The National Flood Insurance Program has announced increases will begin in April of 2015.
- Rates will increase between 5-15%
- Reserve Fund Assessment will increase from 5 % to 10%
- New Surcharge of $25 for a primary resident and $250 per policy on a second home.
Simultaneously, local Flood Insurance Rate Maps are being adopted. The new maps draw new lines of where the high risk flood plain starts. Some homes which
did not previously need flood insurance could be required to acquire flood insurance by a mortgage company.
Delaware counties have announced these adoption dates for the new maps:
- Kent County – July 7, 2014
- New Castle County – February 4, 2015
- Sussex County – March 16, 2015
Worcester County, Maryland and the Town of Ocean City state that implementation of the maps will occur on or prior to July 16, 2015.
For more information on remapping, please click here.
If you would like more information about your specific home and what flood hazard zone it is located, contact Melissa Esham at 410-835-2000 Ext. 191