2017 flood insurance rates set to increase

On April 1, 2017, the National Flood Insurance Program rates are scheduled to increase by an average of 6 percent. According to an update from the National Association of REALTORS, under 2014 Affordability amendments, individual property owners may see a rate increase up to 18 percent for newer properties and 25 percent for older ones. Rates for newly-mapped properties begin at the lowest or preferred risk rate and gradually increase to full risk using a multiplier table, which will also be updated as part of the April 1 changes. The story can be found here, and FEMA’s summary can be found by clicking here.