Residents who have flood insurance through the National Flood Insurance Program will see their premiums rise because of changes that took effect today.
According to the FEMA website, Congress mandated reforms to the Homeowner Flood Insurance Affordability Act of 2014 that repeal and modify the Biggert-Waters Act of 2012.
Among the changes are provisions in both acts that apply to buildings built before the area’s first Flood Insurance Rate Map was compiled. Most are in high-risk flood zones and the policies have subsidized rates.
Beginning this year, anyone renewing their NFIP policy on a primary residence will see an increase of up to 18 percent until premiums reach full-risk rates.