NEWSFLASH - FLOOD INSURANCE REMEDY SUCCESS
Those of us who have been diligently working with the National Association of Realtors through our local boards of Realtors(R) and participating in local calls to action through the Realtor Party, were very excited to hear this morning that H.R. 3370 the Homeowner Flood Insurance Affordability Act was APPROVED by the Senate late yesterday.
Per Cashion Drolet, our South Carolina Association of Realtors lobbyist:
"As passed, the bill repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance. President Obama is expected to sign the bill into law when it arrives at the White House."
For additional resources and information please visit the following links:
It's very important to note that Realtors(R) are committed to helping our clients and this is an example of how.
If you'd like more information about how that might impact your purchase of a home on Hilton Head Island, please feel free to contact me!