Flood Insurance Policies Get a Bailout

flood policy bailout

Live in a home rezoned as a flood risk? Flood insurance is now more affordable.

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(Money Magazine)

Own a home in a flood-prone neighborhood? You’ve just caught a break.

Bowing to protests from homeowners and real estate agents, Congress in March scaled back big flood insurance premium increases passed in 2012 to shore up the federal program’s finances.

The biggest winners: people in areas remapped as higher-risk flood zones over the years, who under the 2012 law faced dramatic rate spikes — 10-fold hikes in some coastal areas.

The new law slows the escalations. Selling homes in flood zones will also get easier, since buyers can now retain preexisting rate subsidies.

The National Association of Realtors argued that the 2012 law, only parts of which have been implemented, has hindered home sales and depressed property values.

Related: Wal-mart to offer auto insurance

If you’ve been hit by flood insurance hikes, consult your agent to see if you’re due for revised rates or premium rebates, says Lynne McChristian of the Insurance Information Institute. To top of page

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Local Portland Realtor with 10 years experience specializing in residential sales and investment property. Tom Ramsey Oregon Real Estate Principal Broker John L Scott Real Estate Phone: 503-481-0501 tomramsey1@gmail.com www.PortlandHouseListings.com
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