A Decrease on Flood Insurance Premiums

Sharp increase in flood insurance premiums.

Under a bill signed by President Obama last Friday, people who live in flood-prone areas will no longer have to be burdened by the sharp increase in flood insurance premiums. While this may be good news to a lot of people, those who live in older homes that enjoy subsidized flood insurance rates could see still an annual increase on their flood insurance premiums of up to 18 percent.

Now with the new bill, Homeowner Flood Insurance Affordability Act of 2014, the national flood insurance program will be gradually restored and this will also encourage everyone to undertake mitigation efforts in high-risk areas.

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photo by: MDGovpics

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