What Agents Should Know About Flood Insurance Changes in Effect April 1

The following is an excerpt of an article that appeared on insurancejournal.com on April 1 regarding changes in the flood program.

“Starting today, when flood insurance policyholders go to renew their policies, they could be quoted premium increases ranging from 15 to 18 percent on average if their home is their primary residence and up to 25 percent if it is a secondary home or a home that has suffered repetitive losses.

They will also face new surcharges, $25 for primary homes and $250 for all others including secondary or multi-families.

About one million of the more than 5 million federal flood insurance policyholders will be affected by the increases.”

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