South Tampa flood insurance question (mortgage, houses, construction)

[adrian617]

I've tried searching the forums for the past 30mins and couldn't find an answer to this question. Please let me know if I've overlooked any threads.

My house is located in FEMA zone AE & i have a mortgage for my home. I am paying $2500 a year for the flood insurance policy. This $2500/yr *does not* include my homeowners policy. I have spoken with neighbors and other south Tampa residents, also in FEMA zone AE, who say that I'm paying way to much. These folks claim that they are paying around $1500 - $1800 a year for flood insurance in FEMA zone AE. I just rechecked my flood insurance policy and see that I'm paying $1500 for 'building' and $1000 for 'contents'.

Is the 'contents' portion of flood insurance optional?

Is anybody else paying this much for flood insurance in zone AE in south tampa?

Thanks in advance for any replies.

[algia]

Yes you are paying way too much. Google for lower quotes. "Insurance" is the biggest scam in FL sadly.

[gypsychic]

Originally Posted by adrian617

I've tried searching the forums for the past 30mins and couldn't find an answer to this question. Please let me know if I've overlooked any threads.

My house is located in FEMA zone AE & i have a mortgage for my home. I am paying $2500 a year for the flood insurance policy. This $2500/yr *does not* include my homeowners policy. I have spoken with neighbors and other south Tampa residents, also in FEMA zone AE, who say that I'm paying way to much. These folks claim that they are paying around $1500 - $1800 a year for flood insurance in FEMA zone AE. I just rechecked my flood insurance policy and see that I'm paying $1500 for 'building' and $1000 for 'contents'.

Is the 'contents' portion of flood insurance optional?

Is anybody else paying this much for flood insurance in zone AE in south tampa?

Thanks in advance for any replies.

This depends on the value of your home and your deductibles. Are you comparing apples to apples? I don't think flood policies vary that much, I believe FEMA sets the rates.

[BBI]

Originally Posted by adrian617

Is the 'contents' portion of flood insurance optional?

Generally, yes. Double-check that there's nothing weird in your mortgage requiring it (there should not be).

[chi_tino]

Originally Posted by gypsychic

This depends on the value of your home and your deductibles. Are you comparing apples to apples? I don't think flood policies vary that much, I believe FEMA sets the rates.

They definitely vary. If your house was built "pre-flood zone", then your rates are subsidized heavily. A 50-year old home will pay much, much less than newer homes with the same square footage/value.

[FFZS]

Adrian,

Here is how it works:

In the AE flood zone the insurance is rated on how high the floor of the house is above the calculated flood level. Also the insurance can be rated pre-FIRM based on the house was built before the existance of the first flood map (usually 1973); or post-FIRM if it was built after that date in a flood zone area. An owner can see if his/her pre-FIRM house can qualify in the current flood zone which usually generates a cheap quotes. Note the use of the pre-FIRm was established for houses to obtain flood insurance and are not reprimanded for not being compliant to a flood zone after the construction date.

This is what I suspect your situation is:

The pre-FIRM rate (the agent does not have or is not using the elevation certificate) is about $2600.00+/- in the AE flood zone for the maximum flood insurance policy of 250000 structure / 100000 contents / 1000 deductible..

The post-FIRM rate for a house being -1 elevation difference below the flood level the premium is $5400+/- so the best option is to use the pre-FIRM of $2600+/-.

The post-FIRM rate for a house being zero elevation difference at flood level the premium is $1500.00 so the best option is to use the pre-FIRM of $1500+/-.

The post-FIRM rate for a house being +1 elevation difference above the flood level the premium is $1500.00 so the best option is to use the pre-FIRM of $600+/-.

The post-FIRM rate for a house being +2 elevation difference above the flood level the premium is $400.00 so the best option is to use the pre-FIRM of $600+/-.

So ask your agent if they have an elevation certificate and if they are using it. You can easily stand across the street an visually compare your house to the neighbor, the policy cost should be similar depending on the coverage amounts.

Flood Insurance is a Federally regulated insurance and it will not depend on who you go to it should be the same, as long as they have all the information to calculate the policy (with no assumptions).

[mortpes]

Many homes in florida are built in flood zones. Beware.

[adrian617]

FFZS,

thanks so much for the good info.

(If anybody else doesn't know what FIRM stands for: Flood Insurance Rate Map)

I do have an elevation certificate and as far as I know my insurance agent was supposed to use it.

On my elevation certificate
• In section B9 (Base Flood Elevations) = 9
• In section C2a (Building Elevation Information, Top of bottom floor) = 7.1'

Does this mean there is a 9' - 7.1' = 2.9' elevation difference below the flood level?

Thanks

[FFZS]

The -2.9 in the AE is not really good and will generate a high insurance policy. Now it is best to rate the flood policy based on the age of the house, since the house in not compliant to the current flood zone.

two option are pre-FIRM usually before 1973+/- (varies depending where you are at), this is a pre-FIRM rate.

or after 1973 link it to the flood zone at the time of construction. this is a historical rating