Ashley Garner and I took at a seminar on the changes to the National Flood Insurance Program that will affect a lot of property owners in Wilmington. Please pass this on to anyone you think might have property affected. The details involved are tremendous so please don’t rely on this posting to be the full report, but if you think you may be affected please learn more to protect yourself. · If your property is in a flood zone that begins with an “A” or a “V” and the property is not your primary residence (not lived in at least 80% of the year) your rates could go up 25% per year. · Having an Elevation Certificate prepared is the only way to determine the actual zone and thus the actual rate. · “Grandfathering” will be done away with in certain situations. · Flood maps are changing and a change to a flood map could significantly affect your flood insurance rates. As you know, when it comes to congress, all of this could change, but for now the terms of the Biggert-Waters (BW12) Flood Reform Act of 2012 are the law. Let me know if you have any questions or talk to your insurance agent.
Posted on: Fri, 12 Jul 2013 15:26:09 +0000