Flood Insurance Refunds to be Distributed by End of year

Fred Mullins, Donna Mullins, & Erin Biby

Coldwell Banker Schmitt Real Estate Company

1201 White Street Ste. 101 Key West, FL 33040

Direct: 305-745-9440

Email: mullinsf@bellsouth.net

Website: www.lowerkeys-homes.com

In accordance with the Grimm-Cassidy Substitute Amendment to the Homeowner Flood Insurance Affordability Act of 2014, insurance companies will begin to send refunds beginning October of this year. These refunds will be issued to those homeowners who were forced to pay the higher flood insurance premiums before the Act was passed by Congress and signed off by President Obama.

The Act, which became effective in May of this year, not only lowers flood insurance premium rates, but re-establishes grandfathered rates, allows new homeowners to avoid the home sale/new policy rate increase, and sends refunds to those who financed pre-FIRM homes without knowledge of the rate increase.

Unfortunately, flood insurance rates will continue to go up, but at a much slower rate.

Information obtained from: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=311054