There remain many unknowns regarding the 2012 Biggert-Waters Act (BW-12) which raises insurance rates to reflect flood risk. The good news is that in a 67-32 bi-partisan vote in the US Senate on January 30th, the Homeowner Flood Insurance Affordability Act passed which would require a four-year delay in implementation of the Biggert-Waters Act. It now heads to the House of Representatives. "This delay would provide the Federal Emergency Management Agency (FEMA) with the time to complete an affordability study and research the true impact of the law as we have experienced it here." said Massachusetts Association of REALTORS (MAR) President Peter Ruffini. Read more from MAR's recent post.
Whether buying or selling, you may be asked to sign a new Flood Insurance Notice from MAR. We advise that you review your homeowner's insurance policy and pay close attention to any information pertaining to flood insurance.