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How much would it be for flood insurance for Fort Myers, FL, for a waterfront home of about $300K?

  • February 23 2013 - Fort Myers
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Answers (2)

VERY IMPORTANT. In July of 2012 Congress passed the Biggert-Waters Act and the President signed it into law. This new Act will END subsidized flood insurance rates. This will HUGELY impact the value of properties in coastal Ft. Myers. The new premiums will be calculated based on the Base Flood Elevation Level of the property. If the house in question was built prior to 1985 it is very likely that the flood insurance premium will pretty soon be in excess of $10,000 a year, possible even much more than that. If your house is in a so-called V-zone, the impact will be the most. For instance, a big part of Sanibel's East End and most of Ft. Myers Beach will be in the V-zone. The other flood zone is AE, and is also impacted but not so drastically. The elevation requirements for new construction in flood zones were implemented in 1984 in most of Lee County, with the exception of Sanibel, where these rules were implemented in 1979. In a nutshell, try to find homes that are newer than 1984 in Ft. Myers or newer than 1979 on Sanibel!!!!
  • August 01 2013
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Flood insurance is based on elevation above flood levels. FEMA flood insurance goes up to a max of $260,000 coverage (house not the land under it obviously) but you need a survey with an elevation to get an exact quote.
  • February 23 2013
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