Quote:
Originally Posted by biker1
My understanding goes back a few years from when we bought property and built a house in the AE10 zone.
Essentially, if you are in the 100 year flood plane then you are required to have flood insurance if you have a mortgage. I think that is mostly correct. The 100 year figure is somewhat arbitrary as it could have easily been the 90 year or 110 year flood plane. The number actually represents a probability of experiencing flooding - 1% per year. You can be just outside the 100 year flood plane and have essentially the same risk as someone just inside the 100 year flood plane. I guess they had to draw a line somewhere.
Within the 100 year flood plane there are areas of minimal risk and unknown risk, as well as other levels of risk. The flood insurance premiums will reflect the risk, as designated by the "letter" zoning, and can vary significantly. I suspect the area in Finney is probably minimal risk. The "lettered" zone can probably be found with some internet digging or a few well placed phone calls. I haven't seen the actually property but unless it boards a river that overflows its banks on a regular basis or is in very low lying land I doubt it will be of any real concern, except that the home owner may be on the hook for $300+ a year in flood insurance premiums.
So, that is my understanding from previous experience and research. Perhaps things have changed a bit over the last 10+ years. Please post if I am off base.
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Yes. It has changed big time! In Tampa, I was told by residents that their flood insurance premiums were getting ready to increase to $30,000 per year! I had a hard time believing this number. But he was pretty knowledgeable and I knew him as someone who really did his research. I know a man that lived on Paradise Island? on the water in a $million+ home, who sold it last year because the flood insurance premiums were going to skyrocket. I'm sure there are a lot of articles in the Tampa tribune. Maybe Carl of Tampa can chime in?