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Flood Insurance Rates about to Skyrocket?

November 27, 2013 10:18 am

Approximately 5.6 million property owners in over 20,000 communities across the country rely on the National Flood Insurance Program (NFIP) for flood insurance. A new law, the Biggert-Waters Flood Insurance Reform Act of 2012, will force major changes in the NFIP. Despite efforts by some on Capitol Hill to delay the act, it looks set to take effect. According to an article in Insurance Journal last week, FEMA Administrator Craig Fugate said: “There are challenges to implementing the law when premiums may exceed $10,000 in more high-risk areas where homes are not easily elevated or bought out.”

How many will be affected?

The Insurance Journal article also explained: