Flood Insurance Going WAY Up??? How Many North Porters Have It?? (Miami: 2013, mortgage)

[DaGoose]

From what I am reading it looks like flood insurance is going to rise dramitically. I purchased it even though my house isn't in a flood zone because I'm a nut about insurance. But if it goes up too much I may end up dropping it.

......new government surveys could produce flood insurance premium in­creases so big that the homeowners might be no longer able to afford their homes

Lawmakers advancing flood insurance bill - The Washington Post

I'm just wondering how many people on this board carry flood insurance even though they're not in a flood zone??

[nphomeowner]

We aren't In A flood zone and do not have flood insurance. We are off North Cranberry in North Port.

[MikMal]

Originally Posted by DaGoose

From what I am reading it looks like flood insurance is going to rise dramitically. I purchased it even though my house isn't in a flood zone because I'm a nut about insurance. But if it goes up too much I may end up dropping it.



Lawmakers advancing flood insurance bill - The Washington Post

I'm just wondering how many people on this board carry flood insurance even though they're not in a flood zone??

I just recently read (was it here on the C-D Forum or in the local news?) that flood insurance will be going up for some homes in the area 25% for the next few years. I know mine shot up dramatically, but I am down in P.C., not N.P., and in a flood zone, even though there is no history of my street or house ever flooding. It almost make it seem as if they are forcing your (or should I say "our") hand to either rebuild or pay dearly. Maybe it's a covert attempt at stimulating the building trades and thus the economy.

[TamRE]

My home is in the X Flood Zone and I do not carry flood insurance. Homeowners that obtain a mortgage and are in a flood zone are required to purchase flood insurance. If you pay cash and you are in a flood zone, then you don't have to buy flood insurance. Although some insurance agencies are now requiring it, so you have to shop around. Yes, I posted on a different thread a link about Citizens and flood insurance going up. Many of my buyers that wanted to purchase on a canal or in a flood zone, are no longer able to because they do not qualify for the loan with the cost of the flood insurance. It is outrageous. It has become very difficult to sell some homes in a flood zone because of the cost of flood insurance.

[Harbor Hopper]

It's also ridiculous that with a mortgage,the flood insurance is for replacement value. I tried reducing my coverage amt this year to reduce my premium and was told they couldn't. I argued that I am at 10ft elevation. A flood above that will not destroy my house!! It would just be some drywall repair and one room of carpet basically! maybe an appliance or two. Certainly not $230k in damages!!!!! Her hands were apparently tied.

[Travelassie]

I didn't realize that some insurance agents required customers to buy flood insurance as a condition of doing business with them??? I know flood insurance is handled directly by FEMA now- so I'm not sure why insurance agents would have any vested interest in requiring their customers to carry it.

We're located on a canal off Jim Long Lake in Peace River Shores, and have debated getting flood insurance along with the homeowner's insurance, but so far we have not done so. We don't have a mortgage on this house either, so we have no requirement to do so, but we can envision the water coming up high enough to get to the house in a strong wet tropical storm or hurricane.

We carry our homeowner's (American Federated Insurance) through Whitco's Insurance company located in Punta Gorda. There was no mention made of requiring flood insurance by these folks, and if there were, I'd look elsewhere for an agent.

We had flood insurance on our house in Miami- it was in a 100 yr flood plain that came about the year we bought the house, in 1985. We never had any issues with flooding, nor were we likely to, but our rates went up every year anyway, and last year were $1100. I'm of the opinion that FEMA expands its flood plains to gain more paying policy holders because they see them as cash cows, and the article linked in DaGoose's post just points that out as I see it. Remember all the flooding that occurred associated with storms up in the northeast over the last two years, added to the annual flooding in the midwest? And FEMA's statements about how it was broke?


As I see, it THAT is why the exponential 1) expansion of FEMA declared flood plains, even into areas where homeowners' and businesses aren't likely to have flood claims, and 2) rise in flood insurance rates.
They've got to,pardon the pun, "soak them for all they're worth".

Our homeowner's insurance is up for renewal in a month or so, we'd thought we would discuss flood insurance with our agent then. We'll also be considering rise in rates in our decision about getting it.

[SandyJet]

Met life would not write my homeowners unless I had flood for an equal amount, I have no mortgage.

[kyjake39]

Insurance is a gamble from both sides,not much different than going to a casino with the insurance companies betting nothing bad will happen and the one buying thinking that it will.When was the last time anyone in the area that had flood damage on property that was above 8' elevation?

[MikMal]

Originally Posted by SandyJet

Met life would not write my homeowners unless I had flood for an equal amount, I have no mortgage.

That's nuts! If they are going to require it, then they should just build it into their rate automatically. The more I learn about insurance companies, the more I despise them.

[mikey2]

One of the reasons I chose to live in North Port (not in a flood zone area) is that I wouldn't need flood insurance.

I actually don't know any of my neighbors who have it either.

I've never had an agent mention it or talk about being "required" to have it.

Mikey