Your Flood Insurance May Be Going Up

Do you have flood insurance? If so, your rates may be going up.

Beginning April 1, National Flood Insurance Program (NFIP) flood insurance policy premiums will increase by an average of 6.3%. How much your insurance will increase depends on the type of policy you have.

Seeing the biggest (up to 25%) up in premiums will be those with the following insured "risks": Pre-FIRM (Flood Insurance Rate Map) subsidized non-primary residential properties; Pre-FIRM subsidized non-residential business properties; Severe repetitive loss (SRL) and Substantially damaged/improved properties. On the other side of the coin, those in A and X listed zones could see anywhere from no increase, to an increase of 5%.

To get a rundown on the new rules and regulations, you can refer to FEMA's Flood Insurance Manual, which has been updated to include the new changes.

Depending on where you live or the type of insurance you have (business, residential), your policy may not be affected by this. It's always a good idea to call your agent to get a sense on what, if anything, has changed.

For more information on flood insurance, be sure to check out "Insurance for a Rainy Day," our primer on all things flood insurance.

Source: Selective Insurance, NFIP Increases Premium Average by 6%, Starting April 1, 2017 | FEMA, Flood Insurance Manual, Effective April 1, 2017

Photo credit: Flickr/WhiteStar401