Changes to Flood Insurance Affect Homeowners Nationwide
On Wednesday, November 20, 2013 I attended a 4 hour long Summit on Flood Insurance hosted at the Columbia SC Metropolitan Convention Center. This was hosted by the National and SC Association of Realtors. The Realtor Association is working hard to educate and fight against issues such as these that are impacting our homeowners.
I must admit that I had no idea that a new FEMA program had been passed and put into effect starting October 1, 2013 called the Biggert-Waters Flood Insurance Reform Act. This is creating crazy premiums for homeowners and homebuyers and sellers like $28,000 per year on $130, 000 houses! This is affecting a ton of coastal property but also interior homes on lakes, rivers and streams. The Act reaches back to homes sold on or after July 6, 2012.
We must encouage our Senators and Representatives to support the Homeowner Flood Insurance Flood Insurance Affordability Act to enact a 4 year delay on these huge premium increases on flood insurance for homeowners!
Rand says that for every $500 increase in the required insurance premium on a home, the property value decreases by $10, 000! Call or write you national representatives today! Homeowners are having to allow banks to foreclose on their homes and home sellers are having to sell at huge losses. The impact of this Flood Insurace Act on Real Estate has been and will be massive.
We must fight the Biggert-Waters Flood Insurance Reform Act of 2012. Please educate yourself as a homeowner and talk to your local real estate professional about potential risks in purchasing flood plain properties.
My name is Dena Mixon and I would love to be your Lexington SC REALTOR! I am professionally trained and experienced to help home buyers and home sellers in the Midlands of South Carolina . I work very hard to help clients achieve their real estate goals. I can promise that I will always give you the care and best possible service that I can give! Whether you are selling, buying or just have a question, please call or text me at (803) 348-1155 . EXIT Real Estate Consultants.