Flood Insurance Changes: Higher Premiums for Frequently Flooded Properties.
New rules may mean higher flood insurance costs for property owners whose homes have been repeatedly flooded. If your property has incurred significant flood damage more than once in a 10-year period, you might see an increase in premiums to better reflect the risk.
Key points
Introduces the definition of "extreme repetitive loss structure" – buildings that have had at least two flood insurance claims paid within 10 years, with the total amount exceeding 120% of the property's value.
For such properties, insurance premiums will be set at a rate that reflects the actual flood risk, without previous limitations on premium increases.
An exception to higher premiums may apply if the property is not located in a special flood hazard area, which must be confirmed by the administration.
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