All buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014. Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.FEMA also extended the rate relief so all pre-FIRM properties (including second homes and businesses) will begin … [Read more...] about FEMA New Flood Insurance Manual