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Discount Rule For Flood Insurance

The Federal Emergency Management Agency (FEMA) revamped its 20 percent premium discount rule for flood insurance policies, which will impact some Florida communities, such as Indian Shores.The new rule stipulates that homes with first-floor living space that is one foot or more below FEMA's base flood elevation are ineligible for the discount. Previously, the discount was applied to policies in communities where floodplain management activities exceeded those required by the National Flood Insurance Program.Officials say that property owners should review their flood policies to determine if they received the discount. If they did not, they should have the local building department measure the height of the first living floor to determine if the property is eligible for the 20 percent premium discount.However, the new rule does not impact buildings in compliance with construction laws at the time of construction, even if flood zones have changed.

Exit Realty Premier Properties
8918 W. Lantana Rd, Suite 2
Lake Worth, FL 33467
(561)967-3948
http://www.exitrealtypalmbeach.com/

Posted by Exit Realty Premier Properties on 05/23/2008 01:35 PM

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