Flood Insurance Premium Increases
Post date: Feb 24, 2014 1:48:19 PM
As you may know, flood insurance premiums will be increasing dramatically as long-standing subsidies are discontinued in accordance with a 2012 law. Information about the changes is available on FloodSmart.gov, the official site of the National Flood Insurance Program, linked here. Your insurance agent can give you the specifics on how the changes will impact your particular coverage.
According to the ABC News article linked here, Congress recently voted to delay some of the premium increases, while other changes will take place as planned, including higher premiums for frequently flooded properties and, unfortunately for most of us, on second homes. This, however, is not over and Congress continues to wrestle with delaying premium increases.The Senate recently passed more sweeping delays; the House will consider the issue later this year. Depending on your individual situation, you may want to contact your Congressman.
For the CBA Board,
Robin Kohnke, Clerk
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