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Old 10-23-2013, 04:20 PM
 
13,541 posts, read 9,212,542 times
Reputation: 4355

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Quote:
Originally Posted by EngGirl View Post
I don't see how flood insurance will make investors leave because most of them buy with cash and don't really need this insurance, right?
Then they try to sell the house and most peeps will run away once they find out they have to pay $20k a year for flood Ins.
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Old 10-23-2013, 05:54 PM
 
3,923 posts, read 10,284,761 times
Reputation: 5212
I didn't hear the news coverage mentioned earlier, but I can only imagine that the media is spewing another sky is falling scenario for the shock factor and their own ratings. The Biggert-Waters act as I understand it for Florida is mostly about reducing subsidies. Some subsidies have been in place post Hurricane Andrew in 1992.

I was told there are no new FEMA maps. They were re-done in 2008. If anyone hears otherwise, please write back.

To the person who's insurance went up $700 due to being across from a pond, there's more to the story. I'll bet it was a home-owner's policy and not a flood policy. They are 2 separate policies. FEMA is the only underwriter for flood insurance for us at this time. There are 20 or so underwriters for homeowner's policies to include Citizens, the state run insurer.

A new policy flood insurance quote is as easy as getting an elevation certificate which costs ~$100. The property's base flood elevation (BFE) and location determines risk. Coastal properties have higher risk and premiums as they should. I'm recommending now that anyone selling a property NOT in Flood Zone X get this done up front.

There's a lot more to this but I'd hope that instead of fueling a fire, that everyone speak with a knowledgeable insurance broker first and get tangible answers. Given the lawsuits and litigation coming, there may be changes as we work through implementation. It makes me shiver when lenders force place insurance on people who don't even bother to do the research and ask questions.

Edit: Just saw on the FEMA website that 81% of owners nationwide are on actuarial rates and are not affected. Ten percent will be retain subsidized rates until the property is sold, policy lapses, etc. and 5 percent pre-FIRM owners will see 25% rate increases until true risk premium is reached. Referenced here --> http://www.fema.gov/media-library-da...3_natl_508.pdf

Last edited by TampaKaren; 10-23-2013 at 06:19 PM.. Reason: Updated
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Old 10-23-2013, 06:27 PM
 
Location: North of South, South of North
8,707 posts, read 8,766,136 times
Reputation: 5072
Quote:
Originally Posted by TampaKaren View Post
I didn't hear the news coverage mentioned earlier, but I can only imagine that the media is spewing another sky is falling scenario for the shock factor and their own ratings. The Biggert-Waters act as I understand it for Florida is mostly about reducing subsidies. Some subsidies have been in place post Hurricane Andrew in 1992.

I was told there are no new FEMA maps. They were re-done in 2008. If anyone hears otherwise, please write back.

To the person who's insurance went up $700 due to being across from a pond, there's more to the story. I'll bet it was a home-owner's policy and not a flood policy. They are 2 separate policies. FEMA is the only underwriter for flood insurance for us at this time. There are 20 or so underwriters for homeowner's policies to include Citizens, the state run insurer.

A new policy flood insurance quote is as easy as getting an elevation certificate which costs ~$100. The property's base flood elevation (BFE) and location determines risk. Coastal properties have higher risk and premiums as they should. I'm recommending now that anyone selling a property NOT in Flood Zone X get this done up front.

There's a lot more to this but I'd hope that instead of fueling a fire, that everyone speak with a knowledgeable insurance broker first and get tangible answers. Given the lawsuits and litigation coming, there may be changes as we work through implementation. It makes me shiver when lenders force place insurance on people who don't even bother to do the research and ask questions.

Edit: Just saw on the FEMA website that 81% of owners nationwide are on actuarial rates and are not affected. Ten percent will be retain subsidized rates until the property is sold, policy lapses, etc. and 5 percent pre-FIRM owners will see 25% rate increases until true risk premium is reached. Referenced here --> http://www.fema.gov/media-library-da...3_natl_508.pdf
Now now. Don't you know that facts mess up a good argument?
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Old 10-23-2013, 06:32 PM
 
3,923 posts, read 10,284,761 times
Reputation: 5212
Quote:
Originally Posted by PriusH8r View Post
Now now. Don't you know that facts mess up a good argument?
LOL, I'm heading back to Oz to see the wizard now.
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Old 10-23-2013, 07:13 PM
 
3,923 posts, read 10,284,761 times
Reputation: 5212
Quote:
Originally Posted by Red3311 View Post
All I heard was "come talk to a broker so we can sell you a house"...
This is a public forum and you are entitled to your opinion as am I. And unlike you,, I am here in full disclosure for your bashing pleasure. But you could not be further from the truth. Not that I owe you an explanation but I own property in a flood zone and the information I gathered just might help someone else.That's all I'm saying about that.

Last edited by TampaKaren; 10-23-2013 at 07:21 PM..
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Old 10-23-2013, 07:27 PM
 
Location: North of South, South of North
8,707 posts, read 8,766,136 times
Reputation: 5072
Quote:
Originally Posted by TampaKaren View Post
This is a public forum and you are entitled to your opinion as am I. And unlike you,, I am here in full disclosure for your bashing pleasure. But you could not be further from the truth. Not that I owe you an explanation but I own property in a flood zone and the information I gathered just might help someone else.That's all I'm saying about that.
View past posting history on certain posters and you will find no need to reply, as you will see why they are actually posting. Just sayin'.
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Old 10-24-2013, 07:02 AM
 
4,811 posts, read 3,454,801 times
Reputation: 2850
Quote:
Originally Posted by TampaKaren View Post
I didn't hear the news coverage mentioned earlier, but I can only imagine that the media is spewing another sky is falling scenario for the shock factor and their own ratings. The Biggert-Waters act as I understand it for Florida is mostly about reducing subsidies. Some subsidies have been in place post Hurricane Andrew in 1992.

I was told there are no new FEMA maps. They were re-done in 2008. If anyone hears otherwise, please write back.

To the person who's insurance went up $700 due to being across from a pond, there's more to the story. I'll bet it was a home-owner's policy and not a flood policy. They are 2 separate policies. FEMA is the only underwriter for flood insurance for us at this time. There are 20 or so underwriters for homeowner's policies to include Citizens, the state run insurer.

A new policy flood insurance quote is as easy as getting an elevation certificate which costs ~$100. The property's base flood elevation (BFE) and location determines risk. Coastal properties have higher risk and premiums as they should. I'm recommending now that anyone selling a property NOT in Flood Zone X get this done up front.

There's a lot more to this but I'd hope that instead of fueling a fire, that everyone speak with a knowledgeable insurance broker first and get tangible answers. Given the lawsuits and litigation coming, there may be changes as we work through implementation. It makes me shiver when lenders force place insurance on people who don't even bother to do the research and ask questions.

Edit: Just saw on the FEMA website that 81% of owners nationwide are on actuarial rates and are not affected. Ten percent will be retain subsidized rates until the property is sold, policy lapses, etc. and 5 percent pre-FIRM owners will see 25% rate increases until true risk premium is reached. Referenced here --> http://www.fema.gov/media-library-da...3_natl_508.pdf
Hillsborughs maps got updated sept 2013 you can check when yours are scheduled to be updated here
Flood Map Update Schedule | Flood Risks | Flood Insurance | FloodSmart

When you say 80% of people are not affected, thats is true but irrelevant, more than 80% of the people dont live in waterfront properties , most dont live in coastal areas, the implication of saying oh 80% of the people are not affected is that you shouldnt worry about it when in the tampa area that number is way larger. I agree with you the sky is not falling, but its a source of concern for many.
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Old 10-24-2013, 08:01 AM
 
1,106 posts, read 1,945,216 times
Reputation: 954
That's probably why the Realtors officially lobbied for and endorsed the Biggert-Waters Act, calling it a "major victory for homeowners who rely on the National Flood Insurance Program."

More people losing their homes = more real estate transactions, I suppose.
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Old 10-24-2013, 10:01 AM
 
3,923 posts, read 10,284,761 times
Reputation: 5212
Quote:
Originally Posted by DUNNDFRNT View Post
Hillsborughs maps got updated sept 2013 you can check when yours are scheduled to be updated here
Flood Map Update Schedule | Flood Risks | Flood Insurance | FloodSmart

When you say 80% of people are not affected, thats is true but irrelevant, more than 80% of the people dont live in waterfront properties , most dont live in coastal areas, the implication of saying oh 80% of the people are not affected is that you shouldnt worry about it when in the tampa area that number is way larger. I agree with you the sky is not falling, but its a source of concern for many.
Thanks so much for this good stuff. Now I have conflicting information and more questions to get answered. Frustrated!
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Old 10-24-2013, 10:02 AM
 
3,923 posts, read 10,284,761 times
Reputation: 5212
Quote:
Originally Posted by chi_tino View Post
That's probably why the Realtors officially lobbied for and endorsed the Biggert-Waters Act, calling it a "major victory for homeowners who rely on the National Flood Insurance Program."

More people losing their homes = more real estate transactions, I suppose.
All that from a PAC that I'm required to pay into that's never asked my opinion on anything. Ugh.
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