Flood insurance premiums are going going up for properties that have had significant flood damage in the past.
Federal subsidies for flood insurance have been reduced for certain homes and insurers are passing the buck on to homeowners.
On January 1 of this year, flood insurance premiums on second homes went up 25 percent.
In June of this year, properties that have seen “severe repetitive loss” from floods will also be charged higher insurance rates.
If you carry flood insurance on your home, find out how this will affect you by contacting your insurance provider today! Get more information here.
~ Wayne & Jean
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