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http://www.chron.com/news/article/Flood-insurance-going-way-up-for-some-coastal-4560849.php
".....the Biggert-Waters Flood Insurance Reform Act of 2012 will allow rates to reflect the full risk of a property...."
The Feds no longer want to subsidize insurance for people who build houses in flood-prone areas. I am glad that my house is built in Flood Zone X.
Even though I live outside a flood zone, for the past 23 years, I have carried flood insurance on my house, since the area where my culdesac was developed traditionally flooded during very heavy rains before my neighborhood was built. My premium is about $312 per year. If my rate was to appreciably increase, I may not carry it after the current policy year expires.
".....the Biggert-Waters Flood Insurance Reform Act of 2012 will allow rates to reflect the full risk of a property...."
The Feds no longer want to subsidize insurance for people who build houses in flood-prone areas. I am glad that my house is built in Flood Zone X.
Even though I live outside a flood zone, for the past 23 years, I have carried flood insurance on my house, since the area where my culdesac was developed traditionally flooded during very heavy rains before my neighborhood was built. My premium is about $312 per year. If my rate was to appreciably increase, I may not carry it after the current policy year expires.
