Flood insurance rates will change in 2016
News from WLOX:

New flood map shows Jackson County. (Photo source: WLOX News)


The cost of insuring against floods is going up. That’s because the National Flood Insurance Program is implementing several changes that include new flood maps, effective April 1. This new change could cost you a lot, if you’re not prepared.

WLOX News interviewed South Group Insurance Services in Biloxi to find out how to keep flood insurance from seriously draining your wallet. Have you checked out where you’re home or rental property is on a flood map recently? If not, you may want to know, because changes are being implemented on the maps and your flood zone could have changed or will be changing. Depending on your risk of exposure to a flood and the way your home was built will affect the price you pay for coverage.

“We’re going to be seeing rate increases from 10 percent to 18 percent depending on the type of policy that you have,” said Angelyn Zeringue, who is president of South Group Insurance Services.

Other changes include an annual surcharge of $ 25 for primary residences and $ 250 for a non-primary residences or structures, an increase in the policy fee, and an increase in the reserve fund assessment. Insurance experts recommend a…………… continues on WLOX

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