Home Worth Increases Because of Flood Insurance?
What? How can that be? As Real Estate Professionals we have attended dozens of workshops with folks like Pam Dubov, the Pinellas County Property Appraiser, have read dozens of articles, talked with many insurance agents and other experts who have the inside track on what’s going to happen with flood insurance.
The Bottom Line With Flood Insurance
No one knows. Worse, anyone who claims to, doesn’t know what they’re talking about. The only thing everyone seems to agree on is that the price of flood insurance is going to go up. But there’s one thing no one seems to mention.
An article in the St. Pete Times talked about how Realtors are now starting to tout the fact when a home does not require flood insurance, and that homes that DO require flood insurance are verging on unsellable.
What no one has mentioned however, is that it makes homes that do not require flood insurance more valuable…….. Meaning higher priced.
Buyers are now starting out their want list with:
1. Make sure it doesn’t require flood insurance or ever stand a chance of requiring flood insurance
2. No Flood Insurance
3. Did we happen to mention that we don’t want a home that requires flood insurance?
What Should I Do As a Buyer or Seller regarding flood insurance?
You don’t have to be Chairman of the Federal Reserve to be able to figure out that high and dry homes will command a higher price because they don’t need flood insurance. That means if you need to sell and you are high and dry, there’s good news ahead. If you want to buy, we are on the front end of this, and if you want high and dry, the sooner you by, before prices go up more, the better.
By the way, if you need to sell and your home does require flood insurance, not all hope is lost. We have some tricks up our sleeve that can make it easier for you to sell. Want more information? Contact The Lubin Team or engage with us on our Facebook Page.