U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
 [Register]
Tampa Bay Tampa - St. Petersburg - Clearwater
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-13-2014, 05:03 AM
 
8,517 posts, read 6,356,550 times
Reputation: 2909

Advertisements

Quote:
Originally Posted by engineman View Post
Flood Insurance is run by the same government that gave us Obamacare. If it works they will change it.
True. I would go bare. I am on the gulf and never had flood Ins.
Reply With Quote Quick reply to this message

 
Old 06-13-2014, 08:12 AM
 
14,005 posts, read 27,538,155 times
Reputation: 15498
Quote:
Originally Posted by CHASLS2 View Post
True. I would go bare. I am on the gulf and never had flood Ins.
I agree with Chas^^. Right now we live 2 blocks from bay in Sarasota in a small 1400 sq foot rancher, and are paying flood. Expensive, but not too bad just yet. We still have a mortgage which we expect to pay off in a few years and at that time we will cancel, because we feel the ins. will have reached a crazy point, and it would be easier to self-insure or just gamble. JMO, but I feel the risk of flood is very low where we are, even though we are close to the water. Old neighborhood here, nothing has ever happened.

People will always want homes near the water, OP, and it doesn't seem to be stopping people from buying the smaller homes in my neighborhood so I would not worry about resale. Actually the vacation rental market here is through the roof; my neighbors are already renting theirs out like a hotel; and I feel that if we ever move we will keep this house and do the same.

Whatever you decide, good luck. You have a lot more control when you don't have a mortgage.
Reply With Quote Quick reply to this message
 
Old 06-14-2014, 11:25 AM
 
74 posts, read 57,884 times
Reputation: 142
Quote:
Originally Posted by Pragmaticus View Post
Pre-firm house that is below Base Flood Elevation is going to cost quite a bit when it is said and done. You have the option of self insuring. So, go ahead. What is the value of the house??
The house is above 125k, less than 150k... Like I said, we're willing to ride the flood insurance situation out. We'll just self insure if the rates get crazy and keep it as a rental if we can't sell. I think in the end, the rates will double or triple or maybe be tied to the value of the house...like maybe 1% of the value. Which I read somewhere on a FEMA site. 1% or even 1.5 % percent seems reasonable and would be be triple or quadruple from maybe the 500.00 that people were paying. FEMA gets the badly needed money and people don't have to abandon their homes etc.. But, nobody knows right now.
Reply With Quote Quick reply to this message
 
Old 06-14-2014, 11:49 AM
 
Location: Historic Gulfport
464 posts, read 453,852 times
Reputation: 408
Before we shopped for a house in FL, we said: absolutely, positively, no house in a flood zone. Well guess what. We fell in love with Gulfport and a particular house that's in a flood zone. Bought in March, paid cash and bought a flood policy for $1200.

At a certain age (I'll be 62 late this year), money isn't all that important. It's more about being happy, going with your gut. We are oh-so-happy to be here in Gulfport that a little extra money for insurance is no biggie.

Just like in Dunedin, in-town properties rent at a premium here in Gulfport. When we decide to move on, if flood insurance is a problem in selling, we know we can rent this house seasonally and make money to pay its expenses and for some income.

Best of luck to you!
Reply With Quote Quick reply to this message
 
Old 06-14-2014, 12:38 PM
 
Location: Clearwater FL
13 posts, read 39,067 times
Reputation: 17
Default Flood

It's Florida and we have water all around us
Reply With Quote Quick reply to this message
 
Old 06-14-2014, 01:40 PM
 
74 posts, read 57,884 times
Reputation: 142
Gporter: Yes, totally understand where you're coming from as far as Gulfport goes. You have excellent posts by the way. In fact we looked at Gulfport because of you but for us Dunedin won out in the end..it was close though.... We said no flood zones also and they're a lot of non flood zone houses in Dunedin but the ones we saw in our price range needed a lot of work or were very far from town( a lot of the closer to town properties are in flood zones..) or had a sinkhole next door etc... I don't like unresolved insurance issues but I can deal with the worst case scenario and I think that's a long shot...This place was very close to the pinellas trail. 10 minute bike ride to town ...probably a 25 walk to downtown(acceptable)...Easy bike to the causeway.. the bay about 3 blocks away..The rental market is strong from what I can determine also so we're going for it! Thanks for all your responses.
Reply With Quote Quick reply to this message
 
Old 06-14-2014, 02:00 PM
 
Location: USA's #1 MSA 4 Years Running
8,569 posts, read 7,446,960 times
Reputation: 4894
Quote:
Originally Posted by sklfcats View Post
It's Florida and we have water all around us
Not to the north.
Reply With Quote Quick reply to this message
 
Old 06-14-2014, 02:09 PM
 
Location: Tampa Bay`. ><((((>.`><((((>
4,443 posts, read 5,961,414 times
Reputation: 13370
Quote:
Originally Posted by gulfporter View Post
Before we shopped for a house in FL, we said: absolutely, positively, no house in a flood zone. Well guess what. We fell in love with Gulfport and a particular house that's in a flood zone. Bought in March, paid cash and bought a flood policy for $1200.

At a certain age (I'll be 62 late this year), money isn't all that important. It's more about being happy, going with your gut. We are oh-so-happy to be here in Gulfport that a little extra money for insurance is no biggie.

Best of luck to you!
Yes, at a certain age money is not that important.
We live in a house that's in a flood zone in Oldsmar. We have a flood policy for it.
__________________
My mod posts will always be in red.
The Rules Infractions & Deletions Who's the moderator? FAQ What is a "Personal Attack" What is "Trolling" Guidelines for copyrighted material.
Reply With Quote Quick reply to this message
 
Old 06-16-2014, 01:41 PM
 
4,542 posts, read 3,895,603 times
Reputation: 3481
Quote:
Originally Posted by Pragmaticus View Post
Unknown like what? A house under BFE pre-firm cost more to insure than other houses. That's known unknown. There are known unknowns and there are unknown unknowns .

My primary which is pre-firm under BFE does not cost any more to insure as it is a primary home that is grandfathered. Rising it or get an elevation certificate wont accomplish much.

My secondary home which is pre-firm under BFE does not cost any more to insure as it is a condo and I am under master associaton policy.

Condo costs the association 1k a year for my unit and primary $525 a year and both for 250K max.
Reply With Quote Quick reply to this message
 
Old 06-16-2014, 03:18 PM
 
2,611 posts, read 3,872,387 times
Reputation: 2154
Quote:
Originally Posted by SandyJet View Post
My primary which is pre-firm under BFE does not cost any more to insure as it is a primary home that is grandfathered. Rising it or get an elevation certificate wont accomplish much.

My secondary home which is pre-firm under BFE does not cost any more to insure as it is a condo and I am under master associaton policy.

Condo costs the association 1k a year for my unit and primary $525 a year and both for 250K max.
You are talking now. I am talking when rates are set to market value.

Insurance is set with simple math to calculate the risk. In its simplest form isk is based on probably of occurrence of a flood X damage cost. Damage cost is a function of the elevation of the house vs. flood level. So, it is very clear what below BFE quotes gets you.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2013 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top