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Thursday, March 28, 2013

FEMA Head: Expect Rates Hikes for Flood Insurance

FEMA director Craig Fugate advised purchasers of federal flood insurance to expect significant rate increases that will be phased in over the next three to four years while speaking at the national Hurricane Conference this week.

The rate increases are due to a Congressional mandate that the National Flood Insurance Program (NFIP) become solvent, and under the Biggert-Waters Flood Insurance Reform Act of 2012 the maximum rate increase the NFIP could impose in a given year was raised from 10% to 20%.

Learn more about the NFIP.