In July of 2012, Congress passed the Biggert-Waters Flood Insurance Act. The act, in addition to extending the national flood insurance program, defunded a subsidy program wthat had kept national flood insurance rates artificially low.
Changes to flood insurance rates are already being seen throughout the country. Some high flood exposure areas through the US have seen rate hikes as high as 10 times year over year.
In this week’s episode of Mortgage Monday, we discuss changes to flood insurance rates and their impact on New York homeowners.
Changes to Flood Insurance Rates Severe Impact to New York Homeowners
Watch this short video for the whole story:
Thankfully, we have Jim Cardinal, Branch Manager for Syracuse Securities {visit his website to learn more}, to explain what is happening in the mortgage industry, how issues will impact the home buying process, and what actions to take moving forward.
You can reach them by phone at:
- Jim Cardinal | (518) 281-0077
We can help with NY home insurance
If you are a first time home buyer or if you currently own a home, we would love the opportunity to help you find the proper coverage at the most competitive rate for your home insurance or rental property insurance. We are dedicated to helping you make the best decisions regarding your insurance, and providing our community resources like Mortgage Mondays is part of that dedication.
If you would like to receive a quote, give us a call at (518) 456-6688 or click here to begin the process by email.
This video is part of ongoing series dedicated to helping insurance consumers protect themselves, their families and their business. Every new video delivers short, direct messages that will help you live a safer life.
If you’d like to follow along on YouTube, connect below:
Thank you,
Ryan Hanley, CIC
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