South Tampa Real Estate Report
South Tampa Real Estate Market Report | 11/3/24 - 11//9/24
In an effort to make the payment of flood insurance premiums more manageable, FEMA announced a policy change to the National Flood Insurance Program last week. Homeowners will now have the option to pay annual flood insurance premiums in monthly installments as opposed to one lump sum payment. The installment option applies only to those who don't escrow their flood insurance with their lender, i.e., homeowners who either own their homes outright or have chosen to waive escrow reserves with their lender. There is no premium or surcharge for choosing the installment option. While this policy does not lower the cost of flood insurance, spreading the premium across 12 months will make the payment thereof more affordable to many homeowners. For more information on the new policy, check out this FAQ sheet from FEMA. Have a great week!
Michael Palermo
