How Flood Insurance is Changing

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While Congress continues to debate a five-year reauthorization and reform legislation, the National Flood Insurance Program has implemented meaningful reforms that could improve the customer experience and encourage the development of a private market for flood insurance. [Source: NAR Update 04-05-2018]

2018 Flood Insurance Rates
On April 1, 2018, National Flood Insurance Program (NFIP) premium rates
are set to rise an average of 8%. This increase is slightly more than last year but consistent with the annual 5-10% increases prior to the 2012 Biggert-Waters Act, which made significant reforms to the NFIP. Under 2014 Flood Insurance Affordability amendments, individual property owners could see a rate increase up to 18% for newer properties and 25% for older ones. With these April 1 changes, FEMA is also continuing to implement the next round of increases and other technical changes for the newly mapped and preferred risk properties. [Source: NAR Update 03-28-2018]

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Cliff Daniels
Realtor
Active Properties
Boulder Colorado
720 434 1418
cliff@actprop.com