Flood insurance rate hikes take effect; most to see small increases
Effective
The increases aren't tied to losses from any of the 2017 hurricanes, but required by two congressional fixes enacted in 2012 and 2014 that were intended to steer the debt-laden National Flood Insurance Program toward self-sufficiency.
The largest increases -- 25 percent -- will be for subsidized policies on buildings in high-risk zones constructed before communities' first flood insurance rate maps went into effect in the 1970s. They include non-primary residential properties, business properties, properties that sustained substantial or repetitive damages.
Most properties in
Premiums for homes built in high-risk coastal zones will increase 11 percent.
Premiums for homes built in moderate-risk flood zones -- typically near rivers or canals -- will increase between 1 percent and 3 percent.
The NFIP provides coverage for 5 million policyholders nationwide but must be reauthorized periodically. Now slated to expire at the end of July, the program is currently more than
Homes with federally backed mortgages are required to have flood insurance if they are located in any zone not classified as low-risk or "X" zone.
The NFIP allows property owners to insure residential structures up to
In addition, a growing number of private-market insurers now offer flood coverage that can exceed the NFIP's coverage limits.
While some studies have estimated that more than half of
After Harvey hit
The NFIP has so far received about 91,000 claims from Texans affected by Harvey and paid out
In
In March,
The president of the nation's largest flood insurance agency,
The Associated Press contributed to this report.
[email protected], 954-356-4071, twitter: twitter.com/ronhurtibise
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