![Top 5 New Real Estate Laws Affecting NYers in 2015]()
1. National Flood Insurance Program Reformed:
In recent years, flood insurance premium rates have skyrocketed. The Homeowner Flood Insurance Affordability Act of 2014 mitigates some of those rate increases while continuing the program’s goal of eliminating subsidies and applying true actuarial risk in setting policy premiums. Most importantly, the new law ends the effectuation of a debilitating rule that previously resulted in the setting of new insurance rate premiums as a result of a real estate transaction. As a result of the prior rule, purchasers were left uncertain about what their insurance bill could become right after the purchase. Now, … Read the rest
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