A representative from a local insurance agency will be in our office tomorrow to provide updates regarding flood insurance ? a hot topic for shore property owners. ?I will post an update after the meeting.
In the meantime, I am reading notes from the FEMA web site regarding the pending changes (ironically, in place or pending prior to Sandy).
On July 6, 2012, a law took effect requiring FEMA to take immediate steps to eliminate a variety of flood insurance subsides. ?The insurance discounts currently in place will be phased out over a period of time. ?Starting January 1, 2013, flood insurance premium rates for subsidized non- primary residences will begin increasing. ?Although the legislation called for a 25% increase over 4 years, there is?pending legislation that will modify this time frame to?12.5% increase each year over an 8 year period.
Keep in mind, most flood insurance policies range from $400 to $1800 per year (depending on the elevation of the structure)- often more reasonable than the typical home owner?s policy.
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Source: http://anndelaney.com/2013/04/25/flood-insurance-info/
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