Thursday, October 31, 2013

flood insurance sticker shock

Perhaps you've already heard that FEMA has new rules for flood insurance.  We are getting reports that a new elevation certificate is required and these certificates are pricey.  Once the new quote comes in, it's higher than expected.  For instance one family selling their home told a buyer they were paying $400 per year for flood insurance.  Under the new system their buyer will have to pay $2300.

We are also hearing that there may be legislation moving to delay or change this new FEMA rule.  What have you heard?

No comments: