Bonita Springs Flood Insurance

4 Replies

Hello BP members!

I am currently in the market for a multi-family property in the Naples/Bonita Springs area where my wife and I will house hack. The prices in Bonita Springs work better compared to Naples however one aspect of Bonita Springs that scares me is the flood insurance. Does anyone own rental property in Bonita Springs (in the area of the attached pic) who can share how much they are paying annually for home insurance including flood insurance and if you getting good returns in that area. Or if you have anything else to add to this discussion I

would be grateful. Thanks in advance for your input. 

-Frank M. 

Hey @Frank Macias - I don't actually own any property in Bonita Springs but I can tell you it is very easy for an insurance agent to quote a flood policy for an insured on a property that they are interested in purchasing.  If you currently work with an independent agent and have a property in mind that may work, you could give them the address and ask for a quick quote.  

@Frank Macias great photo btw. I don't think there should be any fear around flood insurance. Living in Florida flood insurance is kind of a stable. There are many options for you. Flood insurance can be costly sometimes (especially if you are working with someone who isn't an expert in the area of insurance)

Most agents are generalist and flood is complicated to quote & write correctly so most agent (yes even in Florida are not experts in all the options). A good test is to ask how many flood policies they have if under 700 then they likely don't know all the in/outs of flood insurance. Quick recap learning that you might already know. NFIP (National Flood Insurance Program) administered through FEMA is the government option and has had a monopoly for 50 years and due to this has driven up the cost. 10 years ago the president and both houses signed into law that the market is now open to private flood insurance companies (usually backed by Lloyds). Florida has one of the most thriving private flood markets however the private flood policies are rather new and untested so again I would recommend working with a knowledgable expert.

A little late on the reply but I own property on bay rd in bonita springs directly across from the gulf but I was able to have the owner transfer his floor policy to me.  Cost was 700 vs the 12,000 quoted by my agent

Flood insurance is property-specific depending on the flood zone the property is in and the property's elevation as determined by a surveyor on an elevation certificate. Most newer properties are built to a higher elevation often raising it above the base flood elevation (BFE) as determined by FEMA maps, and thus reducing the premium.

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