“Congress clears bill to ease flood insurance hikes” (FAR)

On March 14, 2014 the Senate passed a flood insurance bill that will become law once President Obama signs it, which he intends to do according to his staff members. This bill will no longer require the cost of flood insurance to readjust upon the sale of a home in an area where the Federal Emergency Management Agency (FEMA) subsidizes policies. The purchaser of a home will be treated the same as the current property owner, which is great news for both buyers and sellers of waterfront properties and properties requiring flood insurance for mortgages. It will also make it possible for insurance agents to write NFIP flood insurance policies, as they did before. The new bill re-instates grandfathering, which protects old properties built to code at the time of construction from rate hikes that result from new data. The grandfathering stays with the property, not the policy and the annual FEMA rate increase is capped at 18%.

Source: Florida Association of Realtors (FAR), March 14, 2014
by Helena Nordstrom – TEAM NORDSTROM, sales associate
Premier Sotheby´s International Realty, Sarasota, FL

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