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Wednesday, April 1, 2015

Flood insurance Increases an Average of 10% on April 1

The National Flood Insurance Program (NFIP) has released the 2015 rate changes which take effect on April 1. On average overall, rates are rising 10%. This is consistent with the 5-10% increases prior to the 2012 Biggert-Waters Act. There is also a new surcharge to pay for recent NFIP legislative reforms. Last year, Biggert-Waters was amended for about 20% of policy holders who bought an older property (including second homes) and jumped from a subsidized rate to full cost for flood insurance overnight. The amendments resolve the implementation problems by resetting the rates to pre-Biggert-Waters levels and capping them at 18-25% per year in the future. Attached is a spreadsheet which summarizes the April 1 changes. Please consult an insurance agent for specific properties.

2015 Rates: http://www.ksefocus.com/billdatabase/clientfiles/172/4/2247.pdf

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