Wednesday, March 5, 2014

Sarasota Flood Insurance

A lot of buyers I have been working with have been concerned about potential price increases and changes for Sarasota flood insurance.

Well, there's good news on this subject.  Today, the House passed a measure that repeals the huge increases home buyers and home owners were threatened with under the Biggert/Waters Flood Insurance Act of 2012.

The new bill passed today will allow homeowners to keep their current flood insurance rates even after new flood maps are drawn.  It also allows home buyers to keep a home's current lower, subsidized rate, rather than prompting a full scale flood elevation survey and new policy at a much higher amount.  On average, it is predicted flood insurance premiums will increase 15% annually rather than the 300% to 500% increases being reported prior to the new bill's enactment.


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Beachfront home for sale on Manasota Key $4,250,000

The bill still has to be reconciled with the Senate version of a similar bill, then sent to President Obama to sign into law.  Both bills in the House and Senate had broad bi-partisan support.

This is great news if you are interested in Sarasota waterfront homes or beach homes

1 comment:

  1. In places where it does or could potentially rain a lot, I think flood insurance is a great idea. Who knows what could happen during the rainy season? I'm glad that people are realizing the importance of making sure homes and possessions are covered in case of a flood. http://www.inservsarasota.com/flood.aspx

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