Local, state and federal lawmakers looking for solutions
CMG Comments: Continued discussion on revising the Biggert-Waters Act, which has dramatically affected flood insurance rates. Hopefully, some common sense measures from our legislators will be made to correct this issue which is greatly affecting 1,000′s of local residents, their home’s values, and their ability to sell their homes.
This measure (Biggert-Waters) does NOT just affect wealthy waterfront home owner’s in high priced “McMansions”, but many, many moderate priced homes which have had FEMA backed flood insurance for decades under one set of rules, and now the rules have changed. Many people (ie. elderly home owners on fixed incomes) are facing being forced out of the homes they have lived in for years due to flood insurance premiums rising $1,000′s per year.
We are continuing to follow the latest on this issue, and it’s affect on home values in our area.