Soaring flood insurance rates fuel anxiety in real estate

After 15 years in their "starter home" in St. Petersburg's Shore Acres, the couple was excited recently to close on a new home in Riviera Bay near Weedon Island. Then came a shocker. During this first year, their premium through the National Flood Insurance Program is a doable $1,700; next year it jumps to $17,000. For a house they bought for $205,000.

"This is going to devastate the real estate market here just when it's barely making a comeback," Cristy Assidy said. "People are going to leave the state in mass exodus."

www.tampabay.com...


Stupid morons!! I just got a letter today that mine will go from 1400.00 a year to 14,000.00 a year. My home has not flooded once since it was built in 1982. I have gone through four hurricanes and many tropical storms in the ten years I have lived here, even the super rain dumping Tropical Storm Debbie last year. This is an economy killer. I will not be paying an extra hundred plus a month for this BS! They can kiss my white booty. Everything has gone up in price and this is the icing on the cake. The news sites do not do it justice to how many Realtors are screaming mad right now. It is hard enough to sell a home in today's market and people who were trying to buy are now dropping their offers left and right.

There are very few homes that have not been forced to be put on stilts in flood zones down here in Florida so this excuse is ridiculous. Most of the flooding that happens around here is caused by county ignorance, neglect of proper drainage and Swiftmud who is ran by the state.

Intelligence has left the building in corrupt Washington D.C. and its time they be declared an enemy of the United States Of America. This will affect every state as anyone who lives near a river or lake will pay the price.

I and hundreds of thousands more are pissed and they will be hearing from us!!

there are no longer 'free markets' or even markets for services that use the old paradigm of lower prices atttract buyers


every aspect of insurance, banking, investing is controlled & manipulated ~ not so much by nefarious people.... but by programs on computer driven models... the algorithms rule the cost effectiveness by every Flood Insurance provider


and their bevy of Law experts make sure that any clain you have is dismissed on very mineutia grounds ...

expect to lose your butt on flood ins.... remember the Federal govt had to intervene on that specific insurance for the last 60 years because of the predators out there that exacted 10 pounds of flesh for every dollar they paid out on claims


best to finance the replacement costs for yourself or don't overbuild in the first place



sounds like the example cited in your OP was sitting dead in the middle of a 100 year Flood Zone.... that's a homework problem ~ unless the Corps of Engineers pulled a fast one and the City Council seen the sudden increased Revenue source as welcome.... yeah I wouldn't put it past the 'behind-closed-doors' arrangements being made between the local govt and the small group insurance providers


Ifd that land outside of St Pete is typical... watch as the tax base assessmrnt millage rates fo up and the addition of new, mandantory services to be taxed go up too
~has the rain water tax come to your location yet? local gov't will be taxing homes on the ammount of rainwater that needs diverted from roof and driveway run-off.... Yippie Ky Yay... ... .... as Bruce Willis says

reply to post by Patriotsrevenge


That falls in line with a thread I created about a month ago.

Insurance Companies Causing Breach Of Contract

They have cited that due to Run Loss Payouts for Natural Disasters over the last 5 years that they are increasing the minimum deductible on insurances. You are able to keep the lower deductible at a gross rate increase.

It is really pathetic how they have the populous over a barrel.

Well, if you buy or build a house in an area prone to disaster or floods, you should pay more for insurance. Why should people who build in areas with little risk foot the bill for those who live in a high risk area. Things can happen anywhere and that should be considered covered if the area is not a disaster prone area. The fools are trying to lower their costs and throw the costs on people who do not take risks. That is America though, I think it is a requirement to live here that you have to pay for the irrationality of risktakers.

If you are outside the disaster areas than you should not be paying much more.

First double post I had in a while. :shk:

Don't know why this is in PM forum but regardless, this information should be in the disclosure of the property before it is purchased (for new purchases). Also, no one is required to have flood insurance unless your mortgage company calls for it. If it does, then buyer should be wary and check it out. If you don't have flood insurance and there's no flood, woo hooey on youee. BUT if you have any ground water damage, be ready to pay for the repairs yourself or else file the big Bankruptcy and suffer the consequences. Personally, I wouldn't live in an area that required flood insurance, regardless if I could afford the premiums or not. On another note, if you don't have a home which requires flood insurance and you have flood damage, you're SOL as well so take your pick. This will destroy the RE values and sales in the neighborhood which is unfortunate because it causes yet another under water mortgage.

Patriotsrevenge
~snip~

I will not be paying an extra hundred plus a month for this BS! They can kiss my white booty. Everything has gone up in price and this is the icing on the cake.

~snip~

Just in case that wasn't a typo, it's actually an extra THOUSAND plus per month.

Yikes!