Flood Insurance Rates Increase Today

Originally published by Nicole Vinson.

It’s not an April Fools’ joke; flood insurance premiums will begin to increase today. The increased premiums are happening now as part of the Flood Insurance Relief Bill that was signed last year in response to the increased flood premiums that were being sent to policyholders under the Biggert-Waters Flood Insurance Reform Act of 2012.

The highly criticized Biggert-Waters Flood Act of 2012 was set up to was shore-up the national flood insurance debt, but the way the law was written caused the cost of flood insurance for many property owners to skyrocket without a gradual implementation. With little warning, 2014 premium invoices were sent to homeowners for tens of thousands of dollars for one year of coverage. Many of these homeowners were not even in waterfront communities but have property that falls on the flood plain map and were required to carry the insurance by their mortgage company. There was an uproar around the nation and many real estate markets—even in…

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