David Barr's Sarasota and Venice Real Estate Blog

Sarasota County has come out with new flood zone maps that have everyone talking. Take a look at how the new preliminary flood zones affect the South Venice area: South Venice FL flood map The darker green shows the existing FEMA AE zone, and the lighter green shade shows the preliminary changes to the 2016 AE flood zone. If your home was re-zoned into a high risk area, there are steps you can take to mitigate flood insurance costs. Take a look at Sarasota County's new flood zone mapping tool:   http://ags2.scgov.net/sarcoflood Please visit my website  to learn more about flood insurance in Venice.

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...