Quote:
Originally Posted by nightfighter
I have done work on a number of premier waterfront homes up here, some of which I have posted pics of in the past. A lot of these homes now have for sale signs up due to the pending new flood zone maps and the mandatory insurance a mortgage company could force upon the owners.... Some premiums I have heard are running in the six figure range.... That will separate the rich from the really rich. As well as those who have a mortgage from those who don't. The flood zone deal is going to be a big topic. Soon.
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Yeah, if they're selling because of the new flood maps, they couldn't afford it in the first place.
It SHOULD have been a big deal back in June when it was announced. Insurance industry knew about it at the end of last year, but didn't know how the maps were being done.
Basically the grandfathering is all done, as it should be.