Washougal River? Possible FEMA Flood Insurance Changes 2015
Will the newest changes in the Fema law, (HFIAA, Home Flood Insurance Affordability Act) affect the Washougal River home owners? Yes. I'm not an insurance agent nor a lender so please do your "buyer due dilligence" to make good financial decisions for you.
Pricing changes on your insurance premiums will depend on your annual days of residence in the home. And....not all of the Washougal River has been "flood mapped" yet.
Sellers with a Pending offer that requires a buyer to get a loan.......if the home is low on the river bank, it will have to have an "elevation certificate" done by a surveyor to prove they are NOT in the flood zone so the buyer can get their loan. The buyer will have to discuss with their lender if flood insurance will be required. Many times, the flood insurance is "assumable" from the current owner. January 2015 of this year I sold a home where owner's assumable insurce was only $435.00 per year.
FEMA published a fact sheet on the changes available at http://1.usa.gov/1AYFv5Q.
I've lived here on the banks of the Washougal River for over 14 years. I've seen high waters 2-3 times. In those events, neighbors came together and helped sandbag the necessary homes to keep water away from the homes. I was not living here in 1996 when the flood waters in Portland were up to the bottom of the bridges. Here on the Washougal, I've heard that there were a few homes that were damaged by that flood. It's a heavy price to pay for living in this beautiful place.
Here is more information that I have pulled from the FEMA webpage:
https://www.fema.gov/national-flood-insurance-program/flood-insurance-reform
The Biggert-Waters Flood Insurance Reform Act of 2012
The Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert Waters) authorized and funded the national mapping program and certain rate increases to ensure the fiscal soundness of the program by transitioning the program from subsidized rates, also known as artificially low rates, to offer full actuarial rates reflective of risk
- Questions about the Biggert-Waters Flood Insurance Reform Act of 2012
- Timeline: Biggert-Waters Flood Insurance Reform Act of 2012
Homeowner Flood Insurance Affordability Act of 2014
The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) repealed certain parts of previous law – Biggert-Waters, restoring grandfathering, putting limits on certain rate increases and updating the approach to ensuring the fiscal soundness of the fund by applying an annual surcharge to all policyholders.
Today, the program is focused on implementing recent law by adjusting premium increases, issuing new rates and map updates, supporting mitigation and ensuring advocacy to connect policyholders with the information they need to better understand the program.
The Washougal River is an awesome place to live. There is something new every day, whether it be kayakers paddling by your deck, animals, eagles, ducks, salmon and steelhead runs, it's a great place to live ....check it out and check with your lender and insurance requirements too.
Washougal River? Possible FEMA Flood Insurance Changes 2015
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