Houston Real Estate Update – Week of April 9, 2018
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FEMA implements flood insurance increases. City of Houston approves amendments to Chapter 19 – Floodplain Ordinance for new construction.
On April 1, the National Flood Insurance Program (NFIP) implemented the next round of required premium increases. By law, rates are climbing six to 10 percent per year. For 2018, the typical policyholder will pay an 8% increase but individual property owners could see as high as 18% increase depending on the individual property. Please read FEMA’s summary of the April 1 changes as it applies to policyholders.
On April 4, Mayor Sylvester Turner and eight Houston City Council Members voted 9 to 7 to approve the amendments to Chapter 19, the Floodplain Ordinance. The updated ordinance will take effect September 1, 2018. This update will apply to all new buildings built within the 500-year floodplain. The ordinance also applies to additions to existing homes. Visit City of Houston for more information.
Information provided by Houston Association of Realtors