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Latest News On Flood Insurance Rates

Posted July 12, 2013
Written by JV Burkes
Category News
******************************** AS OF LATE MARCH 2014 - CHANGE TO BIGGERT WATERS HAS AFFECTED THIS SEE YOUR INSURANCE AGENT ********************************
The Biggert-Waters Flood Insurance Reform and Modernization Act of 2012 reauthorizes the program through September 30, 2017, but brings with it many changes with Critical Dates.

January 1, 2013 -- Preferred Risk Policies will increase in cost 13% written or renewed after Jan. 1.  Non-primary residences in Pre-firm areas (homes built before FEMA flood insurance program - approx early 1970's) will increase 25% each year until actuary rates are accomplished.

June 2013 - New rates will be coming from FEMA

October 1, 2013 - Severe Repetitive Loss structures, business properties will increase 25% each year until actuary rates are accomplished.

As of now single family structures will be exempt from rate increases until 1)the new maps are accepted by FEMA and local community (expected within this year in St. Tammany Parish),2)a policy lapse, 3)new policy, or 4)home has another flood loss - meeting criteria set forth in flood program.

ComingChangesFEMA