Some owners of older properties could spend more as federal subsidies phase out under reforms to the National Flood Insurance Program, but some news reports saying rates could increase $30,000 are misleading. According to the National
Association of Realtors, the $30,000 figure is the hypothetical of a worst-case scenario for ocean-front property built 6 feet below the tidal surge after the next Storm of the Century. This figure is not related to NFIP reforms enacted last year. The
office with the Federal Emergency Management Agency (FEMA) that floated the figure is not the office that sets insurance rates and released the figure as encouragement to coastal
communities, post Hurricane Sandy, to elevate future construction. For more info contact
Austin Perez, 202-383-1046.
To determine your homes FEMA Grant eligibility, an appraisal will be needed by a qualified appraiser, so call us today.
James Hanson Associates
Phone: (609) 884-9185