If you live in a flood zone or want to own a house in a flood zone, you will want to tune in for this video.
Connie Galewski of Avalon Insurance and I talk about the increases in flood insurance that has started on 10/1/2021.
These price increases will vary on how far away from the water the property is but you can be sure that it will increase.
Main points we cover:
• Existing NFIP flood insurance owners will see an 18% increase cap until the house hits the premium that FEMA thinks it will be.
• The existing NFIP policy can be transferred to new buyers so that will be a short term benefit to buyers and sellers.
• Buyers that are buying a house from an owner that is in a flood zone but does not have flood insurance will be subjected to the full premium set by FEMA
• Sellers in a flood zone need to have their current policy information ready to be disclosed so the new buyers can assume the current policy.
Hopefully this information helps you or someone you know navigate these insane changes. By the way, if you are and about this, be sure to email your congressman and state rep. This is a Federal program.
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