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Old 04-12-2012, 12:30 PM
 
83 posts, read 264,617 times
Reputation: 97

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So I noticed on the news that Bradenton has a new "Flood Zone" map. Not sure what that means as far as regular homeowners insurance and as I understand it, having to buy a second policy specifically for flood insurance. I'm starting to work with a couple of insurance companies to get an idea of costs, but havent gotten any quotes because they say it's because the house isnt built yet even tho I canfurnish the address. Does anyone have a general idea on what I can look forward to as far as cost for the different kinds of insurance a newly built $325,000 house? In the Tidewater Preserve development.
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Old 04-12-2012, 03:41 PM
 
Location: sittin happy in the sun :-)
3,645 posts, read 7,149,850 times
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you only HAVe to have flood if you have a mortgae. if you are a cash buyer its optional. you can also save a bit if you insure the house only not contents.
i sat and worked it out one day and the sea has to rise so much for us to be truly flooded out that by the time our house got water in the world would have ended !!!! so for me its a total waste.

i would supect you are going to be looking at around 750-1000 for that value
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Old 04-13-2012, 07:31 AM
 
83 posts, read 264,617 times
Reputation: 97
Thank you for the response, I suppose I'll just have to wait to see what the insururance companies come back with. I was surprised to learn that my current insurer doesnt provide coverage in Florida due to past losses with hurricanes. Not sure if I agree with with that because after all, they'll take your money year after year with no losses claimed but when they have to finally pay claims, bail because it's "too expensive" to cover the losses. Imagine if the same thing happened when the lottery reached a large jackpot, and then failing to pay out because it was too expensive to cover the payout.
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Old 04-13-2012, 08:42 AM
 
Location: Port Charlotte, FL
3,979 posts, read 10,548,914 times
Reputation: 1940
You can go to www.floodsmart.gov and type in the address, if it doesn't come up, try a neighboring address. That will give you the flood risk. It also gives you estimates for insurance and insurance companies to call.
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Old 04-13-2012, 08:52 AM
 
Location: Lakewood Ranch, FL
5,662 posts, read 10,741,856 times
Reputation: 6950
From what I've read, the new flood map isn't yet carved in stone. Flood insurance, though, is a separate policy apart from your home insurance anyway. Considering where you will be, I would get the flood insurance whether it is required or not.
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Old 04-13-2012, 12:04 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
4,615 posts, read 7,537,235 times
Reputation: 6036
Here's the link to the story & map in the Bradenton paper:
New Braden River flood map labels more properties high-risk | Lakewood Ranch Herald | Bradenton Herald

There are still a number of reviews and more public hearings before any changes to the flood maps are approved.

However, if you own or are considering buying in a neighborhood within this map and will be carrying a mortgage on your home, flood zone changes may impact your monthly payments if your flood zone is upgraded or you now suddenly find yourself in a flood zone and your lender then requires you to carry flood insurance.

In December of 2011, Congress extended the National Flood Insurance Program with another in a long line of short term extensions thru May 31, 2012. Congress is supposedly working on a 5 year reauthroization plan for the flood insurance program that will include an overhaul to the current program. These changes may impact how or even if you can rebuild if your home or business sustains structural or interior damage from a flood, especially if your property is in specific flood zones.

Looking at Congress's track record so far, it would be a safe bet to say that the flood insurance program will see yet another short term extension by the end of May....





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Old 04-13-2012, 12:56 PM
 
Location: Sarasota FL
6,864 posts, read 12,076,689 times
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Braden River flood map expanded and now calling low risk areas that haven't ever flooded as being 'high risk'. It couldn't possibly have anything to do with increasing the paying pool of policy holders that will never file a claim.
It's like living miles from the Philippi Creek and being told that your septic field is polluting the creek and you will be required to pay $8000 for a sewer line and monthly fees to flush your toilet.
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Old 04-13-2012, 02:51 PM
 
16,376 posts, read 22,483,864 times
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I got quotes prior to my home being build. I gave the expected elevation of the home(ft above sea level), the address, the FEMA flood map info (the agent has this, it lists the flood zone of the property and the FEMA required elevation for your new home...this is probably what is changing?).

I was able to get several quotes based on anticipating raising the home's elevation by 1' or 2' to compare flood insurance.

You can also tweak the deductible and also decide whether contents are covered for flood insurance; you can choose to insure only the home and not your belongings.
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Old 04-15-2012, 05:41 PM
 
37,315 posts, read 59,862,293 times
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IF you have policy under FEMA's ratings before your land/home is actually zoned INTO a flood plain--
say maybe you are living in area with creeks that overflow during heavy rains and construction increased have made that problem more likely to occur
you can take out FEMA flood policy before you are IN designated flood plain where it is required for mortgage holders

IF you do have an existing policy, your cost is grandfathered in -- making it probably half the cost of someone needing new policy for same value in same flood zone...

and as someone in TX whose lot/house was supposedly rezoned into flood plain by FEMA--
don't believe everything you hear--
FEMA did NO new on-the-ground or even air-over topographical surveys and computations of water flow when they rezoned MY home and my neighbors into a new flood plain designation several years ago...
it was just the result of having several neighborhoods in DFW area of TX flood during very heavy rains that lasted for month or more off and on several years before--some people died in flash floods--some neighborhoods build along creek banks had severe erosion and couple of homes were declared uninhabitable--
rezoning in my area was just FEMA's way of CYA

we had a new survey done showing that the house structure was above what the flood plain was calculated at--one small section of our back yard fell lower than the flood plain--but the house (which is the important factor) is out--
no flood ins for us and while we have to report that if/when we sell--any new owner won't be required to have flood ins by the mortgage co...

BUT the easiest thing to do is buy flood ins when you DON"T need it--
if there is hurricane or major storm damage it just saves fighting with ins company over what damage was from losing a roof/window and having rain fall INTO the house--or whether it was from rising waters coming in...
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Old 04-16-2012, 04:18 AM
 
Location: SUNNY FLORIDA
219 posts, read 677,051 times
Reputation: 100
Default Flood ins.

don't forget if the sewer system backs up because of flooding that's considered a flood your home owners doesn't cover that.
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