Flood Insurance? (Gulfport: 2015, how much, house)

[071402]

Those living in the st pete area - how much is your now annual flood insurance and is it Citizens? thanks

[dothetwist]

Ours is $450 a year (Gulfport) and issued thru FEMA. We are one short block from Boca Ciega Bay.

Flood insurance is very dependent upon each house; most of our area is zone X, but even in AE, if you have good elevation, you won't pay much (or even be required to get it by your lender). We don't have mortgage, but $450 a year (we are zone AE for land, zone X for house), it's worth it for peace of mind.

[071402]

Fema - you mean Citizens? Thanks that is a good price I think.

[dothetwist]

Not Citizens. FEMA = Federal Emergency Management Agency. It is federal flood insurance underwritten by NFIP (National Flood Insurance Program). While private insurance agencies facilitate the insurance, the rates are set by the federal government.

For more info, go to
https://www.floodsmart.gov/floodsmart/

[wallyb2013]

I don't know how much our insurance is, but I do know that they are reassessing the flood plane in St. Pete sometime very soon, so areas that now do not need flood insurance may see their rates increase sharply (I'm thinking especially areas east of 4th St. in St. Pete, since some of those areas flooded badly). I would look at recent flooding and avoid any areas where water was high in the floods of 2015 and also this past summer.

[dothetwist]

New flood map implementation date is June 2018. Though, the FEMA site says implementation dates are subject to change, so it may be much later.

If you get mapped from X into AE, the rules allow you to maintain cheap rate for the year of the change (2018) and for the year after the change (2019). Then the year following that year (2020) and subsequent years, the increase is limited to 18% a year, until it hits 'market' rate.

So if you're in X now and get moved to AE, using the current $425 premium of maximum coverage in zone X (there's a flat $25 annual fee for SFH, which is why my total premium is $450), here's what an X house, going to AE would pay for the next 5 years.

2017: $425
2018: $425
2019: $425
2020: $501
2021: $591

[urbanprivateer]

The question you should ask is "what type of flood insurance expense if you live in the AE flood zone and your house is not raised. That's the question. If your home is below required flood elevation and you are in a flood zone You should expect to pay in the thousands per year. Those are the rates that are very expensive. You should make sure you understand the current flood zone of the existing structure either A, AE or X and the elevation required of the finish floor height for your flood zone.
You can check any address by googling FEMA MAP SERVICE CENTER AND PUTTING IN YOUR ADDRESS.

[dothetwist]

Originally Posted by urbanprivateer

The question you should ask is "what type of flood insurance expense if you live in the AE flood zone and your house is not raised. That's the question. If your home is below required flood elevation and you are in a flood zone You should expect to pay in the thousands per year. Those are the rates that are very expensive. You should make sure you understand the current flood zone of the existing structure either A, AE or X and the elevation required of the finish floor height for your flood zone.
You can check any address by googling FEMA MAP SERVICE CENTER AND PUTTING IN YOUR ADDRESS.

You are correct that elevation is the key. Our home is not raised....it was built in 1946.

However relying on the FEMA map site is VERY MISLEADING. The website ONLY shows the flood zone map info for the address you enter (NOT the specific rating of that address). It DOES NOT factor in the elevation certificate or any other mitigating info about an address (such as a LOMA Letter of Map Amendment). So, it's basically USELESS.

My advice: if looking at a property listing, ask the homeowner or their agent to give you the current flood insurance policy. If they won't do this, walk away.

[FloridaBeachBum]

Originally Posted by urbanprivateer

The question you should ask is "what type of flood insurance expense if you live in the AE flood zone and your house is not raised. That's the question. If your home is below required flood elevation and you are in a flood zone You should expect to pay in the thousands per year. Those are the rates that are very expensive. You should make sure you understand the current flood zone of the existing structure either A, AE or X and the elevation required of the finish floor height for your flood zone.
You can check any address by googling FEMA MAP SERVICE CENTER AND PUTTING IN YOUR ADDRESS.

My AE home which is below BFE was built as an X and later mapped to AE and is a primary grandfathered home. I pay $525 a year full 250K/100K coverage with a 3k deductable.

I get charged as X rate not AE rate as I have built in compliance.

if you put my address into the FEMA Map Service center it will just show AE and an agent will quote you $2,400 to $3,000 a year for a new policy. However, my policy is transferable so you would get the same rate.

[071402]

we don't know what AE is, or BFE is.