Once again, our national flood insurance program is up for renewal. Lots to consider, admirably reflected in this article from Florida Realtors.
It is now easier for homeowners to get flood insurance premiums included in the escrow portion of their monthly mortgage payments. Federal authorities issued new rules that actually require lenders to make this possible beginning in the first of 2016.
Here’s the story: CLICK HERE
For those of us who live on or very close to the beach, say on barrier islands, the federal and state efforts to nourish and renourish beaches is very important.
There are those who believe the government has no business in either insuring those types of properties or spending the money it takes to pump sand from offshore and re-place it on the beaches.
But there is clear economic benefit to having beaches for recreational purposes, safety for people who live landward of the sea in such cases, and a likelihood that the practice will continue.
Here’s a thoughtful article from Florida Realtors about the subject.. What do you think?
Beginning today, the National Flood Insurance Program will roll back new policy rates to the same amount the prior homeowner paid in October, 2013.
This is welcome news to sellers and buyers of older, pre-FIRM (Flood Insurance Rate Map) homes built on grade.
Here’s the complete article from Florida Realtors:
So, the third or fourth shoe is dropping on flood insurance. It’s hard to keep count anymore.
Yesterday, FEMA made some statements intended to clarify recent legislation and changes to flood insurance.
The upshot is, don’t cancel your insurance, and whatever happens, pay the premium and await a refund, if it comes to that.
Could be some new rates will be extravagantly high, and homeowners are advised to go ahead and pay, but work toward getting a refund more in keeping with the new laws.
Here’s Florida Reator’s take on the news:
Not that this is likely to be the final post about flood insurance and how it affects values of properties on Anna Maria Island (and lots of other places nationwide), but this article from the Florida Association of Realtors is the best wrap-up I have seen.
Get beyond the self-congratulatory part where Realtors are so happy for one another and read the nuts and bolts.
I couldn’t believe this article in yesterday’s Sarasota Herald-Tribune by Real Estate Editor Harold Bubil. Well, actually, I could.
Seems that some folks are just going ahead and lifting their homes out of the flood plain. In some cases, it may cost less than the first year’s increased flood insurance.
See what Harold has to say: