Key Colony Beach
Key Colony Beach Flood Maps are changing. If you own a property in Key Colony Beach or are looking to purchase in the area, it is extremely important that you understand the current and Draft Flood Plain.
For the past few years Fema has been working on updating the Flood Maps. This will effect all of Key Colony Beach. The New maps change Flood Zones and Elevations.
Flood Zones – VE AE and NEW ZONE Coastal AE
There are two Flood Zones, AE and VE.
VE Zones – are more expensive to insure due to their proximity to open water and higher likelihood of wave action.
AE Zones – are more inland and are cheaper to insure.
NEW Coastal Zone AE – The new Flood Maps introduce a Coastal A-Zone, which is an AE Zone with higher wave action.
Since the Coastal A-Zones, are more likely to experience wave action, FEMA is recommending that these areas be built to VE.
Flood Zone in Key Colony Beach
Current Flood Zones
Draft Map Flood Zone Changes
Key Colony Beach
The Pink areas change from AE to VE
The Green area change to VE to AE
It’s important to note that if your Flood Zone changes from an AE to a VE, the cost of insurance will increase.
Elevation Changes
All areas of Key Colony Beach will experience a change in elevation due to the new mapping standard.
The new maps use FEMA’s NAVD88 mapping standard, which differs from the previous standard by approximately one and a half feet.
If your elevation remains the “same” – there is still a change due to the new mapping standard.
Many homes in Key Colony Beach that were previously just above flood level will now be below flood level. Once the homes are below flood you will need to understand the 50 percent rule.
Flood Insurance is Assumable
Assumable flood insurance means that the buyer of a property has the option to take over the existing flood insurance policy held by the seller. This is a great advantage for the buyer as they don’t have to go through the process of purchasing a new policy, which can be time-consuming and costly. Instead, they can simply assume the existing policy, keep it in place, and continue to pay the premiums.
On the other hand, wind and homeowners insurance policies cannot be assumed. This means that if a property is sold, the buyer must purchase a new wind or homeowners insurance policy.
It’s recommended to get flood insurance before the new flood maps are put into effect. While some homeowners prefer to self-insure, it’s important to note that when it’s time to sell, most buyers will require a mortgage and flood insurance. Obtaining flood insurance ahead of the new maps’ implementation can potentially expand your pool of potential buyers by reducing the cost of insurance.
Local Resources:
AMY PRUMO
&
THOMAS CARDEN
Amy is a Florida Keys Elite Agent & Diamond Award Winner. She has been selling real estate for over 15 years in the keys. Before her career in real estate, Amy implemented and developed various marketing and sales strategies for companies in Upstate New York and Florida. She holds a Master’s Degree in Marketing and Management. Amy’s marketing programs are the most comprehensive in the industry and will show case your property to the largest audience of potential buyers.
Tom’s experience is in the Building, Planning, Zoning and Development field. He worked in the Civil Engineering Department for the USAF. He was the Building Official/Director of Building Planning and Zoning for a municipality for over ten years; and is the owner of Alliance Custom Builders. He also holds twenty licenses through the International Code counsel, including Commercial & Residential Plan Reviewer and Certified Building Official. He has built homes in both Marathon and Key Colony
