Sunset Beach and Beyond Realty

  • Home
  • Search Carolina Coast
    • Community News
    • Calabash
    • Carolina Shores
    • Holden Beach
    • Myrtle Beach
    • Ocean Isle Beach
    • Southport
    • Sunset Beach
  • Buyer
    • Buyers Articles
    • Homeownership
    • Testimonials
  • Sell Your Home
    • Sellers Articles
    • Listing Agents
  • Our Team
    • Designations
    • Area Lifestyles
  • Market Reports
  • Local News
    • Events
  • CONTACT
Home » Important Info About Flood Insurance Reform

Important Info About Flood Insurance Reform

December 6, 2016 by admin 1 Comment

What You Need to Know About the Flood Insurance Reform Act of 2012

With so many storms making a name for themselves in the recent past, it’s become necessary for the federal government’s flood insurance policies to make some changes. For this reason, if you’re buying or selling a house, you’re going to want to know what these changes are. Basically, flood insurance provides subsidies for properties in areas that may be especially prone to flooding and therefore hard to insure.Important Info About Flood Insurance Reform

The Flood Insurance Reform Act of 2012, otherwise known as FIRM, has some lasting provisions that change the game a bit.

For owners: If you already currently have a home on a flood plain AND have federally subsidized insurance, you MAY KEEP that insurance until if and when you sell. This is great news for you! However, the marketability and value of your home may be affected in the future.

[Read more: How we protect our Intracoastal Home]

For buyers: when you go to buy a property from a seller that has a home on a flood plain and federally subsidized insurance, YOU WILL NOT be able to acquire insurance at the federally-insured rate. BUMMER! As a buyer of a property in a flood plain, you will now have to look to the open market. Yes, this does mean you’re probably looking at a much higher price. Additionally, if you want to obtain a mortgage on a home that is even partly located on a flood plain, you will HAVE TO acquire flood insurance. It’s required if ANY PART of the property is located on a flood plain. It should also be noted that it is THE BUYER’S RESPONSIBILITY to know if ANY part of the property is on a flood plain and to obtain proper insurance accordingly.

As you may have guessed, these changes have caused flood insurance premiums to rise everywhere. Not only that but if you’re looking at extremely high-risk areas such as coastal areas that are prone to hurricanes and such, premiums can be astronomical. Flood Smart is a great way for someone to stay informed and keep AFLOAT of the situation and DROWN in any consequences.

[5 Best Things About Living on the Intracoastal Waterway]

Have more questions? Feel free to give us a call at any time. Because we know the Sunset Beach and Intracoastal waterways, we can help you buy the right home and prepare for the future.

Filed Under: Homeownership Tagged With: flood, flood reform, intracoastal waterway

Trackbacks

  1. What to Do After a Hurricane - a Checklist and What Insurance Covers says:
    September 2, 2019 at 6:12 pm

    […] Take pictures. Homeowners insurance and flood insurance usually want pictures of the damage. You’ll need to document as much as possible. It makes […]

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

What our clients say

Ken and Linda Foltz

“Life will lead you to where you belong. Five years ago life led me to meeting Karen Baker at an...
Sunset Beach and Beyond Realty
2015-03-16T20:16:32+00:00
“Life will lead you to where you belong. Five years ago life led me to meeting Karen Baker at an Open House. Our relationship continues as Karen and her husband Frank have been outstanding not only in helping my husband and I find the right retirement relocation home, but we have watched their commitment in helping many others find their homes. She and Frank treat every client as if they are the only ones that exist. They provide thorough research of areas and homes of interest and present you with the options. They are not your typical hard sell, must-buy-now realtors. They are here to help you find your next home?. You won’t go wrong with the Bakers!
https://sunsetbeachandbeyond.com/testimonials/ken-and-linda-foltz/

Steve & Jean DeVito

“The Bakers treated us like family during our whirlwind weekend of looking at houses. Prior to our on-site visit to...
Sunset Beach and Beyond Realty
2015-03-16T20:17:46+00:00
“The Bakers treated us like family during our whirlwind weekend of looking at houses. Prior to our on-site visit to Sunset Beach they created a portal and populated it with properties that met our ever-evolving criteria. By time we arrived we had a good feel for what we could afford and what was available that met our criteria. The Bakers, especially Karen, were able to make sense of what we thought we were looking for and eventually matched us with a house that we ended up purchasing — Karen called it the “This is it” house and she was right. We are loving our 2nd home and appreciate how painless Karen and Frank made the process. All the paperwork was done seamlessly and quickly and the closing went off without a hitch. The Bakers do not believe in the hard sell — they gave us the knowledge we needed and the guidance we needed to make our dream a reality.”
https://sunsetbeachandbeyond.com/testimonials/steve-jean-devito/

Matt & Amy Carver

Amy and I have bought and sold four properties in the past twelve years. Both of you are the best...
Sunset Beach and Beyond Realty
2015-03-16T20:18:22+00:00
Amy and I have bought and sold four properties in the past twelve years. Both of you are the best realtors we have ever dealt with. Amy and I both felt we could trust you to look out for our interest. The level of service you provided was outstanding, from taking the trash out, helping the buyer with inspecting the irrigation system, dealing with our tenants, always being there if we needed to ask a question, providing constant updates on the market and always keeping us informed on the sale of our house. I think your next venture should be training other realtors, because both of you have mastered the art of providing excellent service. I will be sure to recommend the Frank and Karen team to anybody looking for a trust worthy, knowledgeable and top performing realtor. It was a pleasure working with both of you.”
https://sunsetbeachandbeyond.com/testimonials/matt-amy-carver/

Ernie & Carol G.

“Karen & Frank Baker are the best. They are very knowledgeable with the area & showed us many homes. When...
Sunset Beach and Beyond Realty
2015-03-16T20:18:50+00:00
“Karen & Frank Baker are the best. They are very knowledgeable with the area & showed us many homes. When we made up our minds which one we wanted, they got us the best deal on it. We were very satisfided with them. After the purchased was made & we moved in, they were still there to answer any questions or problems that we might of had. Like I said, they are the BEST.”
https://sunsetbeachandbeyond.com/testimonials/ernie-carol-g/

Dave & Rose

“Thanks again for all the time you spent with us, As overwhelming as it was, you two made it fun”
Sunset Beach and Beyond Realty
2015-03-16T20:19:23+00:00
“Thanks again for all the time you spent with us, As overwhelming as it was, you two made it fun”
https://sunsetbeachandbeyond.com/testimonials/dave-rose/
0
Sunset Beach and Beyond Realty

Search

Recent Posts

  • 8 Adventurous Things to do in Sunset Beach
  • Evaluating & Purchasing Rental Properties
  • Typical HOA Pool Rules
  • 5 Great Reasons to Live in Sunset Beach (and one con)
  • Ways To Make Moving While Expecting Easier On Moms-To-Be

Connect With Us

  • Facebook
  • LinkedIn
  • Twitter

Recent Posts

  • 8 Adventurous Things to do in Sunset Beach
  • Evaluating & Purchasing Rental Properties
  • Typical HOA Pool Rules
  • 5 Great Reasons to Live in Sunset Beach (and one con)
  • Ways To Make Moving While Expecting Easier On Moms-To-Be

Copyright © 2022 · AgentPress Pro Theme on Genesis Framework · WordPress · Log in