Flood Insurance Tampa (2013, rental, condos)

[Thundarr457]

Remember the flood insurance scare of 2013? It's creeping back into Tampa Bay and Florida | Tampa Bay Times

[EngGirl]

the answer is simple - don't buy homes in the area with required flood insurance...

[spbbound]

Should make for a great time to buy a tear down and build to proper height.

[FloridaBeachBum]

It is only rising this much for pre-firm non-grandfathered homes, vacation homes, rental properties or substainly damaged or improved homes.


Primary homes that are grandfathered or post-firm the rate are still subsidized for now.


I pay $600 a year full floor on a pre-firm primary grandfathered house in a flood zone in an AE8 with an elevation of 7. Meaning I am one foot below the once in a 100 year flood.


Houses today have to be a min of two feet above base flood elevation. It you do an extra two feet (free -board), to get lowest point of house 4 feet above once in a 100 year flood you get really cheap flood insurance.


However, if I get a flood that damages 50% or greater of my home, improve it at 50% percent or greater or convert it to a rental or sell it as a vacation home (second home), my rates will start shooting up. Considering my house was built in 1954 I am not scared of flooding, but I am scared of missing a flood payment and losing grandfathering. My real rate would be $3,000

[EngGirl]

Originally Posted by spbbound

Should make for a great time to buy a tear down and build to proper height.

Good luck getting permit for drainage

[paradiselost]

you might need needs some good flood insurance today in Tampa!

[FloridaBeachBum]

Flood insurance is a crazy thing. Quotes are all over.


For instance near me is a pre-firm grandfathered condo built in 1960s. One block to beach. It has garden level ranch units. Meaning, first floor is a few steps down to one level units. So entire condo first floor four feet down from sidewalk. Building mechanicals are on this level.


Across the street is a post firm condo. All townhomes, mechanicals upstairs. it has same set up with the fist level a garage/den that is four feet from sidewalk.


Pre-firm pays $900 a unit and post-firm pays $1,800 a unit.


So the newer condos pay double the insurance.


Trouble is the older condos/houses that are pre-firm meaning when flood insurance started 1968 or when your town was put into a flood zone are a dying breed. Buildings wear out, flood, go on fire, get improved and any of this you are our of program.


And buying a home in a flood zone is a huge issue if not down correctly. My $600 a year policy I can assign to new buyer with no break in service he gets same rate. Lets say instead he takes out new policy or pays cash, and later tries to get flood insurance he pays like $2,800 a year.

[LKJ1988]

Just go bare like i do.

[dothetwist]

I see little point in living in FL without being within a 5 minute walk (or less) to the water. Flood insurance be damned.

[tgtguy111]

Just checked with private flood insurance and it looks much cheaper compared to the government policy.