How to Buy a Home in a "Flood Zone" in Rhode Island without Flood Insurance
By: Realtor/Area Manager Emilio DiSpirito IV
The general public is confused, concerned and rattled by the new Flood Insurance Regulations mandated by FEMA. What really happened here is that the government is no longer subsidizing flood insurance which is leaving the consumer to foot the entire bill. Many areas that were never affected by water damage are now required to have costly and what many would say unnecessary flood insurance premiums!
It was not until today, when sitting in the waiting room of my Chiropractor Dr. Micheal Lariux's office in North Providence, when my friend Brian Hunter, a man honest as the day is long and owner of Hunter Insurance Agency mentioned something that blew my mind as a Realtor!
Brian mentioned that home owners who obtain a mortgage from a "non-federally chartered" bank, not need to pay the FEMA mandated Flood Insurance premiums! Imagine that! If you were going to sell because you could not afford to pay the thousands you thought you had to... why not look at refinancing through a "non-federally chartered" bank?! Contact a member of the DiSpirito Team at 401-359-2338 and we will reach out to our network to see how we can help your unique situation.
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Your Agent,
Emilio DiSpirito
"Real Estate Simplified"
Get a Free Market Analysis on your home from East Greenwich's top producing office here
