Once again, our national flood insurance program is up for renewal. Lots to consider, admirably reflected in this article from Florida Realtors.
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
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:
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:
This in from Florida Realtors: The Senate has decided to discuss changes to Biggert Waters 2012, the bill that is supposed to return the National Flood Insurance Program to ‘actuarially sound’ rates.
What we don’t know is whether or not that will wreck Florida’s fragile economic recovery.
Here’s the story: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=302814