The moment we’ve been waiting for has arrived! This weekend, the president signed into law the Homeowner Flood Insurance Affordability Act, ending a 2-year fight to prevent dramatic rate hikes in flood-prone areas.
Specifically the bill reinstates the grandfathering and transferring of existing policies to new buyers of homes without a rate increase.
“The bill also reinstates the flood insurance program’s grandfathering provision, meaning homes that complied with previous flood maps would not be hit with large increases when new maps show greater risk of flooding. It also ends a provision that required an immediate hike to actuarial levels when a home changes ownership — slowing home sales in many communities designated high risk by FEMA flood maps.”
I will detail more of the bill’s provisions on Thursday as there are a lot more good things in it. So if you were afraid your flood insurance would make your home undesirable, you can breath a little easier. Now let’s get that home on the market and get what you deserve for your home!
David R. Madaffari, Realtor
Keller Williams Realty – First Choice
Cell: 225.772.3283 (DAVE)
37325 Market Place Dr. Ste D
Prairieville, LA 70769
Each office independently owned and operated