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Buying Selling

How Will The New Flood Insurance Reform Changes Affect You

Several changes to the previously government subsidized flood insurance program will affect you.  If you are staying in your home:

  • If your flood zone is in any A or V zone, including AE, AB, AH, your flood insurance premiums will be increasing 25% per year until the premiums come in line with the actual flood insurance rates
  • If your flood zone is in B, C, or X, your premiums will increase 20% per year until the premiums match the actual flood insurance rates

If you are buying a home, the new flood rates will affect how much of a mortgage you qualify for.

If you are selling your home, have your flood elevation certificate on hand to provide it to the new buyers.

http://www.youtube.com/watch?v=yCZHWYYrt9A