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Senate "Advances" Flood Insurance Bill Delay, Next Step Is Voting To Actually Pass Bill

Senate "Advances" Flood Insurance Bill Delay, Next Step Is Voting To Actually Pass Bill | Environmental or Natural Hazards | Scoop.it
The chamber votes overwhelmingly to delay premium increases.

Via Baton Rouge Real Estate News
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Baton Rouge Real Estate News's curator insight, January 28, 2014 2:21 PM

Here's a Flood Insurance Delay Bill Update: 


"The Senate voted late Monday to advance a bill that would prevent insurance premium hikes in many flood-prone areas that could discourage home sales and disrupt real estate markets.


The next step is for the Senate to actually pass the flood insurance bill. Sen. Mary Landrieu, D-La., is pushing to a get a final vote by end of this week." 

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Flood legislation drives insurance rates through the roof

Flood legislation drives insurance rates through the roof | Environmental or Natural Hazards | Scoop.it
Congressional action takes away homes that were grandfathered in...

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FEMA's Flood Insurance Program - Analysis & Maps using R

FEMA's Flood Insurance Program - Analysis & Maps using R | Environmental or Natural Hazards | Scoop.it
The National Flood Insurance Program (NFIP) by the Federal Emergency Management Agency (FEMA) in the United States enables property owners in participating communities to purchase insurance protection from the government against losses from...

Via M. Edward (Ed) Borasky
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L.A. plastic bag ban goes into effect

L.A. plastic bag ban goes into effect | Environmental or Natural Hazards | Scoop.it

Grocery retailers could be fined for each day they violate the ban. They could be fined up to $100 for the first violation, as much as $200 for the second, and up to $500 for the third.


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Trevali Significantly Expands Rosa Lead-Silver-Zinc Zone at the Santander Mine ... - MarketWatch

Trevali Significantly Expands Rosa Lead-Silver-Zinc Zone at the Santander Mine ... - MarketWatch | Environmental or Natural Hazards | Scoop.it
Trevali Significantly Expands Rosa Lead-Silver-Zinc Zone at the Santander Mine ...
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Toxic Chemical Found in Toys and Vinyl Plastic Linked to Cancer Added to ... - Mount Shasta Herald

Toxic Chemical Found in Toys and Vinyl Plastic Linked to Cancer Added to ... - Mount Shasta Herald | Environmental or Natural Hazards | Scoop.it
Toxic Chemical Found in Toys and Vinyl Plastic Linked to Cancer Added to ...
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NAR video offers insight into REALTOR® flood insurance disclosure requirements

NAR video offers insight into REALTOR® flood insurance disclosure requirements | Environmental or Natural Hazards | Scoop.it

Watch this video from NAR’s Legal Affairs Department highlighting what agents need to know when it comes to disclosing flood insurance requirements.


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Cost of Flood Insurance Rises, Along With Worries

Cost of Flood Insurance Rises, Along With Worries | Environmental or Natural Hazards | Scoop.it
Sharp increases in federal flood insurance rates are starting to hurt property values and housing sales in areas just beginning to recover from the recession, according to residents and legislators.

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Flood legislation drives insurance rates through the roof

Flood legislation drives insurance rates through the roof | Environmental or Natural Hazards | Scoop.it
Congressional action takes away homes that were grandfathered in...

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New form for members: Flood insurance disclosure to buyer clients

New form for members: Flood insurance disclosure to buyer clients | Environmental or Natural Hazards | Scoop.it

IAR’s legal team has come up with a new form to inform buyers they may need to look into obtaining flood insurance. The form, No. 346, makes sure buyers know that past flood insurance premiums may not be an accurate gauge of newer premiums. That’s because recent changes in federal policy are causing premiums in some areas to increase substantially.


Via Russ Bergeron
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This was started in Illinois....

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Flood Insurance And The Flood of Liability That's Coming For Realtors And Those Who Sold Homes in Flood Zones - Weidner Law

Flood Insurance And The Flood of Liability That's Coming For Realtors And Those Who Sold Homes in Flood Zones - Weidner Law | Environmental or Natural Hazards | Scoop.it
Properties that have been sold, sold in flood zones, after the passage of the Biggert Waters Flood Act, contain latent defects that, defects that were hidden from those who purchase that property.
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New Sky High Flood Insurance Costs Means Lost Home Sales and Declining Home Values

New Sky High Flood Insurance Costs Means Lost Home Sales and Declining Home Values | Environmental or Natural Hazards | Scoop.it
Many victims of Superstorm Sandy and other floods, already paying for many repairs out of their own pockets, get hit with massive flood insurance bills.

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Baton Rouge Real Estate News's curator insight, October 22, 2013 10:22 AM

New Sky High Flood Insurance Costs Means Lost Home Sales and Declining Home Values.   "For every $5,000 a year your flood insurance goes up, you're losing $100,000 in property value." Certainly if your home is in the Flood Zone and your new premiums are abnormally high from 2010, 2011 and 2012 premiums, then you have reason to be concerned.  Per article, at least FEMA is gradually increasing your annual premium over 2-5 years instead of handing you the full premium in year 1. 


This is what I expected: New Sky HIgh Biggert-Waters Flood Insurance Rates aren't going to be fixed by Congress, at least not yet, leading to LOST HOME SALES when buyers see the sticker shock of what it cost to insure AND A DECLINE IN HOME VALUES for those homes requiring flood insurance with sky high premiums.  


This is what the article says and I quote below, 

Related: Selling your home? Here's what you need to know.

Such choices are impacting coastal communities. In Massachusetts, home buyers find out how much flood insurance will cost and they walk away, said Peter Ruffini, a local real estate broker and president of the Massachusetts Association of Realtors.

"We don't have hard numbers yet, but we have a lot of anecdotal information about lost deals," he said. "Our company has lost several."  "Deals are dying on the vine," agreed Kosimos, who is a realtor in New Jersey. "For every $5,000 a year your flood insurance goes up, you're losing $100,000 in property value."


For Greater Baton Rouge Housing, this situation is so new to the market that we won't know the full brunt of these flood insurance premiums. And, I highly doubt commentary on active listings or active deals would be discussed to avoid placing these potential sales in jeopardy. 


NOTE: MA and New Jersey do have significantly higher home prices than in Greater Baton Rouge LA.  So, their Flood Insurance premiums would generally be higher than here locally.  


More about the Biggert-Waters Insurance Reform Act of 2012


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Lead paint: Courageous Bay Area counties fought for kids' health - San Jose Mercury News

Lead paint: Courageous Bay Area counties fought for kids' health - San Jose Mercury News | Environmental or Natural Hazards | Scoop.it
Lead paint: Courageous Bay Area counties fought for kids' health San Jose Mercury News This comes after 13 years of litigation of a suit brought by 10 California counties and cities -- including Santa Clara, San Mateo and Alameda counties --...
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California intends to declare BPA a reproductive hazard — Environmental Health News

California intends to declare BPA a reproductive hazard — Environmental Health News | Environmental or Natural Hazards | Scoop.it
California today announced its intent to declare bisphenol A a reproductive hazard.

Under a state law known as Prop. 65, items that contain a certain level of BPA would need warning signs for consumers.

Via Cindy Seiwert
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Bethel Island couple reeling from national flood insurance reforms - Contra Costa Times

Bethel Island couple reeling from national flood insurance reforms - Contra Costa Times | Environmental or Natural Hazards | Scoop.it
Philly.com
Bethel Island couple reeling from national flood insurance reforms
Contra Costa Times
Mike Parsons and his wife Sandy Parsons stand on a large mound of dirt in their back yard near their home in Bethel Island, Calif., on Sunday, Dec.
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