Big step in getting relief from Flood Insurance rate increases

Legislation to provide consumers relief from the planned National Flood Insurance Program rate increases has been approved by President Barack Obama. The new law will reinstate grandfathered rates, cap premium increases, and reform the FEMA flood mapping process. Nonetheless, I note the Wichita Eagle reports: “Thousands of Indiana homeowners who live in flood-prone neighborhoods are bracing for big insurance premium increases, despite Congress’ latest fix for the government’s debt-saddled insurance program. An Associated Press analysis of government data shows 13,300 Indiana homeowners can expect annual increases of up to 18 percent in their flood insurance premiums. Another 3,200 owners of second homes and businesses will see annual increases of 25 percent.”