Flood Insurance

FloodInsuranceThere is much discussion about the change that took place on October 1, 2013 in reference to Flood insurance rates. The Biggert-Waters Flood Insurance Reform Act that was passed in 2012 had a goal of mending a more than $20 billion deficit in the National Flood Insurance Program. The bill calls for the removal of so-called subsidies that have kept rates low for older homes in high-risk areas built prior to accurate flood maps. Some of the rate increases took effect during this past year, which included a measure that drove premiums up to their full risk rate when a home was sold. Many homeowners, homesellers and new homebuyers are getting conflicting information about what the flood insurance rates will be. Flood insurance does not just affect waterfront properties but those that are in close proximity to a designated flood zone. It is a challenge right now to contact your insurance company to find out how it affects you directly because the revised flood zone maps are not scheduled to be adopted tentatively until Spring of 2014.

Where can a homeowner get current information about Flood Insurance?

Some of the sources include websites like:
www.realtor.org/topics/national-flood-insurance-program-nfip/resources
www.h2opartnersusa.com
www.FloodSmart.gov
www.fema.gov/national-flood-insurance-program

As we get more information about Flood Insurance, we will make updates.

Please contact Marie Avery at 941-725-0911, or email Marie@AveryRealtyTeam.com if you have any questions about our Florida Real Estate market

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