Home Buying in 34209>Question Details

Carole7074,  in Bradenton, FL

should I stay away from a house that need flood insurance in florida?

Asked by Carole7074, Bradenton, FL Mon Jul 16, 2007

I am looking at a house that the agent just told me needs flood insurance. Should I be worried about this in Florida. It is in a neighborhood and not on the water.

Help the community by answering this question:


The flood maps in Florida are constantly re-evaluated. Everyone should carry flood insurance even if you are not in a flood zone that requires it. You can purchase a home this year that is not in a zone that requires insurance, and then have it be required in a subsequent year. Only you can determine your comfort level with risk. The website below can be used as a reference for flood maps for any given address. Hope this is helpful : )
Web Reference: http://msc.fema.gov
2 votes Thank Flag Link Tue Jul 17, 2007
most of this area of florida within 5 miles of the water may require some sort of flood insurance. There are different levels though of flood insurance. If the home is newer and is over 9 ft. in elevation (you'll know tihs when they do an elevation certificate) which seller should have already then your flood insurance maybe very little. I know people who are in a flood zone paying 400/yr. for flood insurance. to give you an idea my own home which was built in 1950's is only about 1 ft. above sea level and i pay 2500/yr. for insurance and my home is worth about 360,000 now my 2 neighbors who have brand new homes but there homes are over 9ft. above sea level they pay 500/yr. and 1 homes is currently on the market for 1.6 million and the other apprasied at 800,000. this is info your buyer's agent should be telling you though. In a nut shell I would make the contract if you like this home contingent on you getting flood insurance which you find exceptable. there are addendums for this when you presdent offer.
Let me know if I can help
The Leventhal Team
Web Reference: http://www.floridahomes.cc
0 votes Thank Flag Link Sat Jan 31, 2009
I would not stay away from a house that needs flood insurance--it is a few hundred dollars a year above your regular premium-not a deal breaker. Using your common sense in considering elevation and distance from the water would be a reasonable guide to whether the house is a good choice or a risky one.
Web Reference: http://www.myketriebold.com
0 votes Thank Flag Link Wed Nov 14, 2007
Considering all the available properties, I would certainly think that one over. Is it in an AE flood zone? When was the last time it flooded, age of home, nearest body of water etc... Most of Florida is a flood zone, but not all property requires flood insurance unless it is in an AE flood zone or obviously right on the water. It is wise to have flood insurance even if your not required.
0 votes Thank Flag Link Wed Nov 14, 2007
The agents who have answered you previously have done a pretty good job. Since you stated the home is not "on" the water, I would most definitely talk to an Insurance agent before turning this home down. Houses on the water will typically have higher premiums than ones not "on" the water & it may surprise you how low the insurance will cost. Most insurance agents will give you a free quote for any specific property you are looking at.

While Homeowners' insurance is high in Florida, it still is much better than being in a northern state & having to shovel snow. My insurance in New York was $300 a year - here it is $2500 a year. However, I don't pay for winter clothes, winter heating, snow tires, etc., etc. I wouldn't trade the sunshine for lower insurance anywhere. By the way, my taxes are STILL lower than what I was paying in New York.
0 votes Thank Flag Link Wed Jul 25, 2007
Hi I own a home in Florida and lived there for over 20 years. Most of the state actually sits at or below sea level and most homes will recquire flood insurance. The price is pretty reasonable, where you are going to get "soaked" is the homeowners insurance. Be careful because most policies dont include hurricane and the deductible is really high.
0 votes Thank Flag Link Mon Jul 16, 2007
Not necessarily. Factor the additional cost of maintaining the home and compare that to other properties under consideration. If this home still comes up the best, proceed in that direction.

I wouldn't rule out a home based on that one criteria. Evaluate the whole package and determine the net value to you.

Do work with an insurance agent (and your Realtor can help out here, too!) to gain a clear understanding of your coverage and expenses. Not all flood insurance policies are created equal.
Web Reference: http://PeninsulaFirst.com
0 votes Thank Flag Link Mon Jul 16, 2007
Deborah Madey, Real Estate Pro in ,
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