![]() ![]() Hence the long-term uncertainty and risk.) If congress ever fails to reauthorize the NFIP, there could be a dramatic increase in flood insurance premiums. ![]() The federal government basically backs the program and assumes some of the risk/cost to keep the insurance premiums artificially low, largely because there is not much of a viable private insurance market for flood insurance. (*In a nutshell, the National Flood Insurance Program is a federally subsidized insurance program. It’s almost always better to buy a property a few miles, or a few blocks, away that does not come with this expense, or this risk. Flood insurance is an unnecessary expense, and there is a lot of long-term uncertainty association with the National Flood Insurance Program*. My general advice is, Unless you are targeting vacation rentals on the beach, there’s really no reason to buy and hold an investment property in a flood zone. When working with real estate investors in the Tampa Bay area, one topic that always comes up is the issue of flood zones. This post focuses on a topic that is crucial to Tampa Bay real estate investors: Flood Zone Maps. ![]() The same information will be provided at all the meetings.Those of you who watched my Lay of the Land video know that working with real estate investors often requires me to work with maps. Representatives from FEMA, Hillsborough County, and the city of Tampa will be in attendance. Residents and business owners can learn how the map changes may impact their properties and structures at a series of open house meetings. ![]() The schedule for official FEMA and county official open houses can be viewed at The new maps are available on FEMA’s website at There's a possibility some residences could be grandfathered in, but there's also the chance lenders will still update those policies according to the new maps. Once FEMA looks at all the appeals and comments, and incorporates changes, the maps will be finalized. its a little bit little bit of a shock.”Īnyone who thinks their property is incorrectly categorized can submit an appeal between April 3 and July 3. “When you've never even had a puddle in your front yard ever. “The big concern is since this is preliminary we want to get everybody together before this is proposed so the community can have some sort of impact on this because it appears to want to change a lot of how the area is currently viewed under the insurance program,” Hudson said. He is also considering hiring an engineer to look at the validity of the proposed new coastal flood plain. He is organizing a community meeting to learn more. South Tampa realtor John Hudson agrees it’s nerve-wracking. “Alarmed concerned afraid not understanding, and what needs to happen is communication so they understand what it’s going to do to our housing market,” said Kathy Walsh, CEO of Coast to Coast Insurance. Area insurance companies said they're already hearing from customers. Those could impact how much you pay for the flood insurance your mortgage lender requires. Or the base flood elevation on your property will change. You'll be in a flood zone when you weren't before. It warns homeowners three things could happen: The city of Tampa also sent a letter to residents about the preliminary maps. “It's really all the coastal area started in Ruskin, the old Sun City, goes all the way up to Town 'N Country and Oldsmar and then Pinellas is going through the same thing, so it goes completely around the bay,” Henry said. ![]()
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