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New Flood Insurance Increases

December 11, 2013

One of the “high priority” desires for most buyers in Hawaii is to be in close proximity to the ocean. Before July 2012, agents would remind buyers who were looking for properties near the water of the obvious risks to their home if a natural disaster hit the islands. They would also be required to get flood insurance if they were in a high-risk flood zone area.

While this would be an added cost to the home owner, a large portion of buyers felt the positives of living so close to the water were outweighed by the negatives. They considered the flood insurance premiums a small price to pay for the beautiful views they would get to experience daily.

Unfortunately, recent changes to the National Flood Insurance Program (NFIP) will significantly impact how future buyers shop for their home. Now more than ever, home owners need to know the ramifications of these changes and how it will affect their pocketbooks. Not only will flood insurance premiums increase exponentially for the next several years, but the increase in those rates will undoubtedly be a concern to their buyer when they sell. Read more http://ow.ly/rwYJt

From → Finance

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