the greatest
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