Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014. 

Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.

NAR prevailed upon FEMA to implement this provision seven months early.  FEMA also extended the rate relief so all pre-FIRM properties (including the second homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after May 1, including:

While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate.

NAR will continue working with FEMA and Congress to quickly issue these refunds to anyone overcharged for flood insurance under Biggert-Waters.

NAR Flood Insurance Resources on the Web:

• NAR Flood Insurance Webpage
• FEMA Bulletin W-14014 (dated April 15th)
• FEMA Bulletin W-14016 (dated April 24th)
• NAR Implementation Survey
• NAR Frequently Asked Flood Insurance Questions

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