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FEMA New Flood Insurance Manual
16 Dec 2014

All buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.

FEMA also extended the rate relief so all pre-FIRM properties (including second homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after 2014

  • ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;
  • ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;
  • ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;
  • ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law.

While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate. FEMA has updated THE manual which insurance companies use to write flood insurance policies.  The comprehensive manual provides answers regarding flood insurance.

Download the FEMA manual at http://www.fema.gov/media-library/assets/documents/97901The National Flood Insurance Program (NFIP) Flood Insurance Manual is used primarily by insurers and agents selling and servicing Federal flood insurance.

Why was it critical for Congress to pass the 2012 Biggert-Waters National Flood Insurance Reforms?

  • Provided 5 years of certainty from NFIP shutdowns and extensions that had cost 40,000 home sales a month. Home owners can rest assure that flood insurance will be available at the closing table.
  • Maintained NFIP coverage so no one takes their chances in a private market that cherry picks million-dollar property owners. Flood insurance is accessible to all homeowners and businesses.
  • Gradually phased-out subsidized flood insurance that had painted a giant budget “bull’s eye” on NFIP. The program will borrow less from taxpayers to make up for undercharging old properties.
  • $24 billion – The amount NFIP had to borrow to cover claims after Hurricane Katrina. Biggert-Waters pays back $5 billion and keeps the program from going broke in the long run.

Do the flood insurance amendments apply to second homes and commercial properties?

  • Yes.  The amendments will slow the highest rate increases under Biggert-Waters for the vast majority of second homes and commercial properties.
  • While some may not see a “rate reduction,” everyone will gain new options to help moderate the impact and transition:  they can sell, assume, grandfather, mitigate, or appeal under these amendments.
  • Before, theBiggert-Waters law was:
    • Impacting property values; each $500 premium rise meant a $10,000 loss in value according to the RAND institute; and
    • Picking winners and losers not only among the property owners if they tried to sell but also among the communities where these properties are concentrated.
  • The problem was owners of second homes and commercial propertieswere stuck:
    • Could not sell the property because buyers were either balking at flood insurance increases above 25% per year or worried that it might one day lose its “grandfathered” status.
    • Could not elevate the property (due to the cost or nature of construction), appeal the flood insurance rate map, raise deductibles further, or find anyone at FEMA to advocate on their behalf with insurance companies that were providing wildly inaccurate rates and quotes.
Texas Eastern Open Project pipeline from Ohio to Gulf Coast gets OK
12 Dec 2014

The pipeline will stretch from the Kensington processing plant in Columbiana County through Carroll, Jefferson and Belmont counties before ending in a Texas Eastern interconnection in Monroe County. Those four counties are where much of the Utica shale oil and gas activity is centered.

Texas Eastern would build a gas turbine compressor station in Belmont County and make adjustments to existing compressor centers to allow bidirectional flow.


Michael Stuart's insight:

All roads and pipelines lead to the Texas Gulf Coast. The Texas Eastern pipeline system has more than 9,200 miles of pipe across the U.S.


Bidirectional pipelines are new and growing in Appalachia. Natural gas used to flow from the Gulf Coast to the eastern U.S., but increased production from Ohio, Pennsylvania and West Virginia shale has led to those states exporting instead of importing natural gas.

It's cheaper to buy than rent in Corpus Christi
11 Dec 2014

Homes were more affordable for typical buyers in the third quarter compared to historically in a majority of markets analyzed. However, there were some exceptions. Large metro areas where homes were less affordable in the third quarter (requiring a higher percentage of income) compared to the historic average include Los Angeles, San Francisco, San Diego and San Jose, all in California.

Renters, on the other hand, continue to struggle. Renters making the national median income and renting the median-priced apartment should expect to pay about 30 percent of their income in rent, compared to roughly 25 percent historically.


Michael Stuart's insight:

In Corpus Christi renters need to pay almost twice as much as buyers. With average rent affordability of 30% and mortgage affordability 15%.

For homes in Corpus Christi - it's cheaper to keeper.

Can You Afford to Rent in Corpus Christi?
11 Dec 2014

How much do you need to make per hour to afford the median rent in Corpus Christi? $10 per hour? $15 per hour? According to a Zillow Rentals analysis, it's $28/hr for Corpus Christi.


Michael Stuart's insight:

$28/hr is the Zillow rental analysis number for most of the Texas coast area.

See the interactive map for details: http://www.zillow.com/research/minimum-wage-rent-affordability-8484/

Short sale tax break passes in House
08 Dec 2014
According to a recent estimate from RealtyTrac, there have been more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total in the first three quarters of 2014 alone. All those borrowers will be facing massive tax bills if the bill doesn't pass in the Senate as well.

Michael Stuart's insight:

NNow that the House passed an extension of Mortgage Debt Forgiveness Act, those homeowners may be getting a reprieve.

“I just think it’s unfair and I think most would concur that it’s unfair that individuals would have to pay taxes on income that they have never received,” said Sen. Dean Heller, R-Nev., at a Senate Banking Committee hearing.

Energy Projects Fueling a Prosperous Texas Coast
26 Jun 2011 New pipelines, offshore rigs, port expansions and wind farms bring additional prosperity to the Texas coast
Read the National Association of Realtors report on Second Homes
13 Apr 2011 The share of home buyers purchasing second homes remained steady compared to the year before according to an annual report from the National Association of Realtors
Ten simple ways to get a discount on your homeowners insurance premiums
11 Mar 2011 Flood insurance is available to renters, homeowners and business owners through approximately 90 insurance companies in more than 21,000 participating communities nationwide.
The state of the Gulf of Mexico premiers on Texas PBS stations
17 Feb 2011 The State of the Gulf: America's Sea premiers on Texas PBS stations the week of February 24, 2011
America 2050 High-speed Rail Study Favors Texas and the Gulf Coast
21 Jan 2011 The four biggest regions in Texas will grow in population by more than 50 percent in the next 30 years
Page 1 2
FEMA New Flood Insurance Manual
16 Dec 2014

All buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.

FEMA also extended the rate relief so all pre-FIRM properties (including second homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after 2014

  • ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;
  • ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;
  • ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;
  • ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law.

While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate. FEMA has updated THE manual which insurance companies use to write flood insurance policies.  The comprehensive manual provides answers regarding flood insurance.

Download the FEMA manual at http://www.fema.gov/media-library/assets/documents/97901The National Flood Insurance Program (NFIP) Flood Insurance Manual is used primarily by insurers and agents selling and servicing Federal flood insurance.

Why was it critical for Congress to pass the 2012 Biggert-Waters National Flood Insurance Reforms?

  • Provided 5 years of certainty from NFIP shutdowns and extensions that had cost 40,000 home sales a month. Home owners can rest assure that flood insurance will be available at the closing table.
  • Maintained NFIP coverage so no one takes their chances in a private market that cherry picks million-dollar property owners. Flood insurance is accessible to all homeowners and businesses.
  • Gradually phased-out subsidized flood insurance that had painted a giant budget “bull’s eye” on NFIP. The program will borrow less from taxpayers to make up for undercharging old properties.
  • $24 billion – The amount NFIP had to borrow to cover claims after Hurricane Katrina. Biggert-Waters pays back $5 billion and keeps the program from going broke in the long run.

Do the flood insurance amendments apply to second homes and commercial properties?

  • Yes.  The amendments will slow the highest rate increases under Biggert-Waters for the vast majority of second homes and commercial properties.
  • While some may not see a “rate reduction,” everyone will gain new options to help moderate the impact and transition:  they can sell, assume, grandfather, mitigate, or appeal under these amendments.
  • Before, theBiggert-Waters law was:
    • Impacting property values; each $500 premium rise meant a $10,000 loss in value according to the RAND institute; and
    • Picking winners and losers not only among the property owners if they tried to sell but also among the communities where these properties are concentrated.
  • The problem was owners of second homes and commercial propertieswere stuck:
    • Could not sell the property because buyers were either balking at flood insurance increases above 25% per year or worried that it might one day lose its “grandfathered” status.
    • Could not elevate the property (due to the cost or nature of construction), appeal the flood insurance rate map, raise deductibles further, or find anyone at FEMA to advocate on their behalf with insurance companies that were providing wildly inaccurate rates and quotes.
Texas Eastern Open Project pipeline from Ohio to Gulf Coast gets OK
12 Dec 2014

The pipeline will stretch from the Kensington processing plant in Columbiana County through Carroll, Jefferson and Belmont counties before ending in a Texas Eastern interconnection in Monroe County. Those four counties are where much of the Utica shale oil and gas activity is centered.

Texas Eastern would build a gas turbine compressor station in Belmont County and make adjustments to existing compressor centers to allow bidirectional flow.


Michael Stuart's insight:

All roads and pipelines lead to the Texas Gulf Coast. The Texas Eastern pipeline system has more than 9,200 miles of pipe across the U.S.


Bidirectional pipelines are new and growing in Appalachia. Natural gas used to flow from the Gulf Coast to the eastern U.S., but increased production from Ohio, Pennsylvania and West Virginia shale has led to those states exporting instead of importing natural gas.

It's cheaper to buy than rent in Corpus Christi
11 Dec 2014

Homes were more affordable for typical buyers in the third quarter compared to historically in a majority of markets analyzed. However, there were some exceptions. Large metro areas where homes were less affordable in the third quarter (requiring a higher percentage of income) compared to the historic average include Los Angeles, San Francisco, San Diego and San Jose, all in California.

Renters, on the other hand, continue to struggle. Renters making the national median income and renting the median-priced apartment should expect to pay about 30 percent of their income in rent, compared to roughly 25 percent historically.


Michael Stuart's insight:

In Corpus Christi renters need to pay almost twice as much as buyers. With average rent affordability of 30% and mortgage affordability 15%.

For homes in Corpus Christi - it's cheaper to keeper.

Can You Afford to Rent in Corpus Christi?
11 Dec 2014

How much do you need to make per hour to afford the median rent in Corpus Christi? $10 per hour? $15 per hour? According to a Zillow Rentals analysis, it's $28/hr for Corpus Christi.


Michael Stuart's insight:

$28/hr is the Zillow rental analysis number for most of the Texas coast area.

See the interactive map for details: http://www.zillow.com/research/minimum-wage-rent-affordability-8484/

Short sale tax break passes in House
08 Dec 2014
According to a recent estimate from RealtyTrac, there have been more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total in the first three quarters of 2014 alone. All those borrowers will be facing massive tax bills if the bill doesn't pass in the Senate as well.

Michael Stuart's insight:

NNow that the House passed an extension of Mortgage Debt Forgiveness Act, those homeowners may be getting a reprieve.

“I just think it’s unfair and I think most would concur that it’s unfair that individuals would have to pay taxes on income that they have never received,” said Sen. Dean Heller, R-Nev., at a Senate Banking Committee hearing.

Energy Projects Fueling a Prosperous Texas Coast
26 Jun 2011 New pipelines, offshore rigs, port expansions and wind farms bring additional prosperity to the Texas coast
Read the National Association of Realtors report on Second Homes
13 Apr 2011 The share of home buyers purchasing second homes remained steady compared to the year before according to an annual report from the National Association of Realtors
Ten simple ways to get a discount on your homeowners insurance premiums
11 Mar 2011 Flood insurance is available to renters, homeowners and business owners through approximately 90 insurance companies in more than 21,000 participating communities nationwide.
The state of the Gulf of Mexico premiers on Texas PBS stations
17 Feb 2011 The State of the Gulf: America's Sea premiers on Texas PBS stations the week of February 24, 2011
America 2050 High-speed Rail Study Favors Texas and the Gulf Coast
21 Jan 2011 The four biggest regions in Texas will grow in population by more than 50 percent in the next 30 years
Page 1 2
Bring Back Bolivar

Visit the Bolivar Ike Recovery page on the Bolivar Chamber site for more information about our recovery progress.

Show your support to restore the Beautiful Bolivar Peninsula. Please click here to sign the "Bring Back Bolivar" support roster.


Purchase your Bring Back Bolivar T-Shirt. All proceeds benefit the Bolivar Peninsula Economic Development Fund. Call now to order 409-684-3345.

Visit the Bolivar Ike Recovery page on the Bolivar Chamber site for more information about our recovery progress.

Show your support to restore the Beautiful Bolivar Peninsula. Please click here to sign the "Bring Back Bolivar" support roster.


Purchase your Bring Back Bolivar T-Shirt. All proceeds benefit the Bolivar Peninsula Economic Development Fund. Call now to order 409-684-3345.

Contact

Swedes Real Estate Logo

Swede's Real Estate
Physical Address: 2840 Hwy 87

Mailing Address: Po Box 1158

Crystal Beach, TX 77650

Phone 409-684-3345

Sitemap

Anne Willis Broker


Your Crystal Beach Bolivar Peninsula - Beach Property Expert - a member of the TexasGulfCoastOnline network

Swedes Real Estate Logo

Swede's Real Estate
Physical Address: 2840 Hwy 87

Mailing Address: Po Box 1158

Crystal Beach, TX 77650

Phone 409-684-3345

Sitemap

Anne Willis Broker


Your Crystal Beach Bolivar Peninsula - Beach Property Expert - a member of the TexasGulfCoastOnline network