Last week I published a news article on Florida’s Flood insurance crisis. Basically, FEMA has redrawn flood zones, meaning properties that were once not considered at risk could now be part of a flood plain. This is just part of the story. New premium rates for those who where being subsidized by the federal government will cause rates to rise dramatically.
With rising rates for flood insurance looming in the near future, waterfront and beachfront homeowners have already started reducing their prices to sell their properties quickly, which could mean that buyers are in a prime position to make deals with sellers who may not be able to afford higher flood insurance costs.
Before you put in a contract on any waterfront home for sale, you really want to speak with an insurance agent who writes policies in Florida and knows the flood insurance rules. Flood insurance is an option for those of you who are not getting a mortgage, so you may opt not to have the policy if that is what works best for you.
Note that high rises and condos usually have the flood insurance built into the monthly condo fees, so your policy may be a minimal cost, around $500 per year for contents insurance.
I happen to have a wonderful insurance agent that I refer my clients to which makes all the difference. Please reach out to me if you haven’t already started a relationship with a Realtor. I’d be happy to help you!
Here’s a list of Waterfront Homes For Sale in the Tampa, St. Pete and Clearwater Beach areas with the newest listings being shown first.