New FEMA maps (Tampa: HOA, insurance, house)

[crystalblue]

After Sandy, a new threat: Soaring flood insurance - Weather, forecasts, news, blogs and maps - MSN Weather


Anyone know if they are doing that in this area?

Know how it would affect us?

If they made all homes in likely flood zones go up on stilts here, wouldn't Pinellas empty?

[bentlebee]

I already heard of home owners who stopped paying their home owners ins., mostly people who are living for free for years already.

They hav stopped payingthe mortgage, HOA and home owners ins. and feel entitled to more money before they will move out of what they call their home!

They want at least HAFA money.

In some cases I understand they can't afford the home owners ins. anymore since I have heard of ir being doubled due to rezoing from zone X to zone AE or X500

[crystalblue]

Originally Posted by bentlebee

I already heard of home owners who stopped paying their home owners ins., mostly people who are living for free for years already.

They hav stopped payingthe mortgage, HOA and home owners ins. and feel entitled to more money before they will move out of what they call their home!

They want at least HAFA money.

In some cases I understand they can't afford the home owners ins. anymore since I have heard of ir being doubled due to rezoing from zone X to zone AE or X500

From what I understand, the new maps come out in a few months. Any ideas what they are going to look like? What affect they will have?

[TampaKaren]

FEMA drew new maps in this whole area in 2008. I had to fight hard to get my Zone X designation back but it worked. If you are in a zone where flood insurance is optional, the cost is about three times less than if it's required.

[jsun556]

Is it true that if your foundation is in Zone X but the rest of your land is in a flood zone, you pay the Zone X rate?

[MortonR]

Don't know about that, but Zone X bisects my house and the other half is in AE. We pay the X rate.

Don't ask me why, but I'm not complaining.

RM

[jsun556]

Originally Posted by MortonR

Don't know about that, but Zone X bisects my house and the other half is in AE. We pay the X rate.

Don't ask me why, but I'm not complaining.

RM

Well at least you know which side of the house to evacuate to in case of a flood.

[TampaKaren]

Originally Posted by jsun556

Is it true that if your foundation is in Zone X but the rest of your land is in a flood zone, you pay the Zone X rate?

The land isn't insured; it's the structure and contents. I think that's right... However, the Flood Zones are determined by risk. You can buy a stilt house on the water above BFE but you will still have the risk of flooding.

[Pragmaticus]

Originally Posted by TampaKaren

The land isn't insured; it's the structure and contents. I think that's right... However, the Flood Zones are determined by risk. You can buy a stilt house on the water above BFE but you will still have the risk of flooding.

Exactly. The difference between the BFE and the level of your structure determines the premium.

Those that have a chance of 1% (100-year flood) of flooding in ANY given year are required to buy insurance and these are labeled A, AE, and so on. Those that have a much lower risk 0.2% (500-year flood) are not required to carry flood insurance. These are labeled X. As you can imagine your insurance rate would lower if you are in X, because you are 5 times less risky than the A, AE ones.

[The Villages Guy]

Glad we are in X. Not quite sure how we are though, as there is a huge lake not too far from the front of our house. We sit right inside the Lake Tarpon Watershed. It looks like it would not take much for the lake to flood a lot of acerage on all sides.

Pinellas County, Florida News - Watershed Planning: Lake Tarpon Watershed