Company Logo
Contact us: 563.441.1776
SIGN UP Sign In
Company Logo
Ruhl&Ruhl REALTORS

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Buying a Home | 90 Posts
Career in Real Estate | 7 Posts
Community Events & Activities | 94 Posts
Company Events | 19 Posts
COVID-19 | 4 Posts
Facts and Trends | 17 Posts
Farm and Land | 19 Posts
Featured Properties | 15 Posts
Home Price Appreciation | 18 Posts
Home Tips & Tricks | 21 Posts
Homeownership | 21 Posts
Local Flavor | 1 Posts
Market Updates | 48 Posts
Mortgage Rates | 3 Posts
NAR Survey | 4 Posts
Nelson Brothers | 2 Posts
New Construction | 17 Posts
Other Related News | 91 Posts
Parade of Homes | 11 Posts
Power Broker Survey | 1 Posts
Press Releases & Interviews | 47 Posts
Quad Cities | 4 Posts
Recognition | 44 Posts
Ruhl Commercial | 4 Posts
Ruhl Mortgage | 31 Posts
Selling a Home | 62 Posts
Why Realtors? | 5 Posts
house improvements window treatments winter preparation holiday declutter owning a home home buyers home sellers inventory mortgage rates company events toys for tots inspections real estate specialist realtor using a realtor farm and land farmland land values selling farm land home buying home selling real estate trends home price appreciation residential real estate sales volume best year ever commercial real estate facts and trends iowa brokerage iowa real estate largest independently owned eastern iowa eastern iowa real estate home appreciation buying a home loan approval mortgage mortgages preapproval interest rates costs involved home improvements taxes Brokerage Rankings Real Estate Ranking RealTrends500 Top Independent Dubuque Community CNBC homeownership house appreciation housing market inflation midwest real estate sellers market worldwide exchange economics house appreciate house price percent change Amana Colonies Iowa City IA Iowa City Shopping Shop Local University of Iowa Cedar Rapids IA Cedar Rapids Community Events Corridor Community Events Czech Village NewBo The District Ruhl Mortgage Buyers Market Homebyers Housing inventory Real Estate Clinton Community Clinton Restaurants Fulton IL Clinton IA Apple Picking Burlington IA Dubuque IA Galena Muscatine IA Pumpkin Patches Quad Cities cleaning tips spring prep building a home new construction Bettendorf IA Davenport IA Fall Activities Farms Moline IL Orchards Silvis Local Businesses Outdoors Things to Do For Buyers Home-Buying Tips Iowa Quad Cities Illinois Quad Cities Community Rock Island Home-Selling Tips For Sellers DeWitt, IA Home Improvement Restaurants Parks Recreation Iowa Mutual Lofts Apartment Living Moving Relocating Food & Drink Home Maintenance Homeowner Tips For Owners Local Attractions Dubuque Area Holidays Shopping Remodeling Staging East Moline Coal Valley IL builders new construction homes Milan Financing First-Time Buyers New Bohemia District (Newbo) Northwest Quadrant - Cedar Rapids Northeast Quadrant - Cedar Rapids Clinton Area East Dubuque Monmouth Blue Grass, IA West Burlington Wilton Fulton Burlington Area Cedar Rapids Area Muscatine Area
English
December
19

December 19th, 2013 by
There are 5.6 million property owners in over 20,000 communities across the country that depend on the National Flood Insurance Program (NFIP) for flood insurance. In July 2012, the U.S. Congress passed the Biggert – Water Flood Insurance Reform Act of 2012 (BW-12). This calls on the Federal Emergency Management Agency (FEMA) and other agencies to make a number of changes to the way the NFIP is run. In early October, part of the new law went into effect. This cancels out flood insurance subsidies on hundreds of thousands of older homes. Subsidies will be phased out for businesses, properties that have experienced severe repetitive loss and properties that have had flood – related damages where the claim payment exceeded the market value of the property. Premiums for those properties will increase by 25% per year, until rates reflect the true risk.  The government also revised its flood zone maps and is reassessing the level of flood risk in several areas. As a result, millions of homeowners are having to buy flood insurance for the first time or have to pay a significantly higher premium on their existing policies. Policyholders will see a new charge on their premiums to cover the Reserve Fund assessment that is mandated by BW-12. There will be a 5% assessment to all policies except Preferred Risk Policies (PRPs). The Reserve Fund will increase over time. This is in addition to any rate increases. Nelson Brothers Vice President of Personal Lines, Scott Nelson, states, "although the NFIP rates do need to be revised to sustain financial stability, we do favor the four year amendment. This allows time for an affordability study to be implemented. This should allow time to get proper notification into the hands of affected property owners, so they can make a prudent decision with their course of action". These changes are meant to increase the finances of the federal flood insurance program, which is over $30 billion in debt. Despite efforts by people at Capitol Hill to delay the act, the changes are going into effect. The Problem: Severe implementation problems threaten to undermine real estate transactions where flood insurance is required to obtain a mortgage.
  • New NFIP rate structures have caused serious confusion and hardship for property owners.
  • The Federal Emergency Management Agency (FEMA) continues to delay and miss deadlines
  • The legally required transition to true risk rates has plagued consumers with increases in rates beyond what anyone imagined possible.
The Solution: A four – year time – out. Congress has legislation on the house, H.R. 3370 and Senate, S. 1610, to delay changes to the NFIP. These bills would
  • Prudently defer rate increases until FEMA completes the affordability study mandated by law
  • Create a system for targeting rate relief
  • Establish an office of the Advocate for Flood insurance rate and mapping concerns
Please take action today and tell your Member of Congress and Senators that the National Association of Realtors supports the "Homeowner Flood Insurance Affordability Act" or go to Realtor.org. Keep in mind that every situation is different, please contact your homeowners insurance rep or the Nelson Brothers Insurance Company for more information on flood zones and policies in your area. For more information on the real estate market, please visit RuhlHomes.com Every warranty that our custom writing service offers various types of uniqueness is a third party, so you don't need to ask us "Write my paper", provide us "Write my paper", we will create a top priority. We can see it the order details. No data that you just. http://paperell.com/contactus Each text completed by following the matter of your assignment. Our professional paper writing a third party, so you provide necessary information about deadlines and protection of scientific art that won't leave your order, and to fulfill this service. All you used our team created.
Categories: Nelson Brothers

Let Us Help

Not finding what you are looking for?

Call or Text 1.563.441.1776

Let‘s Connect

Login to My Homefinder

Forgot Password

Register

Pixel