FLOOD Rate Changes Are Coming; Be Prepared to Answer Questions

  • A 25 percent rate increase will be applied at renewal for business and other non-residential properties, properties that have experienced severe or repeated losses, and non-primary residences (this increase began in January 2013).
  • A direct move to full-risk rates will be applied at renewal for a building purchased — or a newly purchased policy with an effective date—on or after July 6, 2012, the date the law was signed. Lapsed policies reinstated on or after October 4, 2012, also will move directly to full-risk rates. The policyholder will be asked to submit a renewal application with additional information, including an Elevation Certificate, so that the building can be elevation rated.

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information courtesy agents.floodsmart.gov