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[StylishLady]

We live 8 feet above sea level. If there was a 10 foot storm surge, we'd have 2 feet of water in our house. Flood insurance for property and contents runs around $350 a year. Well worth the peace of mind. It is not required and we could "insure ourselves", but choose not to. At least we have the option.

[Sweetbay magnolia]

Typically the mortgage provider dictates whether flood insurance is necessary, or mandatory.

If there is no mortgage - ?  I would imagine the survey would indicate such (if the property is in a flood plain).

[151949]

I would think if the mortgage company required it that should be a sign to homeowners it is needed.

My DH found the paper we signed of HOA rules we agree to follow and it states clearly in there that flood insurance is required.`

[Sweetbay magnolia]

If it is written in the covenants, then the HOA has the right to demand proof, and redress, if called for.

Decent agents (RE, and settlement) would have seen this through prior to their clients closing on the property.

It's also incumbent on the HOA to require proof when the sales contract is ratified.

[homedecor1]

@151949

interesting because I live in deeded community with rules & regulations under the newly-elected Board are getting ridiculous!

in fact, most own their homes free of mortgage & it's not mandatory to carry homeowners insurance - but lately some homeowners have claimed they have "sinkhole" (of course, could have been mole hill but rumors start...)

now the board is trying to enforce homeowners get "sinkhole" coverage. 

As for flood insurance it's extremely pricey in FL -- we refused to get it. We will take our chances! Our homeowners insurance is outrageous since very few insure homes in FL & car insurance is ridiculous! (I insured 3 cars in NJ for the price of 1 here).

PS: we live 30 miles away from gulf

[BadWolf]

Wow, I don't know where you people living near the ocean are getting flood insurance but my little summer cabin on a lake and near a very shallow river is going up at least 10 to 20 percent a year and is now at $2500.00 for just the mortgage balance of about 100K.  If I was not forced to have flood insurance by the mortgage company, I would drop it.  If it goes up any more, I will pay it off and cancel.  The only flooding in the area was 40 years ago caused by ice jams and my cabin is built up to where the waters flowed underneath. 

[151949]

As I tried to write earlier but QVC removed it - our flood insurance is $850/year. They look at things like - value of the home - value of the contents - where the house sits on FEMA's flood probability maps and weather history in your area. I believe the FEMA maps are the most important part of the equation.

[151949]

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@homedecor1 wrote:

@151949

interesting because I live in deeded community with rules & regulations under the newly-elected Board are getting ridiculous!

in fact, most own their homes free of mortgage & it's not mandatory to carry homeowners insurance - but lately some homeowners have claimed they have "sinkhole" (of course, could have been mole hill but rumors start...)

now the board is trying to enforce homeowners get "sinkhole" coverage. 

As for flood insurance it's extremely pricey in FL -- we refused to get it. We will take our chances! Our homeowners insurance is outrageous since very few insure homes in FL & car insurance is ridiculous! (I insured 3 cars in NJ for the price of 1 here).

PS: we live 30 miles away from gulf

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Whether flood insurance is "extremely pricey" in Fl. depends on a lot of factors.For instance mine is $850/year - Stylish lady said they pay $350.You can't lump all of Florida together in one statement.Places where flood ins. is very expensive is because it is much more likely to have a flood there.

For instance our house is 11 1/2 ft above sea level and we pay $850. The new house we would like to build is 12 1/2 ft above sea level and would be $600/year despite it would be a $50,000 more valuable home. Our current home is in an area on the FEMA maps that is moderate probabity and the new house would be in a less probable area on the FEMA maps. 

[Mominohio]

This is why people need to really think long and hard before buying a dwelling that connects to anyone else's.

If you rent a duplex or an apartment, you simply get renters insurance, and make sure all your possessions are well covered for loss. What happens to the structure is neither your responsibility or concern, you can simply move on.

But when you actually own (or you and the bank do!) a property of any kind that is connected to someone else's, you really have no control over what they do. The HOA can ask for proof, and people can buy it because they must show proof , then let it drop if it isn't required they continue to show the HOA proof on any kind of regular basis.

People can be insurance poor. Health, dental, eye, life, car, house, flood, mortgage, and then professional insurances some people need to carry for their jobs or businesses....it can leave you with little at the end of the month. So people pick and choose what risks they wish to take. If you are 'attached' to them, you really have no real guarantee that they are keeping coverage that could end up effecting you in a disaster.