Flood insurance: It’s complicated, expert agrees

Insurance Commissioner Mike Chaney said the good news is five private companies are now writing flood policies on the Coast at rates that are competitive with or lower than NFIP’s. The companies can be found through an independent agent.

NFIP is now adding a surcharge to policies: $25 a year for primary residences and $250 a year for other structures. Flood rates also are increasing on most policies, FEMA said, adding the increases will be limited to 18 percent a year on individual premiums. The agency is steadily increasing rates until they reflect actual risk for insured properties.