Your Flood Insurance | Fort Lauderdale Homes
Great news for Fort Lauderdale homeowners! The new proposed FEMA flood insurance maps are available for viewing. Check your home address to see if you still need flood insurance or need to change your coverage. If you are in zone X you will not need to carry flood insurance! You do need to speak with your lender however to see if it is required with your loan. This change does not go into effect until August of 2014.
Go to the map and type in your address then click on your house and a pop up will come up indicating your zone. View your home here
If you no longer need or want to carry flood insurance, speak with your insurance agent to have it removed.
President Obama signed H.R. 3370, solidifying at least short-term relief for homeowners hit by skyrocketing flood insurance rates and sellers afraid their homes will be worth less after buyers factor in the yearly cost of significantly higher flood insurance.
Before President Obama signed the new law, the amount of money paid for flood insurance coverage would readjust at the time of sale for homes built before the creation of flood insurance rate maps (pre FIRM). As a result, a buyer might be forced to pay thousands of dollars more for flood coverage, which directly impacted the value of the home.
Under the just-passed bill, the purchaser is treated the same as the current homeowner. Under rules in the new law, flood insurance rates may still go up for a buyer but they won’t rise any more than they would have if the current owner retained the property. UPDATE 4/8/14: Please read the article from the Florida Realtor Association