Yes the Homeowner Flood Insurance Affordability Act of 2014 did provide some immediate relief from increased flood insurance rates, however, that revision to the law only slowed increases down. Beginning April 1, 2015 the next wave of increases are here. While there are many factors and ways that changes will be made and increases applied it all can be simplified in a few bullet points, see below:
- Overall the National Flood Insurance rates can't increase on average more than 15% across all policies backed by the NFIP (National Flood Insurance Program).
- Any single policy may not see an increase of more than 18%.
- The HFIAA(Homeowner Flood Insurance Affordability Act of 2014) calls for a policy surcharge of $25 on each policy that insures a primary home. All other policies will see a surcharge of $250. These surcharges fall outside of the premium increase caps mentioned above.
If you want to keep up to date with the various changes you may want to be sure to visit FEMA's Flood Insurance Reform webpages and read the related WYO Bulletins.
If you have any questions about flood insurance please feel free to give me a call.
While I can sell and service Flood insurance policies insured by NFIP there are also some excellent private insurance companies offering competitive flood insurance pricing/coverage.
Sincerely,
Joe Hershey