FEMA's overhaul of the Flood Insurance rating system will bring sweeping changes all across the state of Florida October 1st, 2021. Although, they say the average impact is only a 10% increase, most people near the coast, or low lying areas will see increases of 30%, 50%, or even 100% in some cases.
Whether you're a Realtor, a buyer, or the seller, the most important thing to know is that Florida flood policies are still assumable. This means the seller can sign the existing policy over to the buyer at the grandfathered rate, which is almost always lower.
Glenn Galish, owner of Florida Best Quote Insurance says, "Buyers assuming seller's flood policies will become more and more the norm when negotiating a deal to buy a house".
Being educated about Florida flood insurance is why it’s great to have an insurance partner you can trust!