Flood insurance rates and other charges will be revised for new or existing policies beginning on April 1, 2015. In addition to insurance rates, other changes resulting from Biggert-Waters and HFIAA will be implemented that will affect the total amount a policyholder pays for a flood insurance policy. Highlights of some of those changes follow in the link below.
The changes taking place in April include an increase in the Reserve Fund Assessment, the implementation of an annual surcharge on all new and renewed policies, an additional deductible option, an increase in the Federal Policy Fee, and rate increases for most policies.
For more information on how the April 2015 program changes will affect Flood Insurance Rates, please review this fact sheet provided by FEMA.gov.
Talk to your Wells Insurance agent for a review of your home to see how your property may be affected by the Congressionally-mandated reforms, and how you may be able to mitigate those changes. You can reach us at 800-849-1921 or by our Contact form on this website.