Starting today, all buyers of older properties will pay taxpayer-subsidized flood insurance rates dating to October 2013.
The Homeowner Flood Insurance Affordability Act of 2014, enacted into law in March, allows buyers of homes built before original flood insurance risk maps were drafted to assume the subsidized policies of sellers, rather than to pay actuarially sound rates immediately — a provision supported by the National Association of Realtors and others in the real estate industry.
Under the new law, the Federal Emergency Management Agency (FEMA) must also issue refunds to all those who paid more than their October 2013 rate.
Source: realtor.org
