New legislation that went into effect this month could allow for a National Flood Insurance Program (NFIP) rate increase of up to 18% for millions of Americans living in high-risk flood regions—and many of them may be taken by surprise.
The financial burden may be especially hard for the homeowners still struggling in the aftermath of Superstorm Sandy.
With the NFIP paying out more than it has taken in for decades, the new legislation is meant to maintain the long-term sustainability of the program.
In addition to premium increases, the new legislation also means all flood insurance customers nationwide will pay at least a $25 surcharge on their annual premiums.
For more information, see "Millions facing higher premium rates for flood insurance."
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