The reauthorization last year of the National Flood Insurance Program (NFIP) made a big change to flood insurance rates by gradually ending federal subsidies for flood insurance. Yes, the differences are significant for some homeowners who received subsidies, yet most people did not receive subsidies in the first place.
Even so, if you are buying or selling real estate whether or not flood subsidies are involved, you must be vigilant about disclosures covering whether or not a property lies in a Flood Zone. Sellers must disclose the details of any applicable flood insurance. Buyers must investigate the availability and cost of insurance.
Older homes in flood zones benefited from subsidies that kept flood insurance rates low, and the owners of these