Many property owners were facing massive flood insurance increases based upon 2012 legislation which was aimed at raising artificially low flood insurance rates and making them more in line with the actual risk of
flooding. Some homeowners received bills up to 800% higher than the previous year’s bill. Thankfully, we can breathe somewhat of a sigh of relief, as what was known as the misguided Biggert-Waters Act has been amended, but rates will still be increasing, especially on rental properties and second homes. When educating your property owners as to costs of ownership, advise them to set aside up to 25% more a year for flood insurance due to the new legislation. Source: Law Office of Heist, Weisse & Wolk, P.A.
This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.ownership, advise them to set aside up to 25% more a year for flood insurance due to the new legislation.
