Upcoming Flood Insurance Changes For Pinellas County You Need To Know About

Dated: April 29 2021

Views: 862

Upcoming Flood Insurance Changes for Pinellas County You Need to Know About

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As many residents of Florida already know, there has been a lot of chatter about flood insurance changes coming towards the end of the year.

At the Sandy Hartmann Group, one of our top priorities is keeping our clients and neighbors informed of changes like this AND getting the correct information out to everyone specifically for our area. Below we break down how the proposed changes are going to affect Pinellas County as well as some other areas of Tampa Bay. Keep reading to find out more.


When Will Flood Rates Change?


When Will Flood Rates Change?

According to Jake Holehouse, the President of Holehouse Insurance based out of St. Petersburg, FL, as of August 24th the flood maps will change for lender and construction requirements across the State of Florida. As of that date, much of Pinellas County will see a DROP in flood rates (read that again), thanks to our data-driven record of having low flood risks in many existing flood zones around the county.

While it’s true that the majority of Pinellas County won big with these changes, many parts of Florida and even some areas of Pinellas County did not get as lucky. In Pinellas County, neighborhoods like Snell Isle, Shore Acres, Redington Beach, Madeira Beach, and parts of Oldsmar will see rate jumps due to increased flood trends and losses over the years. For example, the BFE (aka the Base Flood Elevation) is being increased by 3-4 feet in Snell Isle - which will drive flood insurance rates up for many homeowners starting Aug 24th of this year.

Comparatively, many homes in the Historic Park St area of St Petersburg will have their BFE decreased by a few feet. According to Holehouse, some Park Street residents will see their rates drop from about $4,000 per year to around $600/yr once the changes come into effect.


Where Else Are Rates Changing?


Where Else Are Rates Changing?

In Hillsborough County, the Davis Island Neighborhood of Tampa will also experience flood insurance rate increases in many areas, as well as parts of Madeira Beach in Pinellas County. Meanwhile, Belleair Beach and Indian Rocks Beach (IRB) will see drops in rates.

While the news headlines may indicate that Florida Flood Insurance Rates will be dramatically increasing this year, it’s important to remember that from a real estate investing standpoint that Pinellas County will likely see even more interest and price growth in waterfront homes as these changes take effect, thanks to the improved flood rates many homeowners will benefit from in our area. These changes will likely continue to drive up the prices of homes in Pinellas over the long term as people look for places where flood insurance rates are not as high, compared to other parts of the state that are adversely affected.Furthermore, Risk Rating 2.0 fully implements on October 1st, 2021 and if we use the new base flood elevation drops as a suspicion of rate indications, Pinellas County does continue to perform well.Looking at the chart that FEMA provided on this subject only, 4% of all of Florida sees a large annual rate increase on Risk Rating 2.0 and much of that 4% is not expected to be in Pinellas County.

Lastly, if you believe your rates may be changing this year, the absolute best thing you can do is get an elevation certificate for your home if you don’t already have one. The cost for an elevation certificate is about $150. This is the very best way to make sure you are getting accurate flood quotes from insurers.

As rates change, you will need to call your flood insurance company to get your policy updated if you believe the new flood maps will decrease your current rate. The likeliness of your insurance company automatically reducing your rate after the new maps are adopted is very low. We recommend having your elevation certificate ready when you call them to make sure there is no confusion or discrepancies regarding your home’s elevation.


If you would like more information on this matter or want to speak to our team about your real estate needs, please don’t hesitate to reach out to us at (727) 400-3315.

The Sandy Hartmann Group


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Andrea Hartmann

Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....

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