NORTH PUGET SOUND ASSOCIATION OF REALTORS
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FLOOD INSURANCE CHANGES AS OF OCT 1, 2013

11/30/2015

 

BREAKING NEWS

•Flood premiums across the board will increase an average of 10% for policies written or renewed on or after October 1, 2013.  Many policyholders could see an increase in premium of up to 25%.
 
 •The federal policy fee for Preferred Risk Policies (PRP's) will increase from $20 to $22; and from $40 to $44 on Standard policies.
 
 •New Business or lapsed pre-FIRM policies in Special Flood Hazard Areas and Zone D will no longer be extended premium rate subsidy and will be subject to full-risk rating.  These properties will require an Elevation Certificate including photos in order to determine full-risk rating using the current FIRM.
 
 •Introduction of Reserve Fund:  A reserve fund fee of 5% of the premium will be applied to all policies with the exception of Preferred Risk Policies (PRP's).

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    Our Key Goals

    1. To inform and educate our members about public policy issues at the local, state, and national level which affect the real estate industry.

    2. To represent our members and the housing industry with government decision makers by demonstrating the vital role that home ownership plays in the continued health and prosperity of our communities.

    3. To provide prompt and reliable service to our members and the public by acting as an expert resource on policies affecting property rights, housing and real estate.


517 E. Fairhaven Ave - Burlington, WA 98233
Mission Statement: The North Puget Sound Association of Realtors advocates for Realtors and their clients,
and promotes the protection of property rights.

Copyright 2015 North Puget Sound Association of Realtors All Rights Reserved


  • Home
  • Calendar
  • Member Info
    • REALTOR Offices
    • Affiliate Offices
    • Board & Committee Chairs
    • Committee Information
    • Applications and Member Documents
  • EDUCATION
  • Government Affairs
  • Professional Standards
  • Contact

FLOOD INSURANCE CHANGES AS OF OCT 1, 2013

11/30/2015

 

BREAKING NEWS

•Flood premiums across the board will increase an average of 10% for policies written or renewed on or after October 1, 2013.  Many policyholders could see an increase in premium of up to 25%.
 
 •The federal policy fee for Preferred Risk Policies (PRP's) will increase from $20 to $22; and from $40 to $44 on Standard policies.
 
 •New Business or lapsed pre-FIRM policies in Special Flood Hazard Areas and Zone D will no longer be extended premium rate subsidy and will be subject to full-risk rating.  These properties will require an Elevation Certificate including photos in order to determine full-risk rating using the current FIRM.
 
 •Introduction of Reserve Fund:  A reserve fund fee of 5% of the premium will be applied to all policies with the exception of Preferred Risk Policies (PRP's).

Comments are closed.
    Get Involved
    Picture
    Take Action

    Donate to RPAC

    Our Key Goals

    1. To inform and educate our members about public policy issues at the local, state, and national level which affect the real estate industry.

    2. To represent our members and the housing industry with government decision makers by demonstrating the vital role that home ownership plays in the continued health and prosperity of our communities.

    3. To provide prompt and reliable service to our members and the public by acting as an expert resource on policies affecting property rights, housing and real estate.