News

National Flood Insurance Program Rules Begin May 130 Apr

Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014. Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.

NAR prevailed upon FEMA to implement this provision seven months early.  FEMA also extended the rate relief so all pre-FIRM properties (including the second homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after May 1, including:

  • ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;
  • ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;
  • ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;
  • ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law.

While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate. NAR will continue working with FEMA and Congress to quickly issue these refunds to anyone overcharged for flood insurance under Biggert-Waters.

NAR Flood Insurance Resources on the Web

NAR Flood Insurance Webpage: http://www.realtor.org/topics/national-flood-insurance-program-nfip

FEMA Bulletin W-14014 (dated April 15th): http://www.ksefocus.com/billdatabase/clientfiles/172/4/2003.pdf

FEMA Bulletin W-14016 (dated April 24th): http://www.ksefocus.com/billdatabase/clientfiles/172/4/2021.pdf

NAR Implementation Survey: https://survey.vovici.com/se.ashx?s=2D55F0781086FB83

NAR Frequently Asked Flood Insurance Questions: http://www.realtor.org/topics/national-flood-insurance-program-nfip/homeowner-flood-insurance-affordability-act

NAR Legal Guidance on what to tell clients: http://www.ksefocus.com/billdatabase/clientfiles/172/4/1816.pdf

 

John DiBiase

Communications Director

Government Affairs

National Association of REALTORS®

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2015 Convention

thO8KEMGXHLand’s End in Homer, Alaska
September 29 – October 3, 2015
The Alaska Association of REALTORS 2015 annual convention will be held Tuesday – Friday, September 29-October 3, 2015 at the Land’s End Resort in Homer, Alaska. This year’s theme is “Charting Your Cosmic Course.”  All twenty hours of continuing education will be offered at the 2015 convention.  Additional information including hotel accommodations, speakers and online education will be available soon.

Contact Information

The Alaska Association of Realtors®

4205 Minnesota Drive

Anchorage, Alaska 99503

Phone (907) 563-7133

Fax (907) 561-1779

1-800-478-3763

joinus@alaskarealtors.com