Insurance Rates Going UP!!!
The legislation Biggert-Waters Flood Insurance Reform Act was passed in July of 2012 but, it just went into effect on October 1st. It is going to be felt through as time goes because premium rates don’t change until annual renewal notices arrive. Many homeowners around the country are seeing astronomical increases in flood insurance rates that are no longer subsidized – sometimes 500% or even 600% increases. For someone buying a home, the flood insurance may now be the deal killer. The increases have been so devastating that some states have decided to sue to stop the rate hikes. Bills that have attempted to delay the rate hikes have also stalled. So if you have a house anywhere near a creek, river, or other body of water, or in an area close to or below sea level – definitely double check that things will still work out. Learn more about it in this interesting and informative article HERE