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[...] for existing home owners and those buying and selling. This has been a long, … Read more on Speaking of Real Estate (blog) Tags: Flood, Insurance, Latest, lenders, News, Requirements Posted in Flood Insurance [...]
Is there any reprieve from the high cost of flood insurance? This is the first time I’ve sold a house that needed it and the costs are high–wow! At least twice as much as otherwise. And this at a house that has a creek running 20′ below and 200′ away. The owners have lived there for 20 years and have never had a problem with flooding, not even in the basement. It seems excessive to me that it is in a flood plain. This is in SW Michigan…Are there any alternatives?
The government can do this after they decided to expand areas that were never or should never be in a flood plain. Many townships in Michigan immediately saw 15% of useable acreage “condemed” to pay higher flood insurance. The pot gets bigger and the homeowner gets poorer. More goverment control costs everyone (except the government).
now get banks to lend and make some real difference.
The national food insurance program is something new to us in Malaysia. How does this help homeowners?
There is an awful lot of celebratory rhetoric and congratulatory comments in this article and so I can only assume that something fantastic has occurred that will benefit homeowners and the realtor community. As a relatively new realtor you’ll have to excuse my ignorance but I don’t know what it means to have a “five year authorization of the NFIP”. This article would have been much more meaningful (at least to me) had it gave an explanation of exactly how this grand event benefits us/me. Could you please elaborate? Thank you.
Congress has been slow to act on reauthorizing the NFIP program (just as it has with almost everything else lately!). As a result, it’s been very difficult to close real estate transactions in affected areas. For more, see this piece: http://speakingofrealestate.blogs.realtor.org/2011/08/11/1300-sales-a-day-to-stall-if-flood-insurance-stops/.
Here’s a news report on the five-year authorization to which President Veissi is referring in this post: http://realtormag.realtor.org/daily-news/2012/07/02/congress-passes-long-term-flood-insurance-reauthorization
For some more in-depth history on the program, take a look at NAR’s topic page on the subject: http://www.realtor.org/topics/national-flood-insurance-program-nfip.
Thanks for your interest,
Multimedia Web Producer at REALTOR® Magazine
How much does it cost the tax payers that have more sense than to build in a FLOOD ZONE?
If they want to build in a FLOOD ZONE, best wishes but don’t involve me.
I confess my ignorance regarding NFIP program, but just recently, talking to one of my past Clients who lived in the same house for 20 years, never had even a close experience of flooding, now are faced with $360 additional expense, because they are forced, I mean forced, to buy the Flood Insurance,
I will read the above info. regarding this program, but so far, I do not think this is a matter to celebrate… Upset Homeowners are a sign of a negative effect! And, yes, this is, no doubt, “More government”! Tell me, please: “Do we need more government”? I’d like to hear your response.
[...] Congress finally approved a long term fix to the National Flood Insurance problem by a 5-year reauthorization of the National Flood Insurance Program (NFIP). The National Flood Insurance Program suffered through over 18 short-term extensions and hobbled along for the last four years without a long-term reauthorization forthcoming from D.C. The bill was signed into law July 6, 2012 by President Obama. NAR was a key supporter that finally helped this bill get passed through Congress. [...]
Our own Rob Freedman published a more comprehensive follow-up about the reauthorization here, and what it means for the industry: https://speakingofrealestate.blogs.realtor.org/2012/07/09/why-flood-reauthorization-is-such-a-big-win/
And, as I noted above, NAR’s topic page on the subject is here: http://www.realtor.org/topics/national-flood-insurance-program-nfip
Hope that helps,
Multimedia Web Producer at REALTOR® Magazine
Why did Congress take so long to authorize? And why for only 5 years? If it was a good deal and free to the taxpayers, why would anyone not support it? Into eternity…
What my mind is telling me is that it isn’t free to the taxpayers, meaning the majority of taxpayers are again subsidizing a minority of fairly well off landholders who choose to live in a flood area and want the rest of us to defer their risks.
Seems like same ole same ole to me… and why the US is in such a mess.
Principal Broker Southern Oregon
Is this a federally subsidized program? If so, what does it cost taxpayers? I also wonder why there isn’t a similar requirement for earthquake insurance. I live in an earthquake zone and pay for earthquake insurance which essentially doubles my premium.
[...] issue of flood insurance was not initially on the committee’s radar for 2013. But the five-year extension secured by NAR and other advocates last year came with a cost: the elimination of federal [...]
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