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Flood insurance rates increase

from IAEM

On Oct. 1, FEMA announced key changes for the National Flood Insurance Program (NFIP), to begin on Apr. 1, 2020. These changes include updated increases to conform to the premium rate caps established by the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) and the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). Beginning on Apr. 1, 2020, renewal premiums will increase an average of 11.3 percent. These amounts do not include the HFIAA Surcharge, or the Federal Policy Fee (FPF). Nearly 80 percent of policyholders already pay a full-risk rate and will therefore not experience this rate increase. The Severe Repetitive Loss Premium is increasing to 10 percent for all policies covering properties with that designation. In addition, it was also announced that annual premium increases of 14.9 percent for preferred risk policies and 14.8 percent for newly mapped procedure policies will be effective on Jan. 1, 2021. more

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