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Old 06-16-2014, 02:19 PM
2,672 posts, read 4,151,035 times
Reputation: 2252


Originally Posted by tgtguy111 View Post
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.
Well, in this case, I would take the risk if I were you.........
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Old 06-16-2014, 02:26 PM
Location: Historic Gulfport
464 posts, read 490,542 times
Reputation: 414
Originally Posted by Pragmaticus View Post
You are talking now. I am talking when rates are set to market value.
IF rates are set to market value.

Flood insurance is a political football. Once the issues from Bigger Waters became known, look at how the pols in DC back-tracked. Once they realized how many people were affected by B-W's rate hikes, and how the majority are NOT rich ocean-front land barons, but just everyday people in middle to lower-middle class neighborhoods, they knew B-W was not going to work.

Someone may go back to the drawing board and re-start this issue, but it might be that pols are just as happy to keep it swept under the rug.
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Old 09-23-2014, 02:12 PM
Location: Dunedin
85 posts, read 72,721 times
Reputation: 64
Default steve dunedin

Originally Posted by tgtguy111 View Post
Hello, My wife and I are seriously considering buying a house in an AE flood zone in the Dunedin area. It's 3 or 4 blocks from the water(bay), needs little work and is convenient to town etc. It's a pre-firm house(1958). The elevation is 3.25 ft below the BFE of 11ft..Got an elevation certificate.. I got a quote of $1200.00 a year for flood insurance...I don't have to get the coverage because I'm not getting a mortgage... The question I have is? What's is going on with the flood insurance? I'm getting different answers from different people. Someone said that if I buy before September, I'm locked in with the low rate. An insurance guy told me nobody really knows what they are going to do...It's going to be my primary residence but I don't see why that should matter...What I do with my place is my business right? I don't want to be stuck with a house I can't sell... If I ever want to sell..What's the worst case scenario? The rates go up to 15k a year and at that point I have to lift it up 4 or 5 ft (40 to 60k) to get it sold or just get a good rate?..It's a 1100 sq ft ranch... It's not in a repetitive flood area...I checked with the town etc, there has never been any flood damage as far as anyone knows... I don't have to buy it. I can walk away. But, we like it a lot and its within our budget. Thanks
You might want to research the Biggert-Waters Act flood insurance reform act 2012 and revised addition. This might help you out since it has changed. The deadline to be grandfathered was in August 2014 on purchasing a property and assuming the rate the previous owner was paying, but after that August date a surcharge of $25 will be applied per year to help replenish the FEMA kitty on top of what they are going to charge you or what the previous owner was paying. And if it was a business it would be $ 250 a per year. This is what I heard they settled on, and when I went to a seminar this is what was told to us by title experts. I know this was suppose to stay true until 2017 then to be reviewed again. You can contact FEMA at 1-800-621-3362 and maybe they can clarify it for you. Now if you live in a VE the rules are a little different and the lifting of the house might play in since VE means flooding by wave action and AE is just rising water. The main issue is the elevation certificate that is the guide that what a insurance company goes by. The rule of thumb before was a dollar per thousand ( + or - ) and that would seem true in your case base on the if you paid around 120 K for you house, but that's not always true. Getting back to the insurance agents they should have a answer for you and if they don't then I wouldn't deal with them, but here's the scenario, if you do not carry insurance and you go to sell it they will have to get insurance and will not have a base to go buy and yes that might hurt your selling opportunities so its kind of a double edged sword. Sorry that's all I know hope, that helped answering your question.

Last edited by steve dunedin; 09-23-2014 at 02:46 PM..
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Old 09-23-2014, 05:37 PM
Location: Clearwater FL
13 posts, read 43,238 times
Reputation: 17
Not a problem any more.. Now it will only be no more than $1800 per year for flood insurance
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Old 12-31-2014, 07:37 AM
74 posts, read 68,506 times
Reputation: 143
Default flood insurance etc

Sounds great..I guess that's something new. No more than $1800.00 a year for flood insurance. I haven't kept up with the issues for a few months... I've been enjoying Dunedin. Is this based on some new rules etc? Thanks.
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Old 12-31-2014, 09:03 AM
Location: Central Mexico and Central Florida
6,702 posts, read 2,810,851 times
Reputation: 9401
Originally Posted by sklfcats View Post
Not a problem any more.. Now it will only be no more than $1800 per year for flood insurance
This is the first I've heard of any cap on flood insurance...can you link to source of this info? Thx.
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Old 01-05-2015, 11:52 AM
4,542 posts, read 4,344,488 times
Reputation: 3481
Flood Insurance rates on pre-firm homes will rise a bit again in April 2015. If you have a pre-firm house with no flood insurance good idea to buy before April 2015
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