quote:
Originally posted by smitty477
I have been reading this very informative post as we have been looking in a few possible locations in Fla. for a move.
This area is certainly one of the best but we have been concerned about the storm protection in the area especially the storm surge and flood damage potentials. Are there any reasons we should be more or less concerned when looking in this spot and looking at the surge maps? What about flood insurance is it hard to get and it is costly?
Thank you
We're pretty far south on the canal system (see map on earlier post of mine), so are definitely subjected to some surge. So far, it has not been too bad. We weren't here at the time, but the locals on our street said the surge from Hurricane Charley in 2004 (High Category 4 that hit a little north in Punta Gorda, and Cape Coral was on "strong side") came about 1 to 1.5 feet over the sea wall. That's still another 3.5 feet in elevation below our house.
The BFE (Base Flood Eelevation) for the Flood Maps in our section is 7 feet. Try to buy a house that is above the BFE of the area. Our house is at elevation 8.2 feet. Our Flood Insurance is under $500 per year, but we have a $10K deductible. I think a $5K deductible would've given us a premium somewhere around $700 per year. Anyway, flood insurance is not for insuring a small incident. It's for the "big stuff", so we chose the high deductible / low premium option. If your house is below the BFE, then rates can get sky high. I've heard, but not confirmed, figures approaching $8K per year for lower elevation houses, especially the older, lower elevation ones fronting the Caloosahatchee.
I think most houses built after the mid 80s ?? are built at the higher elevation. Ours was built in 1998. When comparing deals on houses, get quotes from an insurance agency, and figure that into your decision. We ended up buying a house that was about $100K more than we were originally thinking of spending, ... but after considering insurance, we figured it was better to put the extra money into the house than into insurance premiums for an older, lower elevation home. You might think you're "saving" money by purchasing one of the older homes, but you end up spending it on flood insurance if it's below the BFE. If you do an all cash deal, you won't be forced to purchase flood insurance, but then you're taking a pretty big gamble with mother nature.