Where Have South Shore Buyers Gone? Part II

Where Have South Shore Buyers Gone?  Part II

 

Where have South Shore Buyers gone?

Long time passing

Where have South Shore Buyers gone?

Long time ago

Where have South Shore Buyers gone?

They've overlooked us, every one!

When will they all return? With knowledge they'll discern.   (R.I.P. Pete Seeger 1/27/2014)


Flood-Insurance-101-What-you-need-to-know-Part-I

No-post-code-envy-just-give-it-a-little-time-part-iii

 

Widespread uncertainty surrounds increases in flood insurance premiums. 

 

President Obama Signs Flood Bill Into Law

 

On March 21, 2014, President Obama signed the “Homeowner Flood Insurance Affordability Act” into law. 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.

 

 

Widely hailed as a victory for the nearly 60,000 policyholders in New York (Newsday 3/24/2014), the finer details of rising flood insurance premiums remain complicated.


While grandfathering and assumption of policy are two key features of President Obama's new law, smaller increases of 5-18% each year will also be passed on to flood zone homeowners until the cash-strapped flood insurance program has recovered sufficiently.

 

In the past, Federally subsidized flood insurance premiums made it possible for homeowners to purchase waterfront properties for cheaper than the risks warranted. Longterm discounts and a series of catastrophic storms have left the program $24 billion short.

 

In order to know the full actuarial potential for the flood insurance premium increase of a certain property, it is necessary to have an elevation certificate. You purchase this certificate from a surveyor for about $600. With this certificate, an insurance agency can give you a better idea of how much your insurance rate will potentially rise.

Until our south shore buyers have a chance to digest these government mandated changes, newly renovated properties south sit, in essence, forgotten, while mature homeowners are forced to put their lives on hold until insurance policy intricacies can finally be sorted out.

 

 

 

 

 

 

No matter how you spend your day, come home to this

 

Long Beach, NY sunset

 

Long Island Real Estate Needs? 

Reach me @516.395.8376

 

Long Beach is a diverse community that is never short on entertainment. Interested in moving to Long Beach?

Don't hesitate to call me and we can begin our tour.

 

 

CHARLES RUTENBERG REALTY INC.  *****  516-575-7500  *****

ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Jill Sackler

 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

TwitterLinkedin

 


©Jill Sackler 2010
 

 

Comment balloon 11 commentsJill Sackler • March 28 2014 01:21PM
Where Have South Shore Buyers Gone? Part II
share
Where Have South Shore Buyers Gone? Part II Where have South Shore Buyers gone? Long time passing Where have South Shore Buyers gone? Long time ago Where have South Shore Buyers gone? They've overlooked us, every one! When will they all return?… more
Seniors - And the Shadow Client
share
Family members are so important to a senior real estate transition. Early in the discussion, it's important to identify who has a vested interest in the health and well-being of your senior client and who will be an active participant in the… more
Is Saintly Intervention Necessary to Sell Your House?
share
Is Saintly Intervention Necessary to Sell Your House? Recently, a friend, from my neck of the woods, asked me if people were starting to forget. He was referring, of course, to homeowners, situated south of Montauk, who were badly hurt during recent… more
Have you received this contact?
share
Have you received this contact? Hello, I like your profile in this community network and I think you are a nice person. Can we get in contact? I'm sorry if i am embarrassing you, i shall explain all about myself including my pictures… more
Flood Insurance 101 - What You Need to Know Part I
share
Flood Insurance 101 - What You Need to Know If you live or work in a coastal community, then, no doubt, you've been personally affected by the widespread uncertainty surrounding increases in flood insurance premiums. .. more
What's My Home Worth? - Comparative Market Analysis
share
Comparative Market Analysis (CMA) - The Definition The process of selling your house begins with a Market Analysis carefully prepared by a local agent. Take your time looking over all the information and understanding where your home… more
"EXTENDED FAMILY" BUYERS… Had Any Of Those Lately???
share
Paula wrote a great and really accurate post about changes apparent in home buying. I know multigenerational living started as a means of coping with the economy but is sticking around as part of the modern family fabric. Hi-ranches are… more