FLOOD INSURANCE RATES EXPECTED TO SKYROCKET FOR SOME WV HOMEOWNERS

(08/17/2013)

Flood insurance rates in West Virginia are expected to rise for some and skyrocket for others as provisions of a federal law begin to take effect late this year. The 2012 Biggert-Waters Flood Insurance Reform Act was signed into law, effecting increases. The act is meant to shore up the National Flood Insurance Program, which has critical debt, with the increase reflecting the "full risk" for covering properties. Many property owners may no longer be able to afford flood insurance. Under the law, most primary residences will be able to keep their subsidized rate unless one of the following occurs: the property is sold; the policy lapses; the property suffers severe, repeated flood losses; or a new policy is purchased. About 20 percent of all flood insurance policies are subsidized, but in West Virginia, it's about 60 percent. Properties with subsidized rates that have experienced severe or repeated flooding will see rates increase 25 percent annually until the rate reflects "true risk."

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