Recently, the news media reported that national flood insurance rates could increase to $30,000 a year.  According to FEMA, this estimate was taken out of context and not created by the office that sets rates.  It was the worst-case hypothetical cost to insure ocean-front property built 6 feet below the tidal surge after the next Storm of the Century.  The hope was to convince coastal communities to elevate future construction resulting from Superstorm Sandy.  While it is true the law has changed and in general, flood insurance rates may go up, “$30,000” was an extreme outlier and NOT due to the 2012 Biggert-Waters law that extended flood insurance another 5 years.  Only an insurance agent can provide specific rates for specific property, and the accuracy of the rate quote will depend on the accuracy of the information provided about the property.

View the Resources To Obtain Accurate Flood Insurance Ratespdf

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.
Advertisement