Higher Flood Insurance Premiums May Be Coming Your Way

The way the National Flood Insurance Program sets premiums for coverage changed for the first time in 50 years recently. While most people who buy flood insurance will see small monthly increases, others will not.

The new rating system, which rerates all of the country’s floodplains, took effect for new policies on Oct. 1, 2021, with renewals following on April 1 this year. It affects everyone who buys flood insurance for their property.

The system aims to make flood insurance premiums fairer, with two-thirds of policyholders seeing monthly premium increases of up to $10 a month. But some could be in store for much higher increases. Higher Flood Insurance Premiums May Be Coming Your Way

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