A $24,000 flood insurance policy?
TALLAHASSEE, FL — Property owners and real estate agents are just now beginning to feel the sting from ”secondary effects” of flood insurance reform, known as the Biggert-Waters Flood Insurance Reform Act, which was signed into law in 2012, according to the Sunshine State News.
That law overhauled the National Flood Insurance Program (NFIP), which was created in 1968, to allow property owners in participating communities to purchase insurance protection from the government against losses from flooding by implementing changes to the way the program is run, the article stated.
According to the article, the Federal Emergency Management Agency (FEMA), which manages the program, says the policy rate hikes will reflect the true risk of flooding and will make the program financially stable.
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February 21, 2023