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Important Changes to Flood Insurance
Today I wanted to update all my clients in Houston about Flood Insurance. It's not the most glamorous subject, but here in Houston this is a big issue because you might find yourself in a flood zone.
I was just talking with some home owners, and their flood premium was about $1,500 dollars per year. When these people sold their home, the new occupants were paying $4,000 per year in flood insurance premiums. That is a substantial increase!
Flood insurance has been a hot potato in the real estate industry in the last few years, and the situation doesn't appear to be getting any better.
However, the Grimm Waters Act appears to be providing some help to consumers. One thing that will happen is that full actuarial cost for flood insurance phased in over a five year period. This will mean that if you have flood insurance, your premiums will go way up.
If you live in a flood area you will probably want to speak with your insurance agent and find out what this means to you because there has been a lot of change recently.
Keep in mind that the changes to this policy only affect primary residences. If you have a beach home or something, then you need to check with your insurance agent. You could be in for a surprise if you do not double check.
Hopefully you have found this information to be useful. If you have any further questions, feel free to contact me.
As always, if you're looking to buy or sell real estate in Houston, do not hesitate to contact me. We have a very strong market here and there are lots of great opportunities.
