Homeowners and Flood Insurance (Miami: house, buyer, taxes)

[SeaRay35]

Private Flood Insurance Agency Now Selling in 15 States

Answered my own question.

[MartyGras]

Originally Posted by SeaRay35

Private Flood Insurance Agency Now Selling in 15 States

Answered my own question.

I think that may have been before FEMA rolled back the huge increases they were going to institute.

Once the rates returned to a more reasonable level I'm guessing that market may have dried up.

Gary

[BocaRatongirl]

Please call Rob Crane at Dedicated Ins. We use him for home and car insurance. Tell him Melanie DePiro referred you. Doesn't hurt to get several quotes. He is awesome!!!!!! I PROMISE!!! 561-988-2556

[MikMal]

I wonder if there are any issues with a mortgage lender refusing to accept a non-FEMA backed flood insurance?

[MartyGras]

I feel sorry for the people in Louisiana, I really do!

But I'm really getting tired of paying FEMA required flood insurance and seeing people who live in flood plains without insurance getting FEMA handouts beyond their immediate needs.
But because it's has been declared a disaster area each uninsured homeowner could get up to $32,000
I read that 70% of the businesses don't have insurance

Gary

[Restrain]

FEMA rates scheduled to jump now that the moratorium expires this year. Lloyd's of London for example is offering policies. I also saw where Florida state is going to try to implement and encourage other flood providers since Florida is putting out far more than it gets back in payments and coverage.

[FloridaBeachBum]

Originally Posted by MartyGras

I feel sorry for the people in Louisiana, I really do!

But I'm really getting tired of paying FEMA required flood insurance and seeing people who live in flood plains without insurance getting FEMA handouts beyond their immediate needs.
But because it's has been declared a disaster area each uninsured homeowner could get up to $32,000
I read that 70% of the businesses don't have insurance

Gary

Plenty of folks in LA are not getting any FEMA money without flood insurance. It is a once in a life time payment per house, you cant get a second payout. So if these folks got water in Katrina they get none now.

Also it is a bit of a scam taking that money. For instance on my block in a flood zone, pre-firm grandfathered rates are around $600 a year, an identical house taking out flood insurance today would not be grandfathered and would pay around 3K a year.

To get that 32K you have to commit to always having flood insurance or they will take grant back. So in 11 years you would have paid around 33K in flood insurance to get that 32K and then for rest of eternity you keep paying that rate. Even future owners. No free lunch.

[FloridaBeachBum]

Originally Posted by Restrain

FEMA rates scheduled to jump now that the moratorium expires this year. Lloyd's of London for example is offering policies. I also saw where Florida state is going to try to implement and encourage other flood providers since Florida is putting out far more than it gets back in payments and coverage.

Only jumping, second homes, rental properties, sub damaged, sub improved homes.

Primary grandfathered pre-firm homes and post firm elevated homes (even if secondary/rental) are not jumping.

[Travelassie]

Originally Posted by SeaRay35

Private Flood Insurance Agency Now Selling in 15 States

Answered my own question.

Looks like this could be a viable option for us former FEMA flood insurance cash cows-I'm referring to the policy we were required to carry for our house in Miami for the 26 yrs we lived in that house. Never had a claim, the area was located on a natural ridge above the Atlantic there, not subject to flooding and we never saw any even during the hurricanes we had there even when it flooded in other areas of Miami. And the rates went up bigtime every year, they had more than quadrupled from the beginning rates by the time we left.

We have elected so far not to carry flood insurance on our property here, but it is waterfront (off the Peace River, upriver), and realize flooding in extreme conditions is possible-the general area, including most of our property is in the X zone, so think we might be biting off our noses to spite our faces not to carry some flood insurance.

So I will be contacting our insurance agent to see what a FEMA flood policy might cost us and compare with this private flood insurance. I just hate dealing with the guv'mint when I don't need to.

Thanks for the link, SeaRay.

[Old Gal]

Originally Posted by Travelassie

Looks like this could be a viable option for us former FEMA flood insurance cash cows-I'm referring to the policy we were required to carry for our house in Miami for the 26 yrs we lived in that house. Never had a claim, the area was located on a natural ridge above the Atlantic there, not subject to flooding and we never saw any even during the hurricanes we had there even when it flooded in other areas of Miami. And the rates went up bigtime every year, they had more than quadrupled from the beginning rates by the time we left.

We have elected so far not to carry flood insurance on our property here, but it is waterfront (off the Peace River, upriver), and realize flooding in extreme conditions is possible-the general area, including most of our property is in the X zone, so think we might be biting off our noses to spite our faces not to carry some flood insurance.

So I will be contacting our insurance agent to see what a FEMA flood policy might cost us and compare with this private flood insurance. I just hate dealing with the guv'mint when I don't need to.

Thanks for the link, SeaRay.

About 90 days ago I renewed our FEMA flood policy. FEMA was still the best deal even if it is the gubmint. Hopefully, next year the private carriers will be less.