The Federal Housing Finance Agency (FHFA) has issued an announcement claiming that “American homebuyers are about to get a break” thanks to updates to home insurance rules that are designed to “fix expensive, stupid Biden-era requirements with simple, common-sense updates that respond to today’s skyrocketing insurance prices.”
According to the FHFA, Fannie Mae and Freddie Mac will begin accepting Actual Cash Value (ACV) coverage on roofs for single-family homes and condos while the rest of the property continues to receive Replacement Cost Value (RCV) protection. The agency added the “maximum per-unit deductible” rule has been “simplified,” resulting in cost savings for homeowners.
More in-depth explanations of the changes are offered on the Fannie Mae and Freddie Mac websites.
“Thanks to President Trump’s landslide victory, we are replacing a disruptive and expensive Biden insurance mandate with commonsense policies for today’s market,” said FHFA Director Bill Pulte. “Lower insurance costs and mortgage rates shrink the monthly payment of a new mortgage, giving new homebuyers confidence that they can afford the American dream.”
Have fun putting a new roof on when your insurer pays the claim for a fraction of the actual replacement cost.
Don’t let the contractors get away with ripping people off. They are price gouging just like the doctors offices. You guys are got so reliant on insurance that you allow these contractors and doctors to overcharge the insurance companies which accepts it and then flips onto us all.
How does insurance company pay for the roof? Do they take the manufacturers published life span? Does insurance companies deduct for prorated depreciation?
Another cruel deception by the current administration- and a terrible blow to homeowners. How I long for a federal administration that really is honest, transparent, and works for me, not itself.
Instead of complaining about reality, why not offer a solution? Biden’s economy made it more difficult, not less, for the average person to own a home. At least Trump is making America great again, and working to fix the mistakes of the Biden/Harris catastrophe.
The bias in this article is laughable. But, the sycophants love the childish (and very dangerous) rage machine that is the Trump MAGA GOP. Save money via Trump’s policies? What a joke! Under Trump 1.0 the National Debt rose nearly 8 Trillion higher. Under Trump current term, the national debt has risen by about 3 Trillion in just the first year. The Iran War has no end in sight with costs running 2 Billion a day (according to several high ranking military who have served in that region and state that the 1 Billion per day estimate is far too low). Trump is requesting $200 Billion more for Iran War. So, if you think that is NOT costing you, then go get your roof fixed via Trump’s sardine tossed to the squawking seagullibles.