Let’s talk about about FEMA and the National Flood Insurance Program. Gloucester, Rockport, Manchester, and Beverly obviously have an awful lot of coastline, and FEMA has come out with new flood insurance rate maps that will affect you if you are at a particular elevation. So I wanted to spend a few minutes and give you some of the information that I’ve come up with that could help in making your decision, or any decision as to how to insure, whether or not to sell, if you’re thinking of purchasing, etc., etc.
So, let’s start off with some real basics. FEMA, F-E-M-A is an acronym for Federal Emergency Management Agency. All these programs are managed by the federal government, and the federal government loves acronyms it just helps to know what these are. NFIP is the National Flood Insurance Program, and that’s the program that started in 1968, that subsidized flood insurance for anyone that was living in a flood zone. If you have property in a flood zone right now, and you have flood insurance, the first $250,000 of your flood insurance is covered by NFIP, and that’s what’s changing. That subsidy is going away. I’ll get into whether or not you’re affected in a couple of minutes, but that’s what’s changing, and it’s changing because the industry, the insurance industry claims that it’s not sustainable, and the federal government claims that the current rates are not sustainable. So, don’t get me going on that.
Here in Gloucester and Rockport we have a lot of granite. We’re also known as “the granite shore” sometimes. Granite has traces of uranium in it and uranium can emit a gas that is colorless and odorless, it’s called Radon. It can build up underneath your foundation and floor in your basement and leak in to you water, and leak into the basement area of your home. It’s often a good idea to have a Radon test done during your home inspection. The Radon test, there are two types of Radon tests, one’s a passive and that’s where they put a little charcoal canister in the basement, actually two of them usually.
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