Flood insurance rate increases will affect 81 percent of policyholders

Flood Insurance - Increased Rates

FEMA’s NFIP overhaul was intended to increase premiums primarily for larger, high-value homes. A year ago, when the Federal Emergency Management Agency overhauled the National Flood Insurance Program it expected that larger, high-value homes would see most of the rate increases. It anticipated that about 90 percent of policyholders would either keep their existing rates or would even experience a reduction in their premiums. This month, when the changes went into effect, the situation proved to be considerably different. Now that the changes in the National Flood Insurance Program (NFIP)…

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