March, 2014:

I own my home that is in a flood zone. Are flood insurance issues going to make it difficult to sell now?

Mar 14th, 2014
by edsmith.
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At least in terms of the astronomical rate increases that you have been reading about lately, probably not.

The U.S. Senate just passed the Homeowner Flood Insurance Affordability Act which had already been passed by the House this month. Once signed by the President, this Act will negate the majority of the devastating changes that were enacted by the House and Senate last year. More on this at: http://rem.ax/1fXPi7o

For information on this or other real estate topics, please visit www.DestinFloridaRealEstate.com or email us at smith@realtor.com

Are flood insurance premiums still supposed to go up?

Mar 5th, 2014
by edsmith.
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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.

As always, please visit us at www.Ed-Terri.com or for questions, email us at smith@realtor.com