Pre-FIRM Subsidized rates will be assumable starting May 1
The Federal Emergency Management Agency (FEMA) released a bulletin stating that pre-FIRM subsidized rates can start being transferred to buyers and policy purchasers starting May 1. This is the first implementation phase of the new Homeowner Flood Insurance Affordability Act.
Help guide the implementation of the Homeowner Flood Insurance Affordability Act by participating in a survey, here.
Find a list of Frequently Asked Questions about the new flood insurance regulations, here.
About the Flood Insurance Affordability Act
On March 21, 2014, President Obama signed the “Homeowner Flood Insurance Affordability Act” into law. This law repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.
Now that flood insurance reform has been signed into law, you need to understand what’s changed, what the new regulations are and how it will affect your business.
CTAR’s Government Affairs Director, Ryan Castle, walks you through the changes this law creates, how your pending closings will be affected and when we can expect to see the full implementation of this law.
Watch or download the presentation below, or find it here.
Download a side-by-side comparision of how the new Homeowner Flood Insurance Affordability Act compares with Biggert-Waters, here.
Want to know more? We have a speaker for you!
For more information – have CTAR’s Government Affairs Director Ryan Castle come to your office and discuss flood insurance. You can contact him directly at Ryan@CharlestonRealtors.com or (843) 793-5212.
