In the dynamic landscape of Florida’s real estate industry, the National Flood Insurance Program (NFIP) stands as a cornerstone, playing a pivotal role in ensuring the affordability of insurance and safeguarding communities from the devastating impacts of flooding. Facilitated by FEMA, this federal initiative extends its protective umbrella over property owners, businesses, and renters, with […]
Tag Archives: flood insurance
Senate Passes Flood Insurance Bill
On Jan. 30, 2014, the United States Senate voted 67-32 to approve the Homeowner Flood Insurance Affordability Act (S. 1926), sponsored by Senators Menendez (D-NJ) and Isakson (R-GA). This bipartisan legislation, an NAR member priority, calls for a 4-year timeout on rate increases triggered either by a property’s sale or a flood map update for […]
Raise the house, lower the flood risk!
ATLANTIC CITY, N.J. – Oct. 24, 2013 – Eileen Benner says elevating her home in Atlantic City, N.J., was a “no-brainer” after it suffered extensive flood damage during Superstorm Sandy. “I would tell anybody who has the money available to go ahead and do it,” she says. John Paynter’s Long Beach Island, N.J., vacation home […]
Fla. backs Miss. lawsuit to block flood insurance hikes
Gov. Rick Scott, Attorney General Pam Bondi and Chief Financial Officer Jeff Atwater announced that Florida would file an amicus brief, or “friend of the court” brief, in the Mississippi Department of Insurance’s lawsuit aimed at delaying flood rate increases outlined in the Biggert-Waters Flood Insurance Reform Act. The lawsuit asks a federal judge to […]
Flood Insurance FAQ's
Many older homes in flood zones have long benefited from a subsidy that kept flood insurance rates very low. Starting next month, those homeowners will typically see annual rates jump more than 25 percent, including a fee for a new reserve fund. Can you do anything to fight higher rates? Yes! – Obtain an elevation […]