Flood insurance rates continue to rise in West Virginia

West virginia Flood Insurance Coverage

Insurance coverage continues to become more expensive despite new law Last week, President Barack Obama signed the Homeowner Flood Insurance Affordability Act into law. The legislation repeals provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 that were responsible for the dramatic rise in flood protection premiums. While these provisions have been repealed, insurance premiums are still expected to rise over the coming months, especially due to the fact that government subsidies meant to reduce the financial impact of higher premiums begin to expire. Rates are growing by 25%…

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Lawmakers approve flood insurance legislation delaying rate increases

flood insurance

Rate increases to be delayed until 2015 Federal lawmakers in the U.S. have approved legislation that will delay any large flood insurance rate increase throughout the country until 2015. This is being considered a major victory for homeowners in states like Florida and Louisiana, where flood coverage was quickly becoming impossible to afford. The approval of this legislation comes after several months of homeowners and businesses pressuring lawmakers to take action on the issue of flood insurance coverage. Lawmakers were not expected to take action on the issue until much…

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Flood insurance rate hikes set to hit Florida

Marco Island Florida Flood Insurance

Florida homeowners are preparing for major rate hikes as federal law’s provisions go active Florida homeowners are bracing themselves for a major increase in their flood insurance rates. Provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 are set to take effect in the coming weeks and this will involve a major spike in insurance premiums. The law is meant to address the financial issues that have plagued the National Flood Insurance Program for the past several years. The federal program accounts for the vast majority of flood protection…

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