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Old 09-26-2013, 02:51 PM
 
Location: Lincoln County Road or Armageddon
4,224 posts, read 5,664,474 times
Reputation: 5770

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Anyone who bought a home with a subsidy after July 6, 2012 loses the subsidy upon renewal. Others with a subsidy will see rates rise at 16% to 17% annually plus a 5% fee.

http://www.tampabay.com/news/busines...-homes/2142633

Here's some maps-kinda hard to see, though.

tampabay.com document viewer

There's a link to the FEMA map.


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Old 09-26-2013, 04:33 PM
 
Location: North of South, South of North
8,707 posts, read 8,754,273 times
Reputation: 5072
After watching the news report on this, I realize this could increase my property value even more......based on supply and demand. Already being in an extremely popular, prime area and NOT being in a flood zone, people may abandon the flood zone homes and send yet even more people my way.

I bet something is done before the rates go up "that" much though.
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Old 09-26-2013, 04:35 PM
 
Location: North of South, South of North
8,707 posts, read 8,754,273 times
Reputation: 5072
Quote:
Originally Posted by vaughanwilliams View Post
Anyone who bought a home with a subsidy after July 6, 2012 loses the subsidy upon renewal. Others with a subsidy will see rates rise at 16% to 17% annually plus a 5% fee.

Rising flood insurance rates will affect many inland homes | Tampa Bay Times

Here's some maps-kinda hard to see, though.

tampabay.com document viewer

There's a link to the FEMA map.


Wish there was more detail with the map, but it is the best I have seen so far. Thx for posting.
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Old 09-26-2013, 04:42 PM
 
25,747 posts, read 38,899,657 times
Reputation: 13722
Quote:
Originally Posted by gulfer View Post
That just can't be true. The OP tells us every week that the entire Coast is going to be filled with homes that are not insured! The sky is falling and every home is going to drop to 25K! All is LOST!

Thanks Prius for posting some numbers. Guess they sky isn't falling just quite yet. Maybe next week!!
I just ignore him/her mostly sine by now I assume that most people know that they have lost money in the housing market and they have nothing positive to say and everything is bad...

Meanwhile others have made good money in the areas where these posters claim the properties are fallen apart and crime is so high and nothing is good and all homes either have sinkholes or crack heads in them...
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Old 09-26-2013, 04:42 PM
 
Location: Pinellas Park Florida
210 posts, read 502,501 times
Reputation: 157
What many seem to forget is that there are low lying areas all over Florida. It's just not coastal areas that will be affected. I suspect the government will ignore the dire warnings much like state government has ignored the plight of homeowners when it comes to homeowners insurance. BTW isn't this what everyone wants. No subsidies. let the market bare what it will.
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Old 09-26-2013, 04:46 PM
 
25,747 posts, read 38,899,657 times
Reputation: 13722
Quote:
Originally Posted by PriusH8r View Post
After watching the news report on this, I realize this could increase my property value even more......based on supply and demand. Already being in an extremely popular, prime area and NOT being in a flood zone, people may abandon the flood zone homes and send yet even more people my way.

I bet something is done before the rates go up "that" much though.
Don't forget there are people buying with cash and don't have to buy flood ins.....

Indeed some other areas demand may go up and my homes are all in no flood zone areas but even aside from flood zones, there are many homes that never had any flooding in the area and were rezoned due to FEMA latest maps.

I wonder if people will start to sue FEMA for some of the rezoning since not all areas that are now flood zone, make sense but they now have that label.
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Old 09-26-2013, 04:52 PM
 
518 posts, read 1,039,540 times
Reputation: 213
Almost the whole state was a swamp at one time. But we pay almost 40% of all femas policies and for every dollar they collect from us they have only had to pay out 24 cents back to us over the years. Florida is a cash cow for these crooks. It is about to get a lot worst soon. I think it is going to back fire on them this time.
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Old 09-26-2013, 05:08 PM
 
13,500 posts, read 9,178,309 times
Reputation: 4335
Quote:
Originally Posted by bentlebee View Post
I just ignore him/her mostly sine by now I assume that most people know that they have lost money in the housing market and they have nothing positive to say and everything is bad...

Meanwhile others have made good money in the areas where these posters claim the properties are fallen apart and crime is so high and nothing is good and all homes either have sinkholes or crack heads in them...
You are just upset i tell it like it is. I did very well loaning out money to a large firm that bought up homes back in 02 thru 05. I did lose out on one big house on the gulf when things went down the terlet back in late 06.

You are just upset i turn people away from someone like you that is only out to make a buck on them by selling them a home and telling them whatever it takes to make a sale.

You are welcome to give Westport a try and see how much you can make flipping. My hope is the hood becomes almost empty and i can buy these homes for 5k each and just rent em out for $450 a month.

Just no one that is left in Westport has the money to pay the huge rate hikes that are coming, as no one is gonna pay 10k + a year to insure these little homes that are worth under 30k at this time. And the people in the back with the bigger homes on the water will really get hard.
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Old 09-26-2013, 05:49 PM
 
Location: Tampa, FL
27,798 posts, read 26,043,609 times
Reputation: 14611


Flood insurance rates could jump for more than 21,000 Hillsborough homes | Tampa Bay Times
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Old 09-26-2013, 05:55 PM
 
Location: Toledo, OH
1,725 posts, read 2,983,293 times
Reputation: 1272
Your hope is to make money on others misfortune? NICE, VERY CLASSY

FYI: These Flood Insurance Rates DO NOTHING FOR A REALTOR. The turnover won't be much as people won't buy. Any Realtor that doesn't inform their buyer of the total cost of living in a home (mortgage, insurance, taxes, CDD, HOA, etc...) aren't worth a dime in my book.

Don't put people in one category please.
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