Flood Policy Changes (Tampa, Sarasota, Bradenton: 2013, vacation home, buying)

[bbronston]

Just updating the thread....
Cost of flood insurance to go up 20 percent | HeraldTribune.com

[03bluecoupe]

It'll be interesting to see if/how it affects the market.

[dpbarr2000]

What the OP forgot to include is that those homeowners currently in a low-risk zone that will be put in a higher risk zone after 2016 FIRM becomes effective, they may lock in their current flood zone classification by buying a policy now. The lower risk zone will be grandfathered after the FIRM changes take place.

[dpbarr2000]

Originally Posted by 03bluecoupe

It'll be interesting to see if/how it affects the market.

It's not going to affect it, because these types of changes aren't only affecting Floridians. If you have a creek, ditch, stream, or pond anywhere near your home in any other part of the country you'll incur increased flood insurance premiums.

[bbronston]

Originally Posted by dpbarr2000

It's not going to affect it, because these types of changes aren't only affecting Floridians. If you have a creek, ditch, stream, or pond anywhere near your home in any other part of the country you'll incur increased flood insurance premiums.

That just spreads the risk across a larger base. Many buyers won't consider a property located in a "flood zone" so that means that properties that were previously "X" will lose a significant portion of the potential buyers who might have considered the property before it changed to an "A" designation. I imagine there are probably owners living in these areas on fixed incomes who fill be compelled to sell their properties, too. I don't know if it will affect prices or not but I don't see how anyone can say that there will be no change in property value.

[03bluecoupe]

Originally Posted by dpbarr2000

It's not going to affect it, because these types of changes aren't only affecting Floridians. If you have a creek, ditch, stream, or pond anywhere near your home in any other part of the country you'll incur increased flood insurance premiums.

I agree that the impact is country wide but I suspect Florida will be one of the most impacted areas.

In all likelihood we will be house hunting in the Englewood, North Port, etc areas within a few months. I thought the "new" flood zone definitions and rate increases went into effect on April 1, 2015 but your post got me looking and I came across this page: https://www.scgov.net/floodmaps/Pages/default.aspx

Which has:
[LEFT] [/LEFT]
December 2014* — Preliminary flood maps released
January-February 2015* — Start of 90-day public comment period (for filing of appeals and protests)
May 2015* — FEMA , federal review begins when 90-day public comment/appeal period ends
Early 2016* — New flood maps take effect; new flood insurance requirements also take effect

This seems to indicate that the new area designations and rates won't become "official" and final until next year?!? Am I reading this correctly?

We do not even want to consider a home that is designated to be in a flood zone under the "new and improved" definition so now I'm skiddish again. I thought if we held off until after May 1 the new designations and rates would be in effect and generally available. Can someone in the know please straighten me out?

I realize that anything and everything is subject to future change but it would be nice to know that the planned and foreseen changes are complete before making a decision.

[SoFLGal]

Originally Posted by 03bluecoupe

I agree that the impact is country wide but I suspect Florida will be one of the most impacted areas.

In all likelihood we will be house hunting in the Englewood, North Port, etc areas within a few months. I thought the "new" flood zone definitions and rate increases went into effect on April 1, 2015 but your post got me looking and I came across this page: https://www.scgov.net/floodmaps/Pages/default.aspx

Which has:
[LEFT] [/LEFT]
December 2014* — Preliminary flood maps released
January-February 2015* — Start of 90-day public comment period (for filing of appeals and protests)
May 2015* — FEMA , federal review begins when 90-day public comment/appeal period ends
Early 2016* — New flood maps take effect; new flood insurance requirements also take effect

This seems to indicate that the new area designations and rates won't become "official" and final until next year?!? Am I reading this correctly?

We do not even want to consider a home that is designated to be in a flood zone under the "new and improved" definition so now I'm skiddish again. I thought if we held off until after May 1 the new designations and rates would be in effect and generally available. Can someone in the know please straighten me out?

I realize that anything and everything is subject to future change but it would be nice to know that the planned and foreseen changes are complete before making a decision.

What I was told by the Director of the SW FL FEMA was that these are the maps unless someone challenges them. They are putting them out and giving home owners ample time to challenge the changes. Now, I'm just passing the info along that I was told at the FEMA meeting.

[03bluecoupe]

Originally Posted by SoFLGal

What I was told by the Director of the SW FL FEMA was that these are the maps unless someone challenges them. They are putting them out and giving home owners ample time to challenge the changes. Now, I'm just passing the info along that I was told at the FEMA meeting.

Thanks and I believe ya SoFLGal. But then I was told by BOB that I could keep my medical insurance and the cost would go down too... <choke> Edit: Just being a wise guy, I really appreciate your info!

[SoFLGal]

Originally Posted by 03bluecoupe

Thanks and I believe ya SoFLGal. But then I was told by BOB that I could keep my medical insurance and the cost would go down too... <choke> Edit: Just being a wise guy, I really appreciate your info!

Yeah, I hear ya. That's the best I can do right now.

[Harbor Hopper]

Originally Posted by dpbarr2000

It's not going to affect it, because these types of changes aren't only affecting Floridians. If you have a creek, ditch, stream, or pond anywhere near your home in any other part of the country you'll incur increased flood insurance premiums.

I disagree. I think it will definitely affect the # of buyers that ONLY want non-flood zone homes. I have 4 buyers right now that are adamant on no flood zone, but yet want to be within 10-15 mins of the beach.