Flood insurance rates are going up
04/13/2016 | Author: Editorial Staff
Property owners who have flood insurance through the National Flood Insurance Program will see their insurance premium rates increase due to changes that took effect April 1, 2016.
The NFIP, which is administered by the Federal Emergency Management Agency, works with private insurance companies to offer flood insurance at rates that are set nationally.
Here are a few highlights of the changes:
- Premiums, surcharges, and fees will increase.
- Premium rates will increase an average of 9%; however, some premiums will increase as much as 25%.
- Premium rates will vary according to where the property is located. Flood maps are being revised, so a property may be located in different NFIP zone now. Use FEMA’s Flood Map Service Center to find flood maps by address.
Read more about the April 1, 2016 changes in these documents from the NFIP, check out the National Flood Insurance Program’s website, floodsmart.gov, for a sampling of updated policy rates and other resources, and visit realtor.org to see how the National Association of REALTORS® has been following this issue.
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