Share
On April 15, 2014, FEMA issued a WYO Company Bulletin implementing the first provisions of the Flood Insurance Affordability Act and providing immediate rate relief to homebuyers. In the bulletin, FEMA directs insurance companies to stop charging full-risk premium rates when older properties are sold after May 1. Instead, buyers will be allowed to assume the seller’s current rate until FEMA issues new rate tables and refunds under the new law. NAR will continue pressing FEMA to implement the rest of the rate relief provisions according to the statutory deadlines.
Read FEMA’s bulletin to the flood insurance companies
Complete NAR’s questionnaire if there is an implementation issue
Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.