Rising Waters and Rising Rates?
The National Flood Insurance Program has announced increases to be implemented in April 2015. Condominiums flood insurance premiums will increase starting in April of 2015. The new rates and fees are set by the federal government and all write your own insurance companies are required to implement the same rates.
- Rates will increase between 5-15%
- Reserve Fund Assessment will increase from 5 % to 15%
- New Surcharge of $250 per policy
- Policy Fee increase of $1-$876 based on size of building
The legislation that was passed will allow for installment payment options either monthly or quarterly, however, it does not appear this feature will be
available by April 2015.
Adoption of the remapped areas in the coastal communities should also be adopted during 2015. This may affect the rates of each policy. We will monitor
closely to see when individual communities complete the adoption of the maps. For more information on remapping click here.
For more information on FEMA changes click here.
Thanks for reading Part 2 of our flood series. Are there other flood related questions or topics that you would like to know about? Please share in comments below.