Tuesday, December 29, 2015

Will Flood Insurance Premiums Rise

     Will Flood insurance Premiums rise as is discussed in this flood insurance article by JOSH BOATWRIGHT with headline and article below?

"On the rise: flood insurance    premiums"

April 4th 2015 we saw this picture and click for article in the Tampa Tribune.

I love it when people are not afraid to ask a question or be involved in dialogue with conflicting thoughts because with out dialogue things could stay the same 

We can all read, listen, talk and act as best we can on what we are able to do, now.  
When you are deciding to move to Florida we do have Hurricanes. 
If you want to move to the beaches and our beautiful Pinellas County barrier islands where i live you have to know that the "BIG one" could come and if you have a mortgage the house you choose will need to be insurable before you close.  

Some sellers think " i have lived here for many years and my insurance is still really low."  However Insurance companies may grandfather may you in somewhat. They may request a 4 point and a Wind mitigation Report but will scrutinize to new standards and put your insurance up or just get you to update to newer standards. Also, they probably already got notices from Citizens especially before 2 yrs after 2012 and if they still had citizens FLOOD insurance that it would go up. Alternatively they may have been able to change to one of the many newer carriers, who were willing to take a portion of risk in  Florida, after the Government announced they wanted to get out of the Flood insurance business with the Biggert Waters Flood Insurance Reform     
Also using an ASHI Approved Qualified Property inspector they can keep up to date on the changes in Standards  like Electrical. and keep up to date with changes. All help educated a buyer. If issues come up the buyer with their Agent can learn to understand if it is going to be a "deal Killer" or not.  Our most popular  Florida FAR Bar AS-IS Revised 2015 has on line 242 the Buyers right to CANCEL and walk away within (if left blank) 15 actual days. 

Please Refer to my insurance partners page on http://flabeachliving.com/  
Here is what Insurance agents look at the insurance journal and a local Insurance company who insures St Pete Beach Florida where i live and work and play.

I found this article today while looking for some current information to give to a buyer excited at the prospect of being able to move to a warm climate and raise hopefully raise their family here. I realized i had not updated my blog. Back in October 2012. Business stopped for the whole month for local realtors and brokers while we all tried to understand and educate buyers and sellers on the impact of the Biggert Waters Flood insurance Reform  Act put out by FEMA 
i found this article today and thought it would be helpful 
April 4th 2015 we saw this picture and click for article Tampa Tribune.
Below is a comment i made to a question asked from local St Pete Beach Resident " Are realtors telling buyers? " so as i responded below this picture of the southern tip of St Pete Beach FL
"if only we could have that Crystal Ball, We can watch trends yes.I can disclose that Condo fees will go up and Insurance will go up jsut like everything else! We do know the government has run out of money. There are other insurance carriers and I am sure they are in business to do business, so their rates will go up, too. Mortgage rates will go up. If a buyer wants to live in a 100 yr Flood Zone, A, then there are risks. Some buyers are ready to take that risk but for those who are not ready there are plenty of evacuations zones with less risk or better still High and Dry X zone areas that are 15 minutes to the our lovely Pinellas beaches or waterfronts where most buyers dream to be, However even there their Roof can be taken off. All Life is a Risk. Some people pay twice as much for the same insurance as another but one person pays the lowest cost to rebuild and other pays for the higher $ amount to rebuild. One person pays the low deductible another takes a risk and pays a higher deductible so they pay a lower annual $ rate. These are personal decisions. As a realtor I try to direct buyers to Insurance agents who will help them with Quotes and help them understand their policies and risks. In buying a house the most important thing is that an insurance company find it insurable. (some Buyers do not understand this B/C they just want the house!!) They determine if it is, with a 4 point and the Wind mitigation report and Flood Elevation certificate, if in a flood zone. I have ordered and paid for these inspections, so that buyers can have the tools to communicate to their trusted insurance agents regarding the specific house.These reports are in the Language of Insurance ready to send to 2 or 3 insurance agents for quotes. See these reports of 2 of my listings under Documents on the side barhttp://myhighanddryhome.com/ and these Waterfronts http://mythreepalmspoint.com/ http://islandliving.info/both property websites. My job is best best served as a Realtor by giving buyer's and seller's options."

I certainly don't think anyone has all the answers when i don"t know i will tell you!

Pass-A-Grille Gulf Front Triplex For Sale 605 Gulf Way St Pete Beach FL 33706 is pocket listing that i have for sale  built in 1920 it is almost 100 years old and was built to be a beach home. The owner said it has not had any damage in the years ha has had it. Especially the recent storms .  I noticed the awesome high ceiling seem to shows no signs of cracking and the raised wood floors have not suffered flood water or Gulf water as far as history shows but am not an insurance inspector or a building inspector!!!

to see more details on this Gulf Front Triplex For Sale cllck on Pagbeach

Call me with any questions 

Diana Sames Selling FLA Beach living since 2001 click to see homes for sale at mystpetebeachhome
REMAX Preferred
5801 Gulf Blvd St Pete Beach Fl 33706