The National Flood Insurance Reform that consumers demanded will address the unintended consequences from last year’s FEMA flood insurance overhaul.
Due to recent disasters which cost everyone billions, NFIP (National Flood Insurance Program of FEMA) had to revamp the program and bring it in line with actual risks; resulting in the 2012 Biggert-Waters Law. FEMA also updated the flood zone designations and flood maps causing hundreds of thousands to be cancelled and renewed at, in some cases, unreasonably high premiums and influencing real estate everywhere.
As of May 1, 2014, the 2014 Flood Insurance Affordability Act. comes to fruition. This Act allows a new property owner to assume the old policy at the old rate; plus it applies to second homes, businesses, and lapsed policies as well. It also grandfathers changes in mapping, and, perhaps most importantly, sets maximum annual rate increases at 18%.
There will be further information streamed to us as the Act is analyzed and understood by the industry and the large insurers get their regional agents out into the field to bring the local brokers and agents up to speed.
We have an abundance of excellent insurers on Hilton Head Island, SC which can assist you with any questions that you might have specific to our properties. Among them are PC&L Agency, The Hub Group, Carolina Carswell, Coastal Plains, Seacoast Insurance, State Farm, Allstate, Nationwide and many more.
You are always invited to phone Ocean Front HHI @ 843-304-9590 to inquire as to matters that affect real estate properties both on- and off- Hilton Head Island. Insurance is something that we deal with on a daily basis and has been a source of consternation amongst buyers which we are always able to find acceptable solutions for!
For more information on NFIP, consult your local insurance agency or go to: