We wanted to let you know that FEMA recently issued a bulletin about the Homeowner Flood Insurance Affordability Act that REALTORS® should know about.
The provision we’re highlighting in the bill is Section 3(b). This section allows for a subsidized policy to be assumed by a new buyer at the time of purchase.
What does this mean to you and your clients?
It means effective May 1st, older homes that were subjected to a full risk rate because they were purchased after enactment of Biggert-Waters or because of a lapse in coverage will see their subsidized rates restored.
Read the FEMA bulletin here: