Effective May 1, 2014, 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 October 2013 rate for a pre-FIRM property. More details and Flood Insurance FAQs here: http://www.realtor.org/publications/washington-report/national-flood-insurance-program-rules-begin-may-1