HOA Flood Rebates Nixed by FEMA
Florida condos and HOAs may soon be weathering a financial storm, thanks to the Federal Emergency Management Agency (FEMA). FEMA announced recently that it will prohibit continued rebating of amounts paid for flood insurance in the Sunshine State. Many Florida communities that are susceptible to natural disasters there, including hurricanes, currently receive these rebates.
In an April memorandum, the federal government ended the practice of providing associations with rebates on flood insurance premiums. The change will take effect on Oct. 1, 2012.
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