Looks like there was a bit of a reprieve and a little relief for some homeowners that were impacted by the The Biggert-Waters Flood Insurance Reform Act of 2012.
Apparently the President signed the bill the other day.
It appears the the relief is for primary homes, but rate will still rise.
Flood insurance still on the rise despite new law
I wonder if prospective home buyers can get a multi-year projection of premium rates along with the full actuarial premium that they may have to pay for the home they are thinking about buying?
Quote:
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People whose second home is in a flood zone and those whose properties have flooded repeatedly would continue to see their premiums go up by 25 percent a year until reaching a level consistent with their real risk of flooding.
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Obama signs relief from flood insurance hike
Looks like people with vacation homes may have to pay up. I wonder what that will do to the prices of those properties?