Florida Realtors have endorsed a plan moving through Congress, which may make it easier for people who already have flood insurance to manage cost increases. Here’s the full story:
Once again, our national flood insurance program is up for renewal. Lots to consider, admirably reflected in this article from Florida Realtors.
There have been a LOT of floods in the news lately. And with weather (and maybe climate) turning nastier all the time, flood insurance is more important than ever.
Realtors and the National Flood Insurance Program support a recent bill that’s passed the House and headed for the Senate. It will allow homeowners to choose between the NFIP flood insurance and private flood insurance, without suffering financial penalties for returning to NFIP.
It’s a bit arcane, but this fix was needed, and should help private insurers establish a more reasonable market for their services. Here’s the story:
For those of us who live on Anna Maria Island, the ‘fixing’ will end up taking money out of our pockets. Already, flood insurance rates are going up about 18 percent each year, which means a lot to people who have such insurance on a ground-level home. For those in homes whose lowest occupied floor are at 10 feet above base flood elevation, the hit is less.
But it’s clear that something needs to be done, and not just along the coast, but along rivers, bays and other inland flood zones. It seems that this brief article leaves a lot unsaid. For example, ‘How?’
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
After April 1, flood insurance rates can go up as much as 18% per year. It’s a new world for flood insurance.
Here’s the story from Florida Realtors: CLICK HERE
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:
It’s been a busy news cycle for folks interested in Anna Maria Island. Today, I’m posting both flood insurance and rental limitation updates.
First, the State of Florida is still tweaking legislation that would allow private insurers to offer flood insurance, at what they believe would be lower rates than those offered by the National Flood Insurance Program through insurance agencies. Naturally, time will be required to see if A) the legislation passes, and B) if it passes, will it work!
Here’s the Flood Story.
As you’re probably aware, limitation of vacation rentals has been a big item for both owners of homes or condos near so-called, ‘noisy, rude, trash and traffic generating party houses,’ and the owners of the ‘party houses’ who feel that their rights will be violated if they are not allowed to rent them.
This is particularly true of Holmes Beach and Anna Maria, with different backgrounds, but similar current desires. In Holmes Beach, a zone was created (R2) for properties to be rented for as short a time as one week; all other zones are to be rented for one month or more. That came to pass in 2007. In Anna Maria, there have never been any limitations passed by the city commission; one may rent by the hour (theoretically). Bradenton Beach allows rentals of ‘whatever length,’ and does not seem bothered by any of the turmoil generated by short-term renters in the other two cities.
At this time, it appears that the two houses of the Florida Legislature, which don’t agree on much, have two versions of a bill which it is believed will limit the limitation of short-term rentals to one week.
.What is it ‘they’ say? Half a loaf is better than no loaf. Looks like compromise at work here. Read the story.
Flood insurance will become more affordable, and still not as much of a liability to the taxpayers of America, according to an article in the Sarasota Herald-Tribune today. Both House and Senate have passed legislation ‘fixing’ the problem.
This is certain to have a salutary effect on sales here on Anna Maria Island.
Now the President must sign the bill before it becomes law.
Here’s the long story: Fixing Flood Insurance