Homebuyer Flood Insurance Relief

On April 15, 2014, FEMA issued a WYO Company Bulletin implementing the first provisions of the Flood Insurance Affordability Act and providing immediate rate relief to homebuyers. In the bulletin, FEMA directs insurance companies to stop charging full-risk premium rates when older properties are sold after May 1. Instead, buyers will be allowed to assume the seller’s current rate until FEMA issues new rate tables and refunds under the new law. NAR will continue pressing FEMA to implement the rest of the rate relief provisions according to the statutory deadlines.

Read FEMA’s bulletin to the flood insurance companies

By: Doug Grant

Doug Grant and The Grant Group have been ranked the #1 Coldwell Banker Team in FL and amongst the top 100 teams in the U.S. by NRT. Doug is a known local expert. He's been a resident of Naples & Bonita Springs for 37 years and has been selling prime SWFL Real Estate for 28 years.

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