Southwest Florida Important Flood Insurance Changes Effective October 1st, 2013

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Southwest Florida Important Flood Insurance Changes Effective October 1st, 2013

FEMA recently announced a number of changes to the Flood Insurance Program stemming from the Biggert Waters Flood Insurance Reform Act of 2012.   Many of these changes were implemented October 1, 2013 and may have changed the rates for many policyholders.

FEMA will remove subsidized rates for older homes built prior to the community’s “firm date.”  Due to excessive flood claims over the past few years, the program needs additional funding to continue; the premiums are less than sufficient to fund the reserves for future anticipated losses.  All “Pre-Firm” homes in Flood Zones ‘A’ or ‘V’ will require an Elevation Certificate in order to determine the rate for a new Flood Insurance Policy.  Therefore, all homes built prior to 1971 in the City of Naples, 1979 in Collier County, 1979 on Marco Island, or 1984 in Lee County will need an Elevation Certificate

This is what you need to know:

When a seller lists their “Pre-Firm” property, or if a buyer is interested in a “Pre-Firm” property, it’s advised they obtain an Elevation Certificate.  This way, we’ll know if the home meets or exceeds the current required flood level.  If the home is not to the current Base Flood Elevation requirement, the price of flood insurance can only be determined by submitting the Elevation Certificate to a flood carrier for review.  

What about the condominium buildings? Condominium buildings carry flood insurance through the HOA.  You have to check with your association management to confirm the status of flood insurance for your building and see if there are any changes to the insurance policy.  Depending on the age, location and the compliance with today’s building codes, there might be an adjustment to your HOA insurance policy.  This could result change of monthly or quarterly HOA assessment.

Below you can find some useful Collier County and FEMA information:

** COLLIER COUNTY INFORMATION HOTLINE 1-800-621-3362

** COLLIER COUNTY HOTLINE: 239-252-2942

** COLLIER COUNTY E-mail REQUESTS: FloodInfoRequest@colliergov.net

FEMA Information Line: 1-800-621-3362

FEMA Map Service Center (M-F, 8am-6:30pm): 1-877-336-2627

FEMA Questions on Flood Policy Coverage & Rates: 1-888-435-6637

Please click on the links below to government websites where you can find more information about the new federal flood insurance law:

* ** COLLIER COUNTY On-Line INFORMATION

* ** COLLIER COUNTY ELEVATION CERTIFICATE

* NATIONAL FLOOD INSURANCE PROGRAM: FloodSmart.gov

* FEMA: The National Flood Insurance Program

* FEMA: Flood Insurance Reform Act of 2012

* FEMA: Flood Insurance Rate Map (FIRM)

* MISSISSIPPI SUES TO TRY TO BLOCK FLOOD INSURANCE HIKE!

If you have found this article informative and have benefited from Bauer International Group expertise, please forward this article with our link to your friends and recommend contacting Vito Bauer directly at 239.777.7080 with any real estate needs in beautiful Naples Florida.

Vito Bauer – Principal Realtor “Trusted Source for Fine Homes in Southwest Florida”

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** All information provided at BauerInternationalGroup.com is for information purposes only. You should always consult with a competent financial planner, insurance broker and legal professional licensed in your state and the state of Florida with respect to your particular situation before making any decision that involves your finances and/or real estate investment and ownership.

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