New Flood Bill Passes Senate - Now To President For Signature
New Flood Bill Passes Senate
Families that are planning to move to Florida want to know about the cost of flood insurance. Barbara-Jo Roberts Berberi has provided this blog with the basic changes.
Prospective home buyers should ask their buyer agent for full details on flood insurance needs before submitting a contract on a property.
Please go to the original blog if you wish to leave comments.
The senate has passed the new flood bill and it is now off to the President's desk for his signature.
What does the new flood bill do?
1- Reinstates Grandfathering. This means that Section 207 of the Biggert-Waters Act is repealed. All homes built post-FIRM that were built to code at the time of construction have protection from rate spikes due to new mapping.
2- Caps Annual Rate Increases to 15%. FEMA's authority to raise premiums is now decreased.
3- Refunds policyholders who purchased pre-FIRM homes after Biggert-Waters (July 2012) and were due to Biggert-Waters charged higher rates.
4- Permanently Removes The Sales Trigger. This bill allows a purchaser to take advantage of a phase in. The new purchaser is treated as if they were the current property owner.
5- Allows For Annual Surcharges. This legislation applies an annual $25 surcharge on primary residences and a $250 surcharge on second homes and businesses, until subsidized policies reach full risk rates.
6- Funds The Affordability Study And Mandates Completion. This funds the affordability study and mandates it is completed within two years.
7- Includes The Home Improvement Threshold. The bill returns the 'substantial improvement threshold' for things like renovations and remodeling to the historic 50% of the structure's fair market value level.
8- Additional Provisions. Included are several other provisions including preserving the basement exception, reimbursing policy holders for successful map appeals and allowing for payments to be made in monthly installments.
This is good news not only for the State of Florida but for our entire nation!
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