A few days ago I shared a blog post entitled FEMA outlines next steps for flood insurance law and promised a discussion of the high points. The biggest take-away from this is we need to educate the consumer!
FEMA has been provided eight months to implement the legislated dismantling of the most egregious aspects of Biggert-Waters. After that, it could take up to six months for the insurance companies to fully implement the changes. The FEMA administrator essentially is stating that consumers need to take appropriate steps to lobby on their own behalf – i.e. the educated consumer.
Here on Cape we have a fairly astute group of insurance agents dealing with flood insurance. However, with a rush of flood insurance applications, it will, most likely be a reflex action for agents to reach for the rate tables. If you are a potential home buyer or home seller located in a flood zone, remind your real estate broker, mortgage company and insurance agent that the grandfathered flood insurance rates are transferable.