January 29th, 2014 categories: Waterfront homes in St Petersburg
Many clients have been asking for an update on flood insurance here in St Petersburg and Pinellas County. Here’s what we know:
In Washington: on Monday the US Senate voted 86-13 TO BEGIN DEBATE on delaying flood insurance rate increases for 4 years. Both the White House and House Speaker John Boehner have expressed opposition.
In St Petersburg: in one waterfront neighborhood, Broadwater, there were 3 waterfront home sales between October 1st, when the flood insurance rate increases began, and the end of 2013. All three were cash, which means the buyers had the option of not buying flood insurance and “self-insuring”. The one waterfront sale this year in Broadwater, which we successfully marketed, closed with a conventional loan, which meant flood insurance was required. The premium for that house, built in 1973, was $914.00 (not through Citizens) – which was less than the Seller had been paying. We obtained a new quote on a Broadwater waterfront home built in 1981 and it was less than $1,000.
Call The Simms Team at (727) 898-2582 if you’d like more information on flood insurance (or email them at info@SimmsTeam.com For representation in buying or selling a home, contact The Simms Team with Coastal Properties Group, affiliate for Christie’s International Real Estate.