Flood insurance rates rising again
News from Florida Keys Keynoter:

Homeowners in the Florida Keys and elsewhere may have some sticker shock April 1 when they receive their bills for flood insurance.

Premiums could increase by up to 18 percent under the 2014 Homeowner Flood Insurance Affordability Act, which replaced the 2012 Biggert-Waters Flood Insurance Act.

Year-round Keys residents will also have to pay a $ 25 annual surcharge to the National Flood Insurance Program. Part-time residents who own a home in the Keys will have to pay $ 250 annually.

“This is definitely not good. Once again, we’re being forced to fund losses we had no part in for Katrina and Super Storm Sandy,” said Mel Montagne, president of Fair Insurance Rates in Monroe. “Florida continues to be a donor state to flood insurance and any increases further impacts people being able to live here.”

The HFIAA is meant to mitigate exponential rate increases that resulted from the Biggert-Waters Act, which aimed to stabilize the $ 24 billion NFIP deficit. It’s overseen by the Federal Emergency Management Agency.

But Montagne doesn’t believe the new act will save any homeowners in the Keys money. He estimates so-called pre-FIRM homes will see the full 18 percent increase while newer homes will see a 10 percent to 12 percent increase.

A pre-FIRM home refers to houses built before January 1975, when FEMA’s flood insurance rate maps were c…………… continues on Florida Keys Keynoter

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