January 30th, 2014:
Are flood insurance premiums still supposed to go up?
Flood insurance (NFIP) premiums have already gone up astronomically in the case of pre-FIRM homes, the result of the Biggert Waters Act. In this area, pre-FIRM generally refers to homes that were built before 1974. Our elected politicians in D.C. are going through the motions but making little progress in the re-writing of this very bad legislation.
Our salvation may lie in the fact that FEMA failed to follow the rules and did not conduct the required cost studies before enacting. Therefore, a now pending lawsuit in federal court may provide our best option for relief.
More on this at: http://rem.ax/1fnwewZ
As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com
Ed & Terri Smith, Broker Owners
RE/MAX Coastal Properties
850-837-5500 x1