Effective May 1, all buyers of older properties (pre-FIRM) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act. Instead of jumping to "full cost" for flood insurance, buyers will assume the seller’s October 2013 rate for a pre-FIRM property. FEMA also extended the rate relief so all pre-FIRM properties will begin paying October 2013 rates when they purchase or renew their flood insurance after May 1. 

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