As reported before concerning flood insurance premiums, they are beginning to increase due to the Biggert-Waters Act that was passed by Congress. Although Congress is starting to address the negative effects of this legislation, a fix is not in place yet. Some residents have seen dramatic increases in there flood insurance, to the point that flood insurance exceeds the amount of regular insurance on a property. Do not think that only coastal communities are affected by this.
by Jeff Newpher — The Citizen
Many coastal residents who are experiencing “sticker shock” over their flood insurance renewal premiums may have two possible paths of relief. For some, one path is almost immediate. For the rest, it’s on the way.
The dramatic increases, in some cases double, triple or even higher than previous costs, were attributed to the “unintended consequences” of the Biggert-Waters Act passed by Congress in 2012; legislation intended to stabilize the National Flood Insurance Program.
One example said to be typical is the rise in a Seabrook resident’s flood insurance premiums. In 2002, the annual premium was under $200. With no change in coverage, by 2011, it was $1,555. It rose to $1,633 in 2012, then $1,710 in 2013 and was priced at $1,863 for 2014.
Then the homeowner began researching. “Learning what your base flood elevation (BFE) requirement is and then knowing what your own home is are the two ingredients that your insurance agent must have in order to proceed in your behalf, so that you are not required to pay the higher premium,” said Janis Lowe, a Real Estate Broker at J. Lowe Realtors, Inc.
Now, one of Lowe’s most visited and recommended websites is www.riskmap6.com, FEMA’s newest online base elevation map source for this region, searchable down to individual properties.