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Flood Insurance Rates Staying Put for Now

Some good news has emerged for Floridians with flood insurance or those will be obtaining flood insurance soon. A potential overhaul of the National Flood Insurance Program (NFIP) intended to change the way NFIP charges policyholders to adapt to climate change has been delayed for a year after some input from Congress.

The original plans of the NFIP were to release its new rate structure in April of next year, so it remains unclear how much rates would increase. FEMA recently made an announcement that renewal premiums will go up an average of 11.3 percent across the nation, and that does not take into account the potential impact of overhauled rates.

Residents in coastal areas receive flood insurance plans that are lower than they should be due to the hazard analysis of the NFIP, which doesn’t consider the sea level rise or tidal flooding. But that modeling, along with the obsolete and unreliable maps of FEMA, has led people throughout the country to assume that their homes are protected from flooding when they may not be.

To read more, please visit https://www.wlrn.org/post/flood-insurance-was-about-get-whole-lot-more-expensive-s-been-delayed.

This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation We look forward to working with you. Para mas información sobre reclamo de seguro, por favor llamenos.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.