Recently, the news media reported that national flood insurance rates could increase to $30,000 a year. According to FEMA, this estimate was taken out of context and not created by the office that sets rates. It was the worst-case hypothetical cost to insure ocean-front property built 6 feet below the tidal surge after the next Storm of the Century. The hope was to convince coastal communities to elevate future construction resulting from Superstorm Sandy. While it is true the law has changed and in general, flood insurance rates may go up, “$30,000” was an extreme outlier and NOT due to the 2012 Biggert-Waters law that extended flood insurance another 5 years. Only an insurance agent can provide specific rates for specific property, and the accuracy of the rate quote will depend on the accuracy of the information provided about the property.