Now that flood insurance reform has been signed into law, you need to understand what’s changed, what the new regulations are and how it will affect your business.
CTAR’s Government Affairs Director, Ryan Castle, walks you through the changes this law creates, how your pending closings will be affected and when we can expect to see the full implementation of this law.
The presentation from Dr. Joseph Von Nessen given at the Charleston Trident Association of Realtors' annual Residential Market Update. This presentation reviews residential real estate activity in the Charleston, SC MSA in 2016 and offers a look forward to 2017.
The presentation from Dr. Joseph Von Nessen given at the Charleston Trident Association of Realtors' annual Residential Market Update. This presentation reviews residential real estate activity in the Charleston, SC MSA in 2016 and offers a look forward to 2017.
2024 Residential Market Update slide deck from Dr. Joey Von Nessen showing data from the residential real estate market in Charleston, South Carolina. Provided by the Charleston Regional Multiple Listing Service and the Charleston Trident Association of Realtors.
This document summarizes the economic outlook for South Carolina in 2021. It finds that while the state's economy rebounded strongly over the summer and fall of 2020, full recovery is not expected until mid-2021 at the earliest due to continued struggles in the leisure and hospitality industry and supply constraints in the housing market. Vaccine dissemination provides hope, but increasing COVID cases and typical year-over-year slowing could impact growth rates in the second half of 2021.
Presentation from Dr. Frank Hefner with the College of Charleston, presented on December 3, 2020 to the Commercial Investment Division of the Charleston Trident Association of Realtors. Covers an economic update as well as information about the local commercial real estate market.
Dr. Joseph Von Nessen's presentation from the Charleston Trident Association of Realtors' annual market update in January 2020. The presentation covers market activity in 2019 and offers a forecast for 2020.
The presentation from Dr. Joseph Von Nessen given at the Charleston Trident Association of Realtors' annual Residential Market Update. This presentation reviews residential real estate activity in the Charleston, SC MSA in 2016 and offers a look forward to 2017.
The presentation from Dr. Joseph Von Nessen given at the Charleston Trident Association of Realtors' annual Residential Market Update. This presentation reviews residential real estate activity in the Charleston, SC MSA in 2016 and offers a look forward to 2017.
2024 Residential Market Update slide deck from Dr. Joey Von Nessen showing data from the residential real estate market in Charleston, South Carolina. Provided by the Charleston Regional Multiple Listing Service and the Charleston Trident Association of Realtors.
This document summarizes the economic outlook for South Carolina in 2021. It finds that while the state's economy rebounded strongly over the summer and fall of 2020, full recovery is not expected until mid-2021 at the earliest due to continued struggles in the leisure and hospitality industry and supply constraints in the housing market. Vaccine dissemination provides hope, but increasing COVID cases and typical year-over-year slowing could impact growth rates in the second half of 2021.
Presentation from Dr. Frank Hefner with the College of Charleston, presented on December 3, 2020 to the Commercial Investment Division of the Charleston Trident Association of Realtors. Covers an economic update as well as information about the local commercial real estate market.
Dr. Joseph Von Nessen's presentation from the Charleston Trident Association of Realtors' annual market update in January 2020. The presentation covers market activity in 2019 and offers a forecast for 2020.
The document provides an overview of several real estate development projects in Charleston, South Carolina owned by William Cogswell and Jay Weaver through their LLCs: Roi-Tan Development, GARCo Mill Development, Powerhouse Development, and Storehouse Development. It includes a table comparing the total square footage, number of buildings, tenants, rent prices, parking availability, and broker information for each development project. The Navy Yard and Shellmore projects have the most available space currently while Cigar Factory is fully occupied.
The document provides an overview of Greystar's operations and footprint in Charleston, South Carolina. It discusses Greystar's status as a major multifamily owner, manager, and developer in Charleston, where it employs approximately 450 people and has interests in 22 assets totaling over 5,700 units. The document also outlines Greystar's plans for a new mixed-use development in downtown Charleston at the site of a former Bi-Lo grocery store.
This document contains renderings and site plans for several proposed design projects in Charleston, South Carolina, including 411 Meeting Street, the Ferry Wharf Hotel, and a home on Daniel Island. Locations depicted include Meeting Street, Mary Street, Reid Street, Patriots Point Golf Links, Hagood Avenue, and North Charleston. The projects were designed by Rabun Rasche Rector Reece Architects of Atlanta, Georgia and RIV Architecture of Charlotte, North Carolina and North Charleston, South Carolina.
The site plan shows areas for demolition, construction access, and relocation of two units. Unit 8 will relocate to Unit 36 and Unit 14 will relocate to Unit 24. The legend provides information on existing buildings such as Marshalls, Office Depot, and T.J. Maxx, as well as their square footages. Walmart is identified as occupying 121,097 square feet and is planned for expansion of approximately 63,653 additional square feet.
This document provides an economic outlook and summary of real estate market trends from the Chief Economist of the National Association of REALTORS. It notes that while the US economy continues expanding, growth is slowing both domestically and abroad. Unemployment remains low but risks include high household and government debt levels and dependence on foreign investment. Real estate prices continue rising across most sectors, though leasing activity showed slower growth recently. Barring a major trade war escalation, the forecast is for ongoing but slower GDP and job growth through 2020.
This document provides an economic outlook and overview of real estate market trends from the Chief Economist of the National Association of REALTORS. It summarizes that while the US economy continues expanding, growth is slowing both domestically and abroad. Unemployment remains low but risks include high household and government debt levels and potential impacts from international trade disputes. The housing market faces affordability challenges from rising home prices and rents outpacing inflation. Barring a major trade war escalation, the forecast is for continued US expansion in 2020, albeit at a more moderate pace.
The document discusses industrial development opportunities and investment in the Charleston, South Carolina region. It notes that developers and capital from around the country are investing in the area due to factors like yield, growth potential, economic drivers, and an available workforce. However, threats to development are also discussed, such as infrastructure challenges, the complexity of permitting processes, and potential anti-growth sentiment. Timelines for typical large industrial development projects in the region are also provided.
Dr. Lawrence Yun's Economic Update at the Charleston Realtors Commercial Market Forecast event on November 15, 2018: Economic Trends and Outlook in a Rising Interest Rate Environment.
This document provides an analysis and outlook for the 2017 retail industry. It discusses various types of retailers such as promo retailers, entertainment retailers, and internet retailers. It also examines the impact of retailers in different Charleston, South Carolina regions and considers future retail trends such as food halls and their effect on grocery stores.
The document summarizes the Charleston commercial real estate market forecast for 2017. It discusses the growth of office inventory and declining vacancy rates in the Charleston area from 2013 to 2017. The report also highlights several new commercial and mixed-use developments planned or under construction between 2017 to 2020 in submarkets like downtown Charleston, WestEdge, Daniel Island, North Charleston, Mt. Pleasant, and Summerville.
The document summarizes Charleston's industrial real estate market. It shows that over 3.4 million square feet of new industrial space was delivered between 2013-2017, with vacancy rates dropping to a 5-year low. Average asking rents are projected to rise from $5.12/sqft currently to $6.20/sqft by 2020 for Class A space. Strong growth at the Port of Charleston is fueling demand, with investments of $4.6 billion and over 20,000 new jobs announced since 2013. However, the large amount of new speculative construction means absorption by new tenants is critical for the market to remain healthy.
This document summarizes hotel performance data and initiatives for the Charleston, South Carolina area hospitality industry. It shows that year-to-date 2017 occupancy, ADR, and RevPAR rates are up compared to 2016. Occupancy and RevPAR in Charleston have exceeded comparable cities like Savannah. The number of AirBnB listings in Charleston has grown significantly and short-term rentals are having an impact on the hotel industry. New initiatives proposed include addressing labor needs, regulating short-term rentals, and balancing tourism and community livability through a program to offer local perks and information.
The economic outlook for Charleston, SC is positive.
- The Charleston metro area has experienced faster GDP and job growth than other South Carolina cities in the past decade.
- Major employers in the region include Joint Base Charleston, MUSC, Boeing, and hospitals, contributing to steady job growth.
- Real estate fundamentals are strong, with housing and industrial real estate performing well due to low inventory and demand from supply chain shifts.
The Charleston-area Development update from Mayor John Tecklenburg, with the City of Charleston from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
The Industrial Market update from Todd Garrett, SIOR, CCIM with Avison Young from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
The Multi-Family Market update from Robert Morgan with Greystar from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
The Office Market update from Jon Chalfie with Lee & Associates from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
The Retail Market update from Elyse Welch, CCIM with Colliers International from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
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The document provides an overview of several real estate development projects in Charleston, South Carolina owned by William Cogswell and Jay Weaver through their LLCs: Roi-Tan Development, GARCo Mill Development, Powerhouse Development, and Storehouse Development. It includes a table comparing the total square footage, number of buildings, tenants, rent prices, parking availability, and broker information for each development project. The Navy Yard and Shellmore projects have the most available space currently while Cigar Factory is fully occupied.
The document provides an overview of Greystar's operations and footprint in Charleston, South Carolina. It discusses Greystar's status as a major multifamily owner, manager, and developer in Charleston, where it employs approximately 450 people and has interests in 22 assets totaling over 5,700 units. The document also outlines Greystar's plans for a new mixed-use development in downtown Charleston at the site of a former Bi-Lo grocery store.
This document contains renderings and site plans for several proposed design projects in Charleston, South Carolina, including 411 Meeting Street, the Ferry Wharf Hotel, and a home on Daniel Island. Locations depicted include Meeting Street, Mary Street, Reid Street, Patriots Point Golf Links, Hagood Avenue, and North Charleston. The projects were designed by Rabun Rasche Rector Reece Architects of Atlanta, Georgia and RIV Architecture of Charlotte, North Carolina and North Charleston, South Carolina.
The site plan shows areas for demolition, construction access, and relocation of two units. Unit 8 will relocate to Unit 36 and Unit 14 will relocate to Unit 24. The legend provides information on existing buildings such as Marshalls, Office Depot, and T.J. Maxx, as well as their square footages. Walmart is identified as occupying 121,097 square feet and is planned for expansion of approximately 63,653 additional square feet.
This document provides an economic outlook and summary of real estate market trends from the Chief Economist of the National Association of REALTORS. It notes that while the US economy continues expanding, growth is slowing both domestically and abroad. Unemployment remains low but risks include high household and government debt levels and dependence on foreign investment. Real estate prices continue rising across most sectors, though leasing activity showed slower growth recently. Barring a major trade war escalation, the forecast is for ongoing but slower GDP and job growth through 2020.
This document provides an economic outlook and overview of real estate market trends from the Chief Economist of the National Association of REALTORS. It summarizes that while the US economy continues expanding, growth is slowing both domestically and abroad. Unemployment remains low but risks include high household and government debt levels and potential impacts from international trade disputes. The housing market faces affordability challenges from rising home prices and rents outpacing inflation. Barring a major trade war escalation, the forecast is for continued US expansion in 2020, albeit at a more moderate pace.
The document discusses industrial development opportunities and investment in the Charleston, South Carolina region. It notes that developers and capital from around the country are investing in the area due to factors like yield, growth potential, economic drivers, and an available workforce. However, threats to development are also discussed, such as infrastructure challenges, the complexity of permitting processes, and potential anti-growth sentiment. Timelines for typical large industrial development projects in the region are also provided.
Dr. Lawrence Yun's Economic Update at the Charleston Realtors Commercial Market Forecast event on November 15, 2018: Economic Trends and Outlook in a Rising Interest Rate Environment.
This document provides an analysis and outlook for the 2017 retail industry. It discusses various types of retailers such as promo retailers, entertainment retailers, and internet retailers. It also examines the impact of retailers in different Charleston, South Carolina regions and considers future retail trends such as food halls and their effect on grocery stores.
The document summarizes the Charleston commercial real estate market forecast for 2017. It discusses the growth of office inventory and declining vacancy rates in the Charleston area from 2013 to 2017. The report also highlights several new commercial and mixed-use developments planned or under construction between 2017 to 2020 in submarkets like downtown Charleston, WestEdge, Daniel Island, North Charleston, Mt. Pleasant, and Summerville.
The document summarizes Charleston's industrial real estate market. It shows that over 3.4 million square feet of new industrial space was delivered between 2013-2017, with vacancy rates dropping to a 5-year low. Average asking rents are projected to rise from $5.12/sqft currently to $6.20/sqft by 2020 for Class A space. Strong growth at the Port of Charleston is fueling demand, with investments of $4.6 billion and over 20,000 new jobs announced since 2013. However, the large amount of new speculative construction means absorption by new tenants is critical for the market to remain healthy.
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The economic outlook for Charleston, SC is positive.
- The Charleston metro area has experienced faster GDP and job growth than other South Carolina cities in the past decade.
- Major employers in the region include Joint Base Charleston, MUSC, Boeing, and hospitals, contributing to steady job growth.
- Real estate fundamentals are strong, with housing and industrial real estate performing well due to low inventory and demand from supply chain shifts.
The Charleston-area Development update from Mayor John Tecklenburg, with the City of Charleston from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
The Industrial Market update from Todd Garrett, SIOR, CCIM with Avison Young from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
The Multi-Family Market update from Robert Morgan with Greystar from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
The Office Market update from Jon Chalfie with Lee & Associates from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
The Retail Market update from Elyse Welch, CCIM with Colliers International from the 2016 Charleston Commercial Market Forecast, hosted by the Charleston Association of Realtors' Commercial Investment Division in Charleston, South Carolina on September 22, 2016.
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1. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
NATIONAL FLOOD
INSURANCE PROGRAM
Legislative Update
April 2014
Ryan Castle
Government Affairs Director
Charleston Trident Association of REALTORS®
2. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
What’s happened?
July 2012 – Biggert Waters (BW) passes
May 2013 – FEMA announces BW will be retroactive
June 2013 – NAR starts working on fix to flood insurance bill; Greenville, SC
REALTOR® Donna Smith heads up NAR PAG on flood insurance
October 2013 – Rate increases start taking effect for Pre-FIRM properties
January 2014 – Senate passes a 4 year delay
February 2014 – House passes BW overhaul bill; Senate follows suit
March 2014 – President signs BW overhaul bill
3. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
This is NOT a DELAY!
This is a REFORM of Biggert-
Waters
Subject to laws Congress passes as the same with all tax rates and
other federal laws affecting real estate (Capital Gains example)
Still use SCR’s Flood Insurance Property Disclosure Form
4. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Buying a Pre-FIRM home/property
Sec. 205-Sale/New Policy Trigger
Below full risk rate
Original BW
Property moved to full risk
rate when triggered by a
property/new policy purchase
– meaning at point of sale full
risk rate was price
New law
Repeals Sec. 205-Sale/New Policy
Trigger (including the sale of second
home or business)
Returns to allowing the new owner
to assume the old policy at the
current rate (i.e. policy stays with
property, not owner)
Pre-FIRM properties start assuming rates on MAY 1st
.
5. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Annual Premium Increases for
owner-occupied Pre-FIRM properties
FEMA will calculate Subsidized Rate the way they always have calculated it yearly.
Subsidized rate = (Annual NFIP Expenses – Revenue from actuarial policyholders)/#Subsidized Policies
From that determination, Subsidized Rates will have a minimum increase and a maximum increase.
Second Home/Business: 25% increases until reach full risk (same as current law)
Prior to Biggert Waters
Capped Subsidized Rate
premium increases at 10% per
rate class
no cap per property
No Minimum Increase
Biggert Waters
Capped Subsidized Rate
premium increase at 20% per
rate class
No cap per individual property
No minimum increase
Post Biggert Waters
Caps Subsidized Rate premium
increase at 15% per rate class
18% cap per individual property
5% minimum increase
6. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Grandfathered Properties
Sec. 207-Remapping Trigger
Grandfathered: Post-firm homes that were built to compliance
at the time it was built but laws have changed since.
Original BW
5 year phase out of
grandfathered rates triggered
by when new flood maps are
adopted locally
Expected in coastal SC late
2014 to early 2015
New law
Repeals remapping and phase out
trigger AND
Restores Grandfathered properties
to how they were treated prior to
BW
Stays in flood zone it was built in
As flood zone rates increase rate will increase as
always has happened
7. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
1% of Property’s Value
“…strive to minimize the number of policies with annual
premiums that exceed one percent of the total coverage
provided by the policy.”
For example, a house at $200,000 should not have a
premium over $2,000.
However, this language is NOT a requirement;
FEMA must only “strive” to do this.
Details will be in FEMA’s guidance on this issue
8. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Policy Assessment
for all properties that are not paying full risk rate
$25 assessment on all NFIP primary homes; $250 on the
businesses and second homes in the NFIP
The funds will be deposited in the NFIP reserve account created
by Biggert-Waters to build a cushion for future catastrophic
losses.
9. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Refunds
Must occur within 16 months
REFUNDS APPLY TO:
o Policyholders in high-risk areas who were required to pay their full-risk rate
after purchasing a new flood insurance policy on or after July 6, 2012.
REFUNDS DO NOT APPLY TO:
o Policyholders paying the 25 percent annual rate increases, as required by Congress in BW-
12, for a Pre-FIRM subsidized non-primary residence, business, Severe Repetitive Loss
property, or building that was substantially damaged or improved.
o Policyholders whose full-risk premium is less than the Pre-FIRM subsidized premium, or
who were not overcharged according to any retroactive revisions to the Pre-FIRM subsidized
rates required by the new law.
10. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Installment Payments for Premiums
The new law will allow monthly installment payments for premiums at the option
of the consumer.
Deductibles
Under BW, pre-FIRM deductibles for risks with building coverage of more than
$100,000 were to increase from $1,500 to $2,000. For similar post-FIRM risks, the
deductibles were to increase from $1,000 to $1,250.
These changes remain, but the new law also creates an optional deductible of
$10,000 for residential properties; previously there was a $5,000 deductible cap. If
chosen, a disclosure indicating that the policyholder is responsible for the out-of-
pocket losses must be included with the policy.
Deductibles, as always, though is more of a lender decision as to what they’ll allow
the borrower to have as a deductible.
11. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Home Improvement Fairness
Biggert-Waters phased-out subsidies for pre-FIRM properties that were “substantially
improved”. While historically the threshold to cross “substantially improved” was 50
percent of Fair Market Value (FMV), Biggert-Waters changed this to 30 percent FMV. The
new law changes the threshold back to 50 percent FMV.
Reimbursement for Map Appeals
The new law allows FEMA to utilize the National Flood Insurance Fund to reimburse
policyholders who successfully appeal a map determination. Biggert-Waters provided FEMA
the authority to reimburse homeowners for successful appeals of map findings, but
Congress has never appropriated funding for this purpose.
Flood Insurance Advocate
The law establishes a Flood Insurance Advocate within FEMA to answer current and
prospective policyholder questions about the flood mapping process and flood insurance
rates. The Flood Insurance Advocate will be responsible for assisting property owners
through the map appeals process, and improve outreach and coordination with local
officials, community leaders, and Congress.
12. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
TAKEAWAYS
Reform, not a delay – fix to problem
No more Point of Sale flood insurance premium hikes
Pre-FIRM (subsidized) policies assumable on May 1st
Grandfathered rates will stay and not be phased out
with new maps
Still use SCR’s Flood Insurance Disclosure Form
13. Charleston Trident Association of
REALTORS®
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
More Information
www.CharlestonRealtors.com/FloodInsurance
Ryan Castle
Government Affairs Director
Charleston Trident Association of REALTORS
Ryan@CharlestonRealtors.com
843.793.5212
@ryanfcastle
www.ryanfcastle.com