Congress clears bill to ease flood insurance hikes
Naples homeowners no longer have to worry about flood insurance premiums rising when they buy a home in Naples or anywhere in Florida. The bill, H.R. 3370, no longer requires the cost of flood insurance to readjust upon the sale of a home in an area where the Federal Emergency Management Agency (FEMA) subsidizes policies.
“We applaud Congress for taking action to bring the much-needed certainty our real estate market has been missing since Biggert-Waters went into effect, and provide immediate relief to Florida homeowners,” says 2014 Florida Realtors® President Sherri Meadows, CEO and team leader, Keller Williams, with market centers in Gainesville, Ocala and The Villages. “It’s wonderful to see bipartisan support for a crucial piece of legislation that strengthens our economy.”
“There’s much to celebrate,” agrees Frank Kowalski, 2005 Florida Realtors president and also an insurance agent. “Once the bill becomes law and companies offering flood insurance are able to tweak their computers, they should be able to write NFIP flood insurance policies as they did before.”
Bill details (H.R. 3370)
- Home sales: As a result of the Biggert-Waters Flood Insurance Reform Act of 2012, the cost of flood insurance immediately rose to its actuarial rate at the time of a home sale, and the buyer could be required to pay many thousands more per year than the seller. The just-passed bill, however, maintains flood insurance price continuity, and the purchaser is treated the same as the current property owner.
- Reinstates grandfathering: All post-FIRM (flood insurance rate map) properties built to code at the time of construction are protected from rate hikes that result from new data – the flood maps created after the fact. Also important: The grandfathering stays with the property, not the policy.
For up to the minute news that is vital to your home purchase you can count on me, Frank Petras, for exceptional service and knowledge. Please call me at (239) 595-2221 or visit www.FrankPetras.com.
As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results. I have an unrivaled reputation as a luxury property specialist. I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.
Source: Florida Realtors, March 2014
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