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Old 02-12-2015, 09:33 AM
 
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Just read this article in my local Dallas TX paper--but question is from someone in Tampa Bay area--
it seems to me like the flood insurance the guy refers to his pretty high for the home value
just wondered if others had more first-hand info

Dave Ramsey: Keep the flood coverage | Dallas Morning News

We have home in Nokomis area, south of Sarasota, and as far as I know it is not reclassified into a worse flood plain than when we bought it almost 3 yrs ago--BUT we also paid cash--don't have mortgage--and might be last to know if it was reclassified...
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Old 02-12-2015, 11:39 AM
 
Location: Central Mexico and Central Florida
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Over 1K a month seems pretty darn high to me. We are part in zone x and part in AE; with our elevation certificate we pay $1200 a year. Some of our neighbors pay about the same, some far less (down to 300 per year), but have never seen/heard of 10K a year in our area (and we looked at a lot of homes before we purchased).

I think we all have a price point at which we 'go naked' without flood insurance. To my knowledge, government run insurance only pays a maximum of 250K on any dwelling, so you have to weigh that coverage limit against the premium and the overall value of your home.

Yes, it's like rolling the dice, but at the rate in the Dave Ramsey letter, $12K a year after 10 years is 120K; after 20 years it's 240K. If you simply set it aside the money into savings, you can self-insure, but again, a crapshoot if the flood comes early in your ownership (if EVER at all).
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Old 02-13-2015, 01:24 AM
 
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I was thinking he meant a year vs a month

someone in my neighborhood in Nokomis is ins agent--he says new rules take effect April 1--april fool's day!
and there will be 250 application fee for people who have rental or second homes vs primary homeowners--they are charged 25$
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Old 02-13-2015, 06:40 AM
 
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Quote:
Originally Posted by loves2read View Post
I was thinking he meant a year vs a month

someone in my neighborhood in Nokomis is ins agent--he says new rules take effect April 1--april fool's day!
and there will be 250 application fee for people who have rental or second homes vs primary homeowners--they are charged 25$
Yep 250 for seconds and condos also pay per unit that fee too.

Also seconds that are pre firm get hit with 25% raises.
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