On April 15, the Federal Emergency Management Agency (FEMA) issued a bulletin implementing the first provisions of the Flood Insurance Affordability Act and providing immediate rate relief to homebuyers. In the bulletin, FEMA directs insurance companies to stop charging full-risk premium rates when older properties are sold after May 1. Instead, buyers will be allowed to assume the seller’s current rate until FEMA issues new rate tables and refunds under the new law.

To read FEMA’s bulletin to the flood insurance companies, click here. If there is an implementation issue, you can fill out NAR’s questionnaire by clicking here.