Important information for people who own homes in the 1% floodplain!!
It is important that you are aware of FEMA’s flood insurance program – Here is a link to a FEMA publication detailing these changes and the timeline.
The long and short of this legislation is that FEMA will no longer be subsidizing the flood insurance policies. The examples that I have seen, based on the actuarial rates, which take effect on 10/1/13, are that a home two feet below the floodplain with the maximum $250,000 structure coverage, flood insurance premiums will eventually increase to as much as $5,943 per year. A home seven feet below the 1% floodplain, with the maximum $250,000 structure coverage, the flood insurance premiums will eventually increase to as much as $17,664 per year.
