InsuranceYak.com

On Wednesday the House or Representatives passed  H.R. 3959, requiring  buyers of residential homes costing $600,000 or more to pay phased-in, actuarial flood insurance prices. This step will help  toward shoring up the National Flood Insurance Program (NFIP) without widespread premium increases. The bipartisan bill, introduced by Rep. Scott Garrett (R-N.J.) and House Financial Services Committee Chairman Barney Frank (D-Mass.), will help phase out subsidies for homes built before flood insurance rate maps went into effect in 1974.

OK here’s the English translation:  If you bought a house build prior to 1974 AND it is currently valued at more the $600K, you were grandfathered in under the old NFIP program IE paying lower premiums based on outdated floodplain maps.  Good for you bad for the rest of the people under NFIP (and the US Taxpayers on the hook for you beachfront property).  Well too bad, so sad the grandfathering has sunsetted, look for fresh new (and higher) premiums. 

IMHO, a good thing: Houses in the new floodplains will pay closer to what the they should be paying for high risk property.  Don’t like it? Move to a hilltop in Ohio.