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Old 03-16-2014, 05:15 PM
 
1 posts, read 525 times
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hello, I have a question on the flood insurance. How much on average is it per year and do you have to buy it or is that just if you are considered in a flood zone which I would think most properties are. This is my biggest concern any help appreciated.
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Old 03-17-2014, 05:16 AM
 
Location: Roanoke Valley, VA, U.S.A.
90 posts, read 179,674 times
Reputation: 94
Possible, summer three months stay.

I visited your nice town in FEBRUARY, I really liked it.
I'm a 34 year old male.

In the 55+ condos I understand that some require a certain percentage of the residents to be younger.

When the snow birds fly North for the summer, how empty do these condo building get?
What does a monthly rate look like during the summer?
How much does the town change during winter to summer..?

Thanks for reading
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Old 03-17-2014, 05:31 AM
 
Location: Historic Gulfport
464 posts, read 524,493 times
Reputation: 417
Quote:
Originally Posted by cesira14 View Post
hello, I have a question on the flood insurance. How much on average is it per year and do you have to buy it or is that just if you are considered in a flood zone which I would think most properties are. This is my biggest concern any help appreciated.
It's very house-specific and a bit complicated. We just bought in Gulfport and had to learn all about it (from AZ, so it's a foreign language to us). Our home in Gulfpot is 1 1/2 blocks from water and is in flood zone AE (you can go to www.floodsmart.gov and plug in specific addresses). HOWEVER, our sellers had a flood survey and a 'good' (meaning high) flood elevation certificate, so our flood insurance is under $600 a year. Without a 'good' certificate (high enough), the flood insurance could have run a couple of thousands dollars or even tens of thousands a year (depending on the elevation).

Keep in mind that Flood Insurance (a FEMA program) is a moving political target. The Biggert-Waters Act from 2012 took away a lot of subsidized rates (for those houses without elevation certificates); recently the Senate tried to modify it; then the House had its own version just last month. A Joint bill is due to be signed by Obama (maybe it already was this weekend??); this bill delays some increases in rates; grandfathers in more properties, etc. But the bottom line is that flood insurance remains as an issue that can and probably will be revisited for both political and fiscal reasons.
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