Tag: flood insurance rates

FEMA unveils NFIP Risk Rating 2.0 with potential for cheaper flood insurance

Nordstrom
NFIP Risk Rating 2.0 - Piggy Bank - Savings

The Federal Emergency Management Agency is promising reduced rates for its policyholders. The Federal Emergency Management Agency (FEMA) has unveiled its NFIP Risk Rating 2.0 pricing strategy. This is an update to the way it calculates its National Flood Insurance Program rates for its 5 million policyholders. FEMA promises that many homeowners will see a reduction in their premiums. The new NFIP Risk Rating 2.0 strategy will mean that about two out of every three older homes will see a reduction in their premiums, according to FEMA. At the same…

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Florida flood insurance rates are on the rise in April

G. Turner
National Flood Insurance Program - Flooding on road

This month, homeowners will start to pay more for their coverage against water damage. Homeowners are being advised that Florida flood insurance is getting more expensive this month. In fact, the majority of residents will find themselves paying significantly more. Flood insurance premiums will be on the rise regardless of whether or not a claim has ever been made. The upward trend of Florida flood insurance rates has been worrying for the state. That said, the insurance industry is hoping to assuage consumer fears. There are still many ways that…

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Flood insurance premiums rise and will likely continue rising

G. Turner
flood insurance premiums storm news

Homeowners seeking to purchase coverage against overland flooding will be paying more as of this month. Changes that took effect on April 1 are sending flood insurance premiums skyward. This applies to homeowners who already have coverage against flooding as well as those who are buying it for the first time. National Flood Insurance Program rates rose by an average of approximately 6 percent this month. As a result, the average annual flood insurance premiums are now around $878. This doesn’t include a number of different types of surcharge which…

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Businesses want a better flood insurance program

Nordstrom
flood insurance storm deadend

Business leaders call for improvements to the National Flood Insurance Program Business leaders in Louisiana want to see flood insurance rate hikes reined in throughout the region. A coalition of businesses from the construction and real estate industries attended a meeting at the University of New Orleans where they shared their thoughts concerning the National Flood Insurance Program with lawmakers. The federal program offers flood insurance coverage to homeowners and businesses, but the program has been struggling with financial problems for years. As such, rates for policies offered through the…

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Flood insurance rates set to rise

Logan B.
flood insurance rates

Homeowners and businesses will see an increase in their coverage costs Flood insurance rates are expected to rise soon, with homeowners in risk-prone areas being hit the hardest by the increase. While flood protection costs have been mitigated for a time, higher rates were inevitable in order to ensure that the National Flood Insurance Program from its financial problems. Per the provisions of the Flood Insurance Affordability Act, which had initially halted the rise in insurance premiums, new surcharges will be issued on properties with flood protection. Primary residences will…

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