2018 Flood Insurance Rates Expected to Rise
On April 1, 2018, National Flood Insurance Program (NFIP) premium rates are set to rise an average of 8%. This increase is slightly more than last year but consistent with the annual 5-10% increases prior to the 2012 Biggert-Waters Act, which made significant reforms to the NFIP. Under 2014 Flood Insurance Affordability amendments, individual property owners could see a rate increase up to 18% for newer properties and 25% for older ones. With these April 1 changes, FEMA is also continuing to implement the next round of increases and other technical changes for the newly mapped and preferred risk properties. For more information, click here.