Here are some facts about the flood premium increase:
* The average flood policy will cost
* There were 231,956 flood insurance policies in effect in
* While the average flood policy will cost 8 percent more, some homeowners will see much larger rate increases -- up to 25 percent for vacation homes, commercial properties and homes that have had repetitive flood losses.
The National Flood Insurance Program provides flood coverage for 5 million policy holders nationwide. The video above explains how the program works.
But, at the moment, the program is in limbo.
CONTRACTOR FRAUD: Little Egg contractor who bilked Sandy customers has disappeared, authorities say
Initially set to expire
NFIP is more than
No matter which flood insurance proposal
Fewer Americans in coastal areas are paying for flood insurance than they were five years ago, according to an
Stop FEMA Now has advocated for passage of a bill introduced last year by Sen.
ACTION NEEDED: Flood insurance: NJ needs action on reforms
FLOOD PREMIUMS TO RISE: Flood insurance reform: Shore to pay more in the future
But Menendez's bill, which was co-sponsored by three
A bill supported by Rep.
The bill caps annual premium increases at 15 percent per year, down from the 18 percent allowed now, but allows flood premiums of up to
Stop FEMA Now has strongly criticized the bill, saying it would drastically raise premiums while not providing proper oversight of private insurance companies.
(c)2018 the Asbury Park Press (Neptune, N.J.)
Visit the Asbury Park Press (Neptune, N.J.) at www.app.com
Distributed by Tribune Content Agency, LLC.