April already, can you believe it?!? There go the March winds, and here come the April showers, so don't forget to start thinking about flood insurance!
The rates are increasing this year on all single family homes that are not owner occupied (occupied less than 80% by owners during a year) by 25%! This also applies to condo homes that are rented out and not owner occupied 80% of the year, and will increase each year thereafter.
Investors may want to take this into consideration when figuring what their costs will be. Higher rates in this area have already begun on January 1, 2013. Owner occupied homes won't be affected by this law; 2-4 family dwellings that are rented out wont be affected until 8/1/2013.
Lots of changes coming in flood as the government is reducing their subsidizing on some of the rates. If the house was built prior to 1974 and in a special flood area zone, you may be able to get an elevation certificate that will reduce your rates, but not guaranteed to do so.
Check with your agent beforehand for help!