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Massachusetts Home Buyer Guide


What MA Home Buyers Should Know About New Flood Insurance Rules

May 2, 2014 8:15:00 AM

Starting May 1, 2014, new rules for the National Flood Insurance Program went into effect. The North Shore Association of Realtors, located in Beverly, Massachusetts, provided its Realtor membership with the following information on the new flood insurance rules. 

National Flood Insurance Program Rules Begin May 1, 2014


Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

New Flood Insurance RulesInstead of jumping to “full cost” for flood insurance, buyers will assume the seller’s October 2013 rate for a pre-FIRM property.

"[The National Association of Realtors (NAR)] prevailed upon FEMA to implement this provision seven months early. FEMA also extended the rate relief so all pre-FIRM properties (including second homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after May 1," including:

  • ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;

  • ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;

  • ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;

  • ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law.

  • While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate.

"NAR will continue working with FEMA and Congress to quickly issue these refunds to anyone overcharged for flood insurance under Biggert-Waters."

NAR Flood Insurance Resources on the Web



FEMA Bulletin W-14014 (dated April 15th): http://www.ksefocus.com/billdatabase/clientfiles/172/4/2003.pdf

FEMA Bulletin W-14016 (dated April 24th): http://www.ksefocus.com/billdatabase/clientfiles/172/4/2021.pdf 


NAR Frequently Asked Flood Insurance Questions:



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Topics: Home-buying Tips, Real Estate Misc., National Association of Realtors


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