David Barr's Sarasota and Venice Real Estate Blog

A lot of buyers I have been working with have been concerned about potential price increases and changes for Sarasota flood insurance . Well, there's good news on this subject.  Today, the House passed a measure that repeals the huge increases home buyers and home owners were threatened with under the Biggert/Waters Flood Insurance Act of 2012. The new bill passed today will allow homeowners to keep their current flood insurance rates even after new flood maps are drawn.  It also allows home buyers to keep a home's current lower, subsidized rate, rather than prompting a full scale flood elevation survey and new policy at a much higher amount.  On average, it is predicted flood insurance premiums will increase 15% annually rather than the 300% to 500% increases being reported prior to the new bill's enactment. Beachfront home for sale on Manasota Key $4,250,000 The bill still has to be reconciled with the Senate version of a similar bill, then sent to Presiden...

Flood insurance is in the news with changes in federal legislation affecting FEMA. Starting October 2013, for single family homes where the buyer is obtaining a mortgage, a buyer must have a flood elevation certificate to determine the property flood zone classification.  These can be obtained through a local property surveyor. This will be conducted during the escrow process along with home inspections and other contingencies. Properties in the SFHA (Special Flood Hazard Area) designed with an A or V will experience large increases in annual premiums and flood insurance will be mandatory to obtain financing.  Buyers should be aware that flood insurance policies can no longer be transferred from the previous owner. Here's the link to the FEMA site for flood zone designations:   http://www.fema.gov/floodplain-management/flood-zones Cash buyers of single family homes are not required to carry flood insurance.  The new regulations do not pertain to condos, as o...