Your flood insurance premiums won’t rise more than 18 percent a year under a flood insurance bill passed by Congress and on its way to President Obama. Premiums for homes located in one of the nine flood risk categories insured by the National Flood Insurance Program can rise no more than 15 percent in a year.
The new law sets aside big changes Congress made in the flood insurance program back in 2012. Those changes caused premiums to rise for homeowners, in some cases by tens of thousands of dollars a year.
The NFIP, run by the Federal Emergency Management Agency, should also “strive” to limit premiums to 1 percent of the policy amount. For a homeowner taking out the maximum $250,000 in building and $100,000 in contents coverage in the highest risk area, that would be a $2,500 premium.
The bill also reinstated a prior FEMA policy that let homeowners who pay lower “grandfathered” flood insurance rates pass those rates along when they sold their homes.
Flood insurance rates can rise because FEMA adjusts flood maps and building regulations change.
The 2012 flood insurance bill limited the grandfathered rate to the current home owners. YOUR Flood Insurance Premiums. That meant new buyers had to pay flood insurance premiums so high that it was making it hard to sell homes in some areas.
Now, homeowners who had to pay the increased premiums after the 2012 bill will get refunds. And homeowners who faced higher premiums because of flood map changes will have their premiums limited to 18 percent annual increases.
Going forward, all primary home owners will pay a $25 annual surcharge. Owners of second homes and investors will pay a $250 per year surcharge. YOUR Flood Insurance Premiums.
CT Lake front property
About Deborah Laemmerhirt
Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground.
Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game.
I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers.
As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible.
My services include:
Explaining the home selling and buying process thoroughly
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Tracking the closing process to ensure a smooth transaction
I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process.
I specialize in both Residential and Commercial Properties.
I also head a Real Estate Group to provide you with expert service and support.
Areas of Expertise
Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings.
I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.
