Americans that live in designated flood areas should be concerned about a quiet law that is being implemented. The law has the potential to drive property values down and increase defaults for a large number of Americans that are currently required to have Flood Insurance or will have to have Flood Insurance if their property falls in newly designated flood zones.
Some forecast increases up to 9 times current premiums on certain properties.
In 2010, 123.3 million people, or 39 percent of the nation’s population lived in counties directly on the shoreline.
The new law should be on the radar of Real Estate and Mortgage Industry participants. Biggert-Waters Flood Insurance Reform Act of 2012, http://www.fema.gov/flood-insurance-reform-act-2012 , is expected to have a significant impact on properties that require flood insurance and or will be required to have flood insurance after re-mapping.
Links to the timeline and FEMA Maps:
http://www.fema.gov/media-library-data/20130726-1912-25045-8239/bw_timeline_table_04172013.pdf
http://hazards.fema.gov/femaportal/prelimdownload/
http://money.cnn.com/2013/10/21/real_estate/flood-insurance/
www.southeastmortgage.com
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