The Flood Insurance Reform Act of 2012, passed by Congress, mandates flood insurance rate changes which will be effective October 1, 2013. It is estimated the average flood insurance premium will increase 10% under the National Flood Insurance Program (NFIP). The increases will vary by zones with the largest ones in the coastal V and A zones. Also, the FEMA flood zone maps were recently updated for St. George Island and Franklin County, changing the zones for many properties. As we approach hurricane season, it’s a great time to contact your insurance agent to review your policies and get more information on the changes scheduled for October.
Flood Insurance Rates to Increase October 1
May 23, 2013 By
