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I heard through a friend who's a local realtor that the FEMA maps for the area were supposed to change soon, however he knew no details. Has anyone else heard anything about that?
Yup, as of tomorrow, expect a 5% premium increase on your flood insurance, then an annual 25% increase till the amount you pay more closely mirrors your actual risk. There was an article about it in yesterday's P&C, check it out. The whole idea behind this is to get more people at risk to fund the flood insurance program.
Yes see info below from a BLOG I wrote.
In an attempt to salavage the NFIP- National Flood Insurance Program and their 30B deficit congress passed the Biggert Waters Flood Insurance reform Act. This act will affect mnay homeowners and business owners October 1, 2013.
What this means is a bbuyer cannot acquire the flood rate from the seller. This causes Seller market price and the buyer buying capacity to change because the flood isurance rate could go from 1000-6000. With all new flood Insurance applications, Elevation Certificates will be required in A or V zones. This can cost a buyer between $300-700. This rate increase also could affect current policies 10% a year.
Please visit FEMA’s website for more info as this is not all the changes to be aware of.
Many of the affected Charleston properties are not necessarily those located along the beachfront, but are actually situated further back from the ocean or along a river.
One of of the biggest factors would be the structure’s elevation. For example, a home built on stilts would likely have lower rates than a neighboring home that is situated closer to the ground.
Interesting - that's some great information. On all of ours I've acquired new flood policies so I guess they won't be affected so much, if at all. Nothing was grandfathered in. The ones without an elevation cert are based on nonconforming, older construction and the one in Hampton Park Terrace with an elevation cert came in with the living space at 12.6 feet so at least the policy takes that into account.
Funny thing is, I'd always figured I'd look into elevating these structures when foundation maintenance came due and then getting a new elevation cert done. Looks like the break even point for that just shortened a bit. Any idea whether the Charleston BAR would even allow this sort of thing, or whether the feds would require them to?
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