Hilton Head Real Estate

Call the premier brokerage
in the lowcountry

Hilton Head Office

(843) 341-5660

Latest Flood Insurace news for Hilton Head Real Estate

Thank you to Jeff Halseth for this update. Jeff's contact information is available at the end of the article.

 

- New Rates for Pre-FIRM Single Family Homes -

 

In response to the Flood Insurance Update I provided recently, announcing that FEMA had issued new Rate Tables for newly purchased Pre-FIRM properties, I received many questions.

Most people wanted to know what the new rates are for "A" Zones, whether the rates are the same for both Primary & Secondary homes, whether they are the same regardless of the elevation, and whether the rates are the same whether built on Slab or Elevated on a Crawlspace.

Below I have listed the new Pre-FIRM rates effective June 1, 2014 for single family Primary and Secondary homes located in A Zones. The rates are based on a $2,000/$2000 Deductible, which is now the lowest Deductible option for Pre-FIRM homes. Increasing the Deductible to $5,000/$5,000 reduces the rates approximately 19%.

The new rate for a Pre-FIRM Primary residence in an A Zone is:  $2,711.

The new rate for a Pre-FIRM Secondary residence in an A Zone is:  $3,437.

The rates are the same regardless of a home's elevation, so no Elevation Certificate is needed. The rates are the same whether it is built on slab or elevated on a crawlspace. The rates for Second homes are approximately 26% higher than for Primary homes.

Note - For a Pre-FIRM home that is elevated on a crawlspace with an attached garage that does not have flood vents/openings, the cost is higher.

Pre-FIRM properties may use elevation rating based on an elevation certificate, if it happens to be more favorable to the insured. Also, a new buyer can assume the seller's existing flood policy at the same rate. If the rate the seller is paying is less than the cost of a new policy, assuming the sellers policy is a viable alternative.

If you have any questions, feel free to contact me.

Regards,

Jeff Halseth

Account Executive

Coastal Plains Insurance

15 Bow Circle

Hilton Head Island, SC 29928

(843) 368-9798

This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

 

We do not attempt to independently verify the currency, completeness, accuracy or authenticity of the data contained herein. It may be subject to transcription and transmission errors. Accordingly, the data is provided on an “as is,” “as available” basis only and may not reflect all real estate activity in the market. © 2013 Multiple Listing Service of Hilton Head Island, Inc. All rights reserved. Certain information contained herein is derived from information which is the licensed property of, and copyrighted by, Multiple Listing Service of Hilton Head Island, Inc.

Spread the word on Hilton Head Real Estate

FacebookTwitterDeliciousStumbleuponGoogle BookmarksRedditTechnoratiLinkedin

Feed

You are here: Home News Agents Blog Latest Flood Insurace news for Hilton Head Real Estate

Market Report Subscription

Select reports by community


Fields marked with * are required

 

Login

xxx

Login

xxx

Contact Us



Fields marked with * are required

Schedule a Tour

Calendar

Fields marked with * are required

Request Information



Fields marked with * are required

Register to Recieve Great Benefits


Fields marked with * are required

Benefits

  1. Instant access to Market Reports.
  2. Manage your favorite listings.
  3. News announcements and updates.

Instant Real Estate Updates






Fields marked with * are required