4816 Hearthside Drive, Summerville, SC, 29485 3 Bed • 2 Bath • 1,355 sqft This Well-Kept & Charming 3BR/2.5BA Ranch is Located in Wescott Plantation of
Flood Insurance Changes In The Works
One of the major changes causing concern for owners of older homes is starting late next year, FEMA will no longer grandfather in below-market rates for people whose older homes were built to the flood code in previous years or decades ago but have been judged to be at greater risk under new flood maps.
In response to the dilemma, a House coalition made up of both Democrats and GOP conservatives voted 281-146 vote last month to delay some of the premium increases for a year. This measure, sponsored by Rep. Bill Cassidy, R-La., would block FEMA from implementing a provision of the law that phases out below-market, grandfathered premiums for homeowners whose flood risks are deemed higher under new maps, but it leaves in effect FEMA efforts to phase out direct subsidies of people living in flood zones.
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