Great News for Real Estate Market
On March 4th, 2014, the Homeowner Flood Insurance Affordability Act was passed overwhelmingly by the U.S. House! Thousands of realtors across the United States have already expressed their excitement about this newest development. Since the beginning of 2014, over 40 000 home sales have been lost because of unreasonable premiums on flood insurance. Once again, the housing market became once again more affordable. Homeowners and home buyers no longer have to be afraid of once again increasing flood insurance rates.
Here at SI Real Estate, we had our own experience with the flood insurance and saw contracts go south because of unrealistic premium charges, which our customers couldn’t afford. Thanks to the National Association of Realtors (NAR) which is the largest trade association in the United States, the housing market will feel immediate relief as flood insurance won’t be such a huge obstacle in the way of buying a property to call home. NAR was the leading advocate for this housing issue and it only reacted to the recent complaints from both buyers as well as from the seller’s. This new bill will ensure stabilization of the real estate market and it will also contribute to the overall improvement of the economy.
Once the bill is passed by the Senate and the President, the Federal Emergency Management Agency will be responsible for any flood insurance policy changes such as high premiums. This means that the property owners and future buyers will be protected and treated equally. This is just another step in the right direction as we are heading towards a complete recovery of the real estate market nation-wide.
In the Tampa Bay metropolitan area, the proximity of lakes, rivers, and the Gulf was a problem for some homeowners. However, with the new bill, they can feel much more confident as the flood insurance rates will decrease significantly and be affordable. Protecting yourself from a natural emergency is very important when purchasing a new home and our experienced team of professionals would be more than honored to assist you in this process. We take pride in our customer service as we always give our customers undivided attention 24 hours a day, 7 days a week.
Do you want to know what this change will mean for you? Do you have any questions regarding flood insurance? Have you been thinking about purchasing a home in the future?
Give us a call at 813.631.5144 or email us at Info@SIRealEstateInvestments.com and we will get back to you as soon as possible. We are truly real people delivering real results for our customers.