Quote:
Originally Posted by biker1
What I meant by "change" was the overall situation as to who has to have flood insurance, if they have a mortgage, and the fact that areas are designated by letters that reflect the risk. Tampa is most likely in a very high risk area and the flood insurance premiums, as they have always, reflects the risk. Areas of minimal risk can still get policies starting at around $300 ish per year. When I quoted that number it was in the context of Finney (which was what my post was in reference to), which I believe is a low risk area, not some arbitrary high risk area on the coast (which is not the issue being discussed). I believe residential flood insurance is limited to $250K on the structure.
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I think there is something going on in the legislature to try and work this for residents. I think, now, you can buy private flood insurance. One thing I thought was interesting; when I researched FEMA flood insurance years ago, the coverage was limited to $250,000. After hurricane Opal?, people I knew, who had their house destroyed, could only recover $250K. The cost to rebuild above $250K was on them.