Homebuyer Flood Insurance Relief
On May 30, 2014, FEMA announced the Flood Premiums and Rate Tables for 2015. Each Oct., FEMA issues the following year’s rate tables. releasing the rate tables at this time provide insurance companies sufficient lead time to update their rate quote software. These rates will take effect this Oct., 2014, and will be used to calculate refunds, to be issued later this Fall. .
According to FEMA, from their memo: “In every case, the attached rates are the same or lower than the October 1, 2013 premium rates.”
In other words, no one will see a rate increase next year and some could see a further rate reduction below this year’s level. This is on top of rate reductions FEMA implemented last month, when it rolled back all rates so no older (pre-FIRM) property owner could pay more than 2013 subsidized rate for the rest of the fiscal year.