Flood insurance in Baldwin County, AL
You might not know it, but there was some good news that came out of Washington D.C. not too long ago. Shocking, I know! President Obama signed a bill which will significantly impacted Baldwin County flood insurance policies. The “Homeowner Flood Insurance Affordability Act” will put money in the pocket of home owners and home buyers in Baldwin County. According to my friends at RPAC,
This law repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.
What does this mean for you? In short, savings! Since many of the homes sold in lower Alabama (especially homes for sale in Gulf Shores and Orange Beach) are in a FEMA flood zone, this news is especially important tor home owners, buyers, and sellers in Baldwin County.
Every home and policy is different, so please make sure you speak with a real estate professional before making any decisions. If you’re in the market for Orange Beach condos for sale, houses for sale in Gulf Shores give me a call and let’s discuss your options.