In October of 2022 I went looking for the Future Land Use Map for the Town of Juno Beach. I first went to the Planning and Zoning department web page and it was not there so I requested it. Here it is…
This is the Juno Beach Comprehensive Plan.
136 Umbrella Place Jupiter, FL 33458
136 Umbrella Place Jupiter, FL 33458 is located in the gated Rialto community.
Beautiful pool home on the best 1/3 of an acre lake lot in Rialto! This home boasts a gorgeous backyard not to be missed! Enjoy the amazing eastern breeze by the custom built pool/spa with marble deck, built in summer kitchen and tiki hut. Interior offers custom built decorative fireplace in the dining room & bar with wine cooler in the family room area. Primary Suite features his and hers generous size custom closets. Huge primary bath with jacuzzi soaking tub and separate shower. All of this in a great neighborhood in the best beach town of Jupiter.
This data is courtesy of: Premier Brokers International
Risk Rating 2.0 and the Community Rating Services (CRS) discount
A few years ago, the last time the flood maps were updated, I fought to have my house (the insured structure) removed from the AE flood zone. I did this with a Letter of Map Revision. The ‘test’ for this is if the “lowest adjacent grade” (the elevation of the dirt at the corners of you house) is high than the Base Flood Elevation (BFE) shown on the adopted FIRM then you qualify. Mine is and so I went back to qualifying for a “Preferred Risk” policy.
Now, with Risk Rating 2.0 being implemented my first renewal led to a premium of $687. I looked at the math and I could not see where the Community Rating System (CRS) discount was applied so I reached out to my insurance agent who looked into it and sent me this response: “In addition, I was advised that community 120217 has a 25% credit and that the total $687 premium is with that community credit, however, when I asked 25% of what amount I was told that the NFIP does not provide their rating information currently and that they can only verify the discount for the community number.” Sounded like hocus pocus, trust me it’s in there BS to me but I moved on.
I was at a meeting the other day at the county and an insurance agent sent me: “Explaining the CRS discount in Risk Rating 2.0“. This has a great graphic in it to explain how the CRS applies to policy premiums under the new system. This table assumes a CRS Class 5 rating of the Community and thus a 25% discount applied. Basically, for most folks take the Annual Increase Cap amount shown on your policy renewal and multiply by 1.18.
This is a list of CRS rating for communities for April 2022.
Palm Beach County Properties enjoy a CRS of 5 (25% discount).
Village of North Palm Beach Properties enjoy a CRS of 5 (25% discount).
Juno Beach Properties enjoy a CRS of 5 (25% discount).
Jupiter Properties enjoy a CRS of 5 (25% discount).
Palm Beach Gardens Properties have a CRS of 10 (0% discount). YUP! No Discount.
Now, with Risk Rating 2.0, each policy is indivually rated and the mere fact that a property is in (or not in) a flood zone does NOT affect the premium.
Palm Beach County appeal of FEMA Flood Maps
Hot off the presses. I was told today at a meeting with the folks from PBC that FEMA has (basically) denied the appeal of the new FEMA Maps which were first proposed in late 2019. This appeal was based upon the fact that the proposed maps used LiDAR data from 2007 that the last revision to the FIRM maps was based upon. However the state, and feds, paid to update this data and it is MUCH more accurate. It also takes into account that certain area (such as Frenchmans Harbour here in Juno Beach) was developed after 2007.
How does this affect you? Well, with Risk Rating 2.0 and the elimination of the preferred risk policy there is no longer a clear dollar difference in how the inclusion in flood zone affects your policy premium. Thus, this new map does not affect premium calculations. BUT, it does affect who is required by their lender to carry flood insurance. And, it also affects the requirements to rebuild a property in the event of a rebuilding 9 OR SUBSTANTIAL RENOVATION) of the property.
What are the 2023 FHA Loan Limits for Palm Beach and Martin County?
In Dec of 2022 the FHA Announced the 2023 loan limits. So what does that translate into for Palm Beach and Martin County?
FHA Loans for Single Family in Palm Beach County is $557,750.
FHA Loans for Single Family Home in Martin County is $500,250.
But most folks will use a “conforming” Fannie/Freddie loan. And this loan limit is the same for Palm Beach and Martin County and is now set at $726,200.
FHA Announces 2023 Loan Floors and Ceilings
Loans for single units range from $472,030, the floor, to $1,089,300, the ceiling. For four units, it’s $907,000 to over $2M – and in some non-Fla. areas, over $3M.
Source: FHA Announces 2023 Loan Floors and Ceilings
FHA Announces 2023 Loan Floors and Ceilings
By Kerry Smith
Loans for single units range from $472,030, the floor, to $1,089,300, the ceiling. For four units, it’s $907,000 to over $2M – and in some non-Fla. areas, over $3M.
WASHINGTON – The Federal Housing Administration (FHA) announced new loan limits for calendar year 2023 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. For most of the country, loan limits will increase next year due to house price appreciation during the first half of 2022, which is factored into calculations FHA uses to determine the limits each year. The yearly increase calculations for FHA loans and those backed by Fannie Mae and Freddie Mac are written into law. “The loan limits announced today reflect steep increases in home prices throughout much of the country and will ensure continued access to FHA-insured mortgage financing despite those increases,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon.
Forward mortgage loan limits
Mortgage limits for the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands are adjusted by FHA to account for higher costs of construction. In 2023 the maximum loan limits for FHA forward mortgages will rise in 3,222 counties. In 12 counties, FHA’s loan limits will remain unchanged. By statute, the median home price for a Metropolitan Statistical Area (MSA) is based on the county within the MSA that has the highest median price.
HECM loan limits
The HECM maximum claim amount will increase from $970,800 this year to $1,089,300 for FHA case numbers assigned on or after Jan. 1, 2023. This maximum claim amount is applicable to all areas, including the special exception areas of Alaska, Hawaii, Guam, and the U.S. Virgin Islands. To find a complete list of FHA loan limits, areas at the FHA ceiling, and areas between the floor and the ceiling, visit FHA’s Loan Limits Page. © 2022 Florida Realtors®
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