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Flood insurance in the Keys

Old 09-30-2007, 08:12 PM
  #1  
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Default Flood insurance in the Keys

Thursday I took a half day off from school (-$150) and got a permit to have my lower room inspected ($50) so I can renew my flood insurance. Threat of cancellation which is required by my mortgage co. When I returned to Miami, a letter in my mailbox (1 day too late) said the mortgage co. got me a flood policy which is $160 less the policy I was trying to renew.....without an inspection. It cost me $200 for nothing.
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Old 09-30-2007, 09:00 PM
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Default Re: Flood insurance in the Keys

"Flood insurance" is supposed to be flat rate, non-price competitive. What a joke. I'm trying to get my home removed from the requirement. Only a small corner of my property is in a "flood zone". My house is 3' above it.
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Old 10-03-2007, 09:01 AM
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Default RE: Flood insurance in the Keys

Usually when any mortgage company obtains insurance, they are insuring only their mortgage and the related risk, not your interests, you better make sure, or you could end up uninsured.
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Old 10-03-2007, 10:06 AM
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Default Re: Flood insurance in the Keys

billinstuart - 9/30/2007 9:00 PM

"Flood insurance" is supposed to be flat rate, non-price competitive. What a joke. I'm trying to get my home removed from the requirement. Only a small corner of my property is in a "flood zone". My house is 3' above it.
Just curious but why would anyone live in FL and not have flood insurance
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Old 10-03-2007, 08:18 PM
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Default Re: Flood insurance in the Keys

My house is 13 feet up on concrete pilings. Even after Katrina hit us from the Gulf side, the water came over my dock. The policy will only cover the area below the living area. There is nothing of any real value under my house. Both policies do not cover contents. I could live w/o either and not worry. Its wind from a Hurricane that does the damage, not a flood. at least none Ive seen in 38 years. The only storm that hit me was Andrew in Miami. The keys weren't touched. If Andrew hit the Keys, There would have been no more Keys. The wind was over 200 mph. I never want to experience that again.
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Old 10-05-2007, 01:13 AM
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Default Re: Flood insurance in the Keys

Don't underestimate the potential damage due to storm surge. The experts say "walk from wind - run from water". Sure, Andrew was very bad, but Katrina was only a cat 1 when it hit south Florida. Did you see what the storm surge from Katrina did to Mississippi? Barrier islands are very susceptible to that kind of damage, as I've seen in the Fort Meyers area after Charley.
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