NEWSFLASH - FLOOD INSURANCE REMEDY SUCCESS

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Real Estate Agent with The Alliance Group Realty 82984

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!

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Home Buying
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South Carolina Beaufort County
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Tags:
flood insurance
senate bill approval
hilton head property insurance

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Rainmaker
1,172,955
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Susan

This has been a hot topic here in the Napa Valley. Premiums have gone from $1,500 to $12,000 on a few properties. Thanks for this heads up and I will definitely check this out. cheers cvc

Mar 14, 2014 01:31 AM #1
Rainmaker
275,276
Susan Jacobsen
The Alliance Group Realty - Hilton Head Island, SC
20 Years Providing WOW Real Estate Service

Curtis - ours have been the same. One of the sticking points in congress has been the perception that the complaints/application is only with 'rich' people who are being hit with these rates. That is simply not true; it also affects people by rivers, streams, etc. People understand that if they buy by the water, their rates should be higher and they also understand that FEMA was basically bankrupt;but to initiate the rates without complete updating of maps (ours was done backwards, i.e., with the water coming from INLAND rathern than from the ocean), and an analysis of the effect, this bill was really not good. Anyway, good luck in your area too - this obviously isn't over yet.

It's a good way to remind people that the Realtor Party is part of their lifeline!

Mar 16, 2014 06:25 AM #2
Ambassador
1,341,892
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

Susan, all I can say is "thank God"! Being in two areas where floods have hit, one TWO TIMES in 18 years with devastating effects, it's wonderful that they are not asking the taxpayers (once again) to bail out (pardon the pun) the government! Where I live on Fishhawk Lake, it only flooded once, essentially in 2007(and many people owned 2nd homes and didn't get ANY FEMA dollars), but where my office is, a half hour away, people were hit twice oftentimes, and these are folks who didn't have any money PERIOD, let alone money to elevate, rebuild, etc. There were so many tragedies, so many who gave up and walked away from their primary residences. It was awfully sad to watch. 

One of the positives that came out of it was an insurance regulator from FEMA, who stopped by our Vernonia Realty office, flying in from working at Katrina's location said, "in 40 years of doing this, I have never seen a more organized community". Well, they'd been through it before, only 9 years before! I liken it to the first time you get fired...it is devastating, but should it happen again, you say to yourself, I've been through this, I know this feeling and I know how to get through it and get to the other side. 

Mar 23, 2014 10:41 AM #3
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Rainmaker
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Susan Jacobsen

20 Years Providing WOW Real Estate Service
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