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Update on Flood Insurance Rates
A lot of our buyers here in Savannah have been asking about flood rates because there were rumors of a dramatic increase. I’m here to tell you what’s actually going on.
As of May 1st, there is a four year provision that has been put in place to keep flood rates where they have been for the last few years. There are some things you need to be aware of, though. This measure only applies to primary residences, so if you have other properties in Savannah or surrounding areas, they will be affected by the increased flood rates.
After this 4 years is over, you are certainly able to be reassessed and issued higher flood insurance rates. One important document that you will need to have is the flood elevation certificate. This shows what flood zone you are in and this is a tool that insurance providers use to gauge your flood rate. Just be reminded that in 4 years, if no new legislation is enacted, you will still be subject to increased rates for flood insurance.
I hope this information has been helpful to you. If you have any further questions please feel free to contact me.
As always, if you’re searching for real estate in Savannah, consider me your #1 resource. Please do not hesitate to call or email me with any inquiries.
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