Blog :: 03-2014

Flood Insurance Affordability Act Passes!

ObamaHello everyone and thank you for reading my blog! I have some very important and welcome news to share with you. As you may have heard, there has been a lot of anxiety about the potential rising costs of flood insurance. In some cases, insurance premium estimates were coming it at ten times higher than they were previously. For example, we had one home receive an estimate of over $6,000. This was for a home listed for under $150,000. There were other horror stores of people receiving quotes of over $8,000 and $11,000 for homes in the average median price range. As Realtors, we have been greatly concerned about properties in the high hazard flood areas being able to sell at all. The market has come to a near standstill for us in these areas.Yesterday, President Obama signed into law the Homeowner Flood Insurance Affordability Act, which limits the increase of flood insurance to no more than 18% per year,with an average of 15%. This is in direct response to the Biggert-Waters Act, which was the initial cause of the catastrophically huge premium hikes mentioned above. To hear more about the flood insurance program in Vermont listen to this interview with Rob Evans of the Department of Environmental Conservation.


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