Live in a Flood Zone? Check Your Insurance. It May Be About To Go Up
"A new federal flood-insurance reform law requires maps to take account of projected sea level rise in designating flood zones, as federal subsidies for properties in flood zones fade to zero."
"If you live on a coastline or in a river flood plain, check your flood insurance and where your home or business sits on the latest federal flood maps.
As of Oct. 1, the final stages of a 2012 flood-insurance reform law kick in, aimed at substantially reducing subsidies for federal flood insurance.
Premiums charged to most once-subsidized policyholders are slated to rise over the next four years, until the premiums reach the rate that reflects the true flood risk their properties face."
SEE ALSO:Source: Christian Science Monitor, 09/26/2013