The newly updated FEMA Flood Insurance Rate Maps have shaken up the real estate market here on Cape Cod. Interest in waterfront homes has been tempered, while those homes for sale just outside of the new flood zones have seen increased activity. The market is awash with anecdotes about huge insurance rate increases on specific homes, which has caused much concern.
On Tuesday some legislation was filed that would delay the implementation of Flood Insurance rate Increases by approximately 4 years. The bill has been sent to the Senate, so there’s no final word on the new situation.
Although insurance rate increases will hopefully be delayed, there is no talk of modifying FEMA’s Flood Zone Construction Requirements. If you’re considering a renovation on your waterfront home, now’s the time.
Here’s a link to the House bill that was sent to the Senate. Chances are the final bill will be very similar:
http://democrats.financialservices.house.gov/press/PRArticle.aspx?NewsID=1602
http://democrats.financialservices.house.gov/press/PRArticle.aspx?NewsID=1602