More changes are coming that will be affecting the local housing market, realtors and property owners.
The National Flood Insurance Program (NFIP) will implement a number of changes beginning April 1, 2019. Here are the more significant ones that impact Stratford, Milford and the parts of Southern Connecticut:
In most high-risk (“A” and “V”) zones built prior to 1978 premiums for primary residences will go up 7%. Premiums for non-primary residences with go up by 24%.
In most waterfront coastal (“V” zones) built after 1978 premiums will go up 6%.
Primary residents residing in 2 to 4 family homes will now be allowed the primary residence rate.
If you’re an owner or prospective owner of a property requiring flood insurance, especially if you have an NFIP policy, call us. There are alternatives and we have the expertise to help you out!