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Waterfront Homes for Sale In Tampa Bay Could See Large Price Drops

Last week I published a news article on Florida’s Flood insurance crisis.  Basically, FEMA has redrawn flood zones, meaning properties that were once not considered at risk could now be part of a flood plain. This is just part of the story.  New premium rates for those who where being subsidized by the federal government will cause rates to rise dramatically.

Waterfront Homes for Sale Tampa

Image captured on one of my boating days in the Gulf of Mexico.

With rising rates for flood insurance looming in the near future, waterfront and beachfront homeowners have already started reducing their prices to sell their properties quickly, which could mean that buyers are in a prime position to make deals with sellers who may not be able to afford higher flood insurance costs.

Before you put in a contract on any waterfront home for sale, you really want to speak with an insurance agent who writes policies in Florida and knows the flood insurance rules. Flood insurance is an option for those of you who are not getting a mortgage, so you may opt not to have the policy if that is what works best for you.

Note that high rises and condos usually have the flood insurance built into the monthly condo fees, so your policy may be a minimal cost, around $500 per year for contents insurance.

I happen to have a wonderful insurance agent that I refer my clients to which makes all the difference. Please reach out to me if you haven’t already started a relationship with a Realtor. I’d be happy to help you!

Here’s a list of Waterfront Homes For Sale in the Tampa, St. Pete and Clearwater Beach areas with the newest listings being shown first.

Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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