Posted on 04/24/2013, by Jeremy Edsall
Flood Insurance Rate Increases
As a result of the passage of the Biggert-Waters Act of July 1, 2012, changes have been made to the federally-backed National Flood Insurance Program that will result in higher premiums.
After approval by Congress and the President’s signature, the Biggert-Waters Flood Insurance Reform Act took effect on July 1. 2012. The Act makes numerous changes in the National Flood Insurance Program (NFIP) that will increase the cost of insurance to offset the high losses incurred by the program, primarily due to Hurricane Katrina. Many of the increases will be relatively moderate of affect specific high-risk groups such as repetitive loss properties. However, the Act also removes two long-standing “grandfather” clauses that are likely to be very expensive for property owners in, or even near, the respective 100-year floodplains shown on flood map
Read the latest update here: https://www.friedman-insurance.com/images/uploads/BW12_changes_2013-04-01.pdf
More information on the National Flood Insurance Progam