Flood Insurance Changes In The Works

Dated: 07/18/2013

Views: 1211

Only a year ago Congress voted in significant changes in the government flood insurance program.  One of the few items that both Republicans and Democrat leaders could agree on was the updating of the program that would charge people premiums that would reflect their risk of being flooded.  The Federal Flood Insurance Program has required a staggering $24 billion in bail out money since its inception in 1968.  
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.
Blog author image

Janis St. Onge

I am a certified Short Sale and Foreclosure Resource (SFR) who works with first time home-buyers, empty-nesters and investors. Call me today and let me be your eyes and ears in the Charleston tri-cou....

Latest Blog Posts

Charming Ranch Home in Wescott Plantation for Under $200K

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

Read More

Charming Ranch Home in North Charleston Back on the Market!

2652 Martha Drive, North Charleston, SC, 29405 3 Beds  •  2 Baths  •  1,069 SqFtYour Search for a Low Maintenance Lakehouse Escape just an hour outside of the

Read More

AMAZING VALUE on Stunning Lake View Home in Summerton, SC

1046 Island Court, Summerton, SC, 291484 Beds   •   3 Baths   •   1,400SqFt.$220,000Your Search for a Low Maintenance Lakehouse Escape just an hour

Read More

PRICE REDUCED! On Elegant End Unit Townhome in Wescott Plantation

       4761 Horse Drawn Way, Summerville, SC, 29485 3BR/2.5BA   •   1,875 SqFt.$210,000Welcome Home to this Low Maintenance Move-In

Read More