FLOOD INSURANCE CHANGES

Dated: 04/23/2018

Views: 184

There have been some changes to the current Flood Insurance requirements. There may be benefits to those elevated or in the lower risk areas. Have you thought about seeking private Flood Insurance as opposed to NFIP? 

 Well this is the most recent news regarding that possibility. Image title



WASHINGTON – April 16, 2018 – In the absence of legislative reform by Congress, there's only so much the Federal Emergency Management Agency (FEMA) can do to encourage the growth of private flood insurance.However, FEMA, which oversees the National Flood Insurance Program's (NFIP) insurance, isn't completely powerless, and it came up with a few small but meaningful program changes that make it easier for households to switch to private insurance coverage if they can get a better deal.First, the agency lifted the requirement that households retain their federal coverage if they switch to private insurance before their coverage term is up. Prior to this change, homeowners had to maintain their federal coverage even after switching to private coverage, which meant they often had to pay two sets of premiums at once.Second, insurance companies that offer federal NFIP coverage can now also offer private coverage at the same time – either a policy offered by their own or another company. Prior to this change, companies that offered the federal option were prohibited from providing a private alternative.The agency also made two other small changes to make life easier for homeowners who appear to be in a flood zone:If a homeowner's state uses what's known as LiDAR technology to collect elevation data, owners can now use that data to demonstrate they don't need flood insurance. That can save them as much as $2,000 on the cost of a separate elevation certificate. The downside here is many states are not yet using the new technology to collect elevation data, though Minnesota and North Carolina are two examples of those that do.FEMA's procedures for newly mapped flood areas will be extended to apply to more properties. That means more owners will be able to start their premiums at a lower rate and only gradually reach responsibility for full premiums. 

Source: Rob Freedman, Realtor® Magazine


Image title


So hit the ground running with this up to date info in hand! Stop by and like my Facebook page for ongoing info as well @daniellecalabreserealtor 

Happy House Hunting!

Want to Advertise on this Site?

Latest Blog Posts

HUD Homes Allows Florida Buyers Only 100 Dollars Down Payment To Buy

Is your dream to own your own home in the #Orlando market?  Are limited funds for a down payment holding you back?  There IS a solution to this dilemma.  If you buy a HUD Home

Read More

Create Your Own Farm With This Osteen Home For Sale With 12 Acres

Want to get away from the hustle and bustle? Look no further than this listing right here is Osteen! This 12 acre spread could be perfect for your weekend getaway. There are two dwellings on the

Read More

Are There Home Buying Incentives For You

Purchasing your first home can be a thrilling journey, and an incentive can help to lessen the burden. To qualify for this incentive, you don't need a massive pile of cash in the bank for a down

Read More

Sanford Three Bedroom You Can Buy For Just A 100 Down Payment Hud Home

You read that correctly!  You can buy this home with just a $100.00 down payment!   Great investment opportunity! Are you looking for that perfect affordable home in?

Read More