Quote:
Originally Posted by blueash
Homeowner's insurance might not care as it doesn't cover flood issues. You get flood damage, not their problem. It doesn't look like being on a man made pond, AKA may or may not have water, is a flood risk factor. Being where the natural water table is at or near the surface, eg swampland, is a factor.
OP It is the law that The Villages was not required to tell you about the flood rating when you bought the property, but IMO they should have. But that's not how Florida works where the laws protect the developers much more than unwashed masses. Buyer beware.
Of course when you sell your home you also will be under no obligation to tell potential buyers they are buying a home that needs flood insurance to get a mortgage. Will you nonetheless tell them? |
Flood insurance is separate from regular homeowners insurance. The bank requires the flood insurance because they have a vested interest in the property. If the house is destroyed by a flood, the bank loses their loan collateral.