News

News Tags

Kentucky REALTOR® News

Flood insurance rate increases take hold

Apr 06, 2015
The National Flood Insurance Program (NFIP) has released the 2015 rate changes which take effect on April 1. On average overall, rates are rising 10%. This is consistent with the 5-10% increases prior to the 2012 Biggert-Waters Act. There is also a new surcharge to pay for recent NFIP legislative reforms.

Last year, Biggert-Waters was amended for about 20% of policy holders who bought an older property (including second homes) and jumped from a subsidized rate to full cost for flood insurance overnight. The amendments resolve the implementation problems by resetting the rates to pre-Biggert-Waters levels and capping them at 18-25% per year in the future. Read More
Go comment!

Senate passes Flood Insurance Bill

Feb 20, 2014
Kentucky Association of Realtors

On Jan. 30, 2014, the United States Senate voted 67-32 to approve the Homeowner Flood Insurance Affordability Act (S. 1926), sponsored by Senators Menendez (D-NJ) and Isakson (R-GA).

This bipartisan legislation, an NAR member priority, calls for a 4-year timeout on rate increases triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates. NAR provided Congress with expert testimony suggesting that many of these increases are excessive and inaccurate. The bill also creates a flood insurance advocate within the Federal Emergency Management Act (FEMA) to investigate home owner complaints of multiple different or excessive rate quotes. Read More.

Go comment!

Contact KAR

859.263.7377 (local)
800.264.2185 (toll free)
859.263.7565 (fax)

161 Prosperous Place, Suite 100
Lexington, KY 40509