[BROKERDIRT] Flood insurance issues as feds sunset insurance subsidies and grandfathered rates FEMA NFIP

[Byron King]

How is your area dealing with increasing flood insurance rates as the federal government reduces premium subsidies and ends grandfathered reduced premium insurance rates?

Some buyers are inserting contract contingencies for acceptable insurance quotes, policies, and premium rates.

Sunset rate subsidies comes along with FEMA expanding flood map Special Flood Hazard Areas SFHA to account for increased global flood issues. 

This may impact zoning to allow for residences and commercial buildings to be built raised on stilts/piers/pilings/etc. in areas where they were not allowed before.





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Sincerely,

Byron

Byron King, Esq. MPA RCE
Senior Vice President & General Counsel
South Carolina Association of REALTORS®
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