By this time next year thousands of homes in Sarasota County will be moved into high risk flood zones. Whether we agree or disagree with the new FEMA ruling it wont stop the inevitable.
What can you as a realtor do to help educate new home buyers?
All of Florida is in a Flood Zone. Flood hazard areas identified on the Flood Insurance Rate Map are identified as a Special Flood Hazard Area (SFHA). SFHA are defined as the area that will be inundated by the flood event having a 1-percent chance of being equaled or exceeded in any given year. The 1-percent annual chance flood is also referred to as the base flood or 100-year flood. SFHAs are labeled as Zone A, AO, AE, V, and VE. Homes in these zones with mortgages are required to have flood insurance.
Moderate flood hazard areas, labeled Zone B or Zone X (shaded) are also shown on the FIRM, and are the areas between the limits of the base flood and the 0.2-percent-annual-chance (or 500-year) flood. The areas of minimal flood hazard, which are the areas outside the SFHA and higher than the elevation of the 0.2-percent-annual-chance flood, are labeled Zone C or Zone X (unshaded). Homes in these low to moderate risk areas with mortgages are not required to purchase flood insurance. Although flood insurance is available at a reduced price.
Just because a portion of a property is in the new flood high risk zone does not necessarily mean it will require flood insurance. Per FEMA rules if the flood zone does not actual touch the home it is not in the flood zone. Thousands of so called affected properties in Sarasota County that are being moved into the zone are actually in two zones. Low risk and high risk. If you follow the link for the New Sarasota Maps
(https://ags2.scgov.net/sarcoflood/) you will notice most of the new zones follow creeks, lakes and drainage ditches. Most properties do have a shaded green area touching the actual land mass but not the home.
What does a property owner do if the bank is requiring flood insurance?
Borrowers who have reason to dispute the flood hazard determination presented by a lender may request, jointly with the lender, that Federal Emergency Management Agency (FEMA) review that determination. FEMA will make its determination within 45 days of receipt of all necessary data. If the request for review is related to a loan and the loan closing occurs before the end of the 45-day response time, the purchase of flood insurance is required. If it is determined through the review process that the structure is not located in a Special Flood Hazard Area (SFHA), and if the lender waives the flood insurance purchase requirement, a full premium refund can be obtained if no claim on the policy has been made.
Information on how to submit a request is found below.
If you have questions about whether or not a home will require flood insurance or the cost please email matt@lehnandvogt.com
Lehn & Vogt Insurance
2980 S McCall Rd
Englewood, FL 34224
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