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Risk Rating 2.0 Changes to Flood Insurance
BIG changes are coming to the National Flood Insurance Program and this will have a HUGE affect on Florida Real Estate and in particular along the coast. I recently attended a seminar on this new system intended for insurance agents and here are some of my “take aways”
There will no longer be a “Preferred Risk” policy. This is the $500/yr policy for those NOT required to have a policy by their lender. All policies will be individually rated for risk and the cost associated with that risk.
The Flood Insurance Rate Maps (FIRM’s) will ONLY be used to determine IF your lender will require you to have a flood policy.
The whole notion of a Base Flood Elevation (BFE) is going away. This is crazy. Your policy risk and premium will no longer be determined based upon open and available information being the BFE is 9′ and my first floor is 10′ so I’m good. Or my first floor is 12′ so I’m great. Elevations will be considered for ALL properties. From October onward, “Standardized rating tables will no longer be used, rates will be calculated using an algorithm.” Just exactly what that algorithm is, no one will tell you. Seriously. What they say will affect the pricing of new policies includes:
200 S Beach Road Road 402 Tequesta, FL 33469
200 S Beach Road 402 Tequesta, FL 33469 in Ocean Towers North
Are you looking for the best views and prime location in South Florida? This TURNKEY condo is exactly what you have been waiting for! A spectacular unobstructed Atlantic Ocean view with an highly sought after address. A private entrance leads to a charming 4th floor condo that offers 3 bedrooms and 2 full baths. The bathrooms both have Carrera marble throughout. There are 3 sliding doors in the 3 facing rooms that open to a balcony overlooking the ocean. Also, a private pool/beach entrance and walkway make it easy to hit the waves. Easy on/off access from Jupiter Island location affords close proximity to shopping, restaurants and the park. The building has air conditioned 8×10 storage, shower area for pool time, a private car wash. The whole building was just redone.
#OceanTowersNorth
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