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Important Changes to Flood Insurance |
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FEMA has restructured how it calculates flood risk for the first time in 50 years, and there are big implications for current flood insurance premiums. Here are some quick facts to know now: • Nearly 90% of flood insurance policies in Texas will see premiums increase • The new rating system takes the costs of rebuilding a home into account for premiums, meaning owners of low-value homes will pay less, while owners of high-value homes will pay more • Revised calculations went into effect with new policies October 1st • Renewal rates will not be affected for existing policies until April 2022 (TIP: you can choose to renew early if your premium is going down) • Annual premium increases are capped at 18% per year • Most policies will see premiums increase by less than $120 a year while others will increase by more than $240 a year • Some policies may take five years to reach the premiums calculated by the new risk rating due to the 18% annual cap • If you have a FEMA flood plan that is increasing dramatically, consider getting private flood insurance If you have any questions about how the new flood risk calculations will affect your premium, reach out to your flood insurance carrier or contact us to get connected with some of the best private + FEMA flood insurance providers in the industry to see how we can get you the best possible rates. |
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Real Estate in the News |
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Will The Housing Market Cool Off This Fall? Today’s hot housing market is one of the peculiar outcrops of the pandemic. Housing supply was already low before Covid-19, but it was further hampered as lockdowns took place and people began looking for new homes, driven by a host of reasons—from the desire to leave populated cities to better home offices or just fear of missing out. The Federal Reserve’s steps last year to keep the financial markets liquid and to ensure mortgage rates stayed low have continued. But the low mortgage rates pale in comparison to soaring housing prices in the past year. |
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Local Events |
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2021 Round Top Fall Antiques Show Source: Explore Round Top |
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2021 Guide to Pumpkin Patches Around Houston The weather is cooling, sweaters are coming out, and pumpkins are ripe for picking at farms and patches around Houston. View the guide here. Source: 365 Things in Houston |
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Lifestyle Tips & Tricks |
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U.S. Housing Market Dynamics Are Slowing and Shifting to Buyers’ Advantage The U.S. housing market showed signs of normalizing in August, with more homes coming on the market and price growth slowing, according to a report Thursday from realtor.com. New listings ticked up 4.3% year over year in August, although inventory was down 25.8% compared to the same time in 2020, the data showed. That’s an improvement compared to July, when inventory was down 33.5% annually. |
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Planning to build a home? Homebuilders face unique challenges as demand for new construction grows sky-high amid material shortages, lifestyle changes, and record low interest rates. Here are seven major industry changes you should know for 2021. |
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Here's Why Fall Is the Perfect Time for Some Major Landscaping We looked to landscape architect Margie Grace of Grace Design Associates and Joe Raboine, director of Belgard Residential Hardscapes, to share emerging landscaping trends and help us prepare our landscapes for a season of hosting, harvesting, and finding solace in the great outdoors. |
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The Best Places to Travel in the Fall As much as we love beach lounging in summer and exploring snowy wonderlands in winter, there's something extra special about traveling during the fall. Aside from fewer tourists and lower prices, October brings harvest festivals, Halloween parties, and the best foliage of the year. |
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Featured Listings |
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