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Originally Posted by cj1040
No one disclosed to us when we selected a pond lot in Chitty Chatty that this could be an issue. After our planning meetings, payment of 20 % we spoke with the bank about a mortgage and were told that we would have to carry flood insurance which DOUBLES our home insurance cost. We are very angry about this. We could have chosen a different lot if we had known. We were told that in a couple of years the area may be resurveyed and that FEMA would send a letter if it is no longer classified this way. Then we have to fight with the mortgage company to have this requirement dismissed. As for now it states "for the life of the loan ". Watch out if you are purchasing a pond lot. Has anyone else had this experience?
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The Villages has amazing engineers who calculate elevations and water flow and sculpt new living areas so the homes will remain dry. What was previously flat is recontoured so it has higher places and lower places. The flood zone maps are at least several years old and reflect the area before contouring. When the maps are updated, chances are that your home will be a hundred feet from a flood zone, but not in it. Is it possible that the engineers or surveyors could provide your insurance company with an accurate elevation for your home that could put you in a different category? It might be worth asking.
My home isn’t in a flood zone, but there is one a hundred feet away. I carry flood insurance. That and hurricane insurance nearly doubles the cost of my insurance, but it makes me feel safer. Buying it makes more sense than buying a home alarm system.