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Flood Insurance Rate Increases

May 22, 2013

Experts from the Federal Emergency Management Agency say rate changes are likely ahead for some National Flood Insurance Program policyholders. The program is currently $24 billion in debt following several disastrous storms in recent years. The costs and consequences of those storms have strained the NFIP, and as a result FEMA says subsidized rate are no longer viable.

Just last year, the program was reauthorized through 2017 after years of operating under short-term extensions. According to FEMA, reforms to the program combined with the gradual phase-out of subsidized rates will help increase the NFIP’s soundness and financial stability.

Story Springbo​ard

  •  Stay Informed

Rate changes are likely to affect owners of subsidized, non-primary residences, business properties and properties that have experienced severe repetitive flood losses. For more information, read the news release about rate increases for policy holders.