Biggert-Waters Flood Insurance Reform Act 2012
Buyers and home owners beware of rising flood insurance rates. The US has experienced a lot of costal damage from Hurricane Katrina, Rita & Super storm Sandy and now the National Flood Insurance Program (NFIP) is in debt. Changes are being made through the Biggert-Waters Flood Insurance Act 2012 (BW-12) and these changes include flood insurance, flood hazard mapping, grants and management of flood plains.
What this means for Kauai properties
Premium changes & map changes. In other words premiums are going up and guidelines are getting stricter. There is so much information on this act that its difficult to summarize. The Federal Emergency Management Agency (FEMA) did not come out with their map changes for all Pre-FIRM buildings. Pre-FIRM meaning a structure built before 11/4/1981.
To get an idea of how serious this topic is view this story >>> Haleiwa Oahu, Hawaii News Now
- This young couple on Oahu bought a home for the first time. When they made the purchase their annual flood insurance rate was $2,700. Now their annual flood insurance rate is $23,000 !!%#*^&*^%#$! That is why I’m posting this blog I hope this doesn’t happen again to another first time home buyer in Hawaii.
Homes on Aliomanu beach that I got to see yesterday.
This new reform act can be confusing it’s important to get informed if you are living near water. If you already own a home on Kauai or if you plan to build a home on Kauai be sure your Realtor is aware of this act.
Helpful Links:
Biggert-Waters Flood Insurance Reform Act
FEMA BW-12 Informational webpage - www.fema.gov/bw12
Official website of the NFIP - www.floodsmart.gov
Flood Insurance Rate Maps
FEMA Map Service Center - www.msc.fema.gov
Hawaii Flood Hazard Assessment Tool - www.hawaiinfip.org
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