New Flood Insurance Rates and Regulations
Cincinnati residents who live on or near a flood plain are finding out how federal flood insurance regulation changes are affecting their insurance rates. On July 6, 2012, a law took effect that made significant changes to National Flood Insurance Program regulations. Most significantly, the insurance premium rates will increase on homes on or near special flood hazard zones. Wondering if your home is on or near a special flood hazard zone? Find out if you will be affected by the new flood insurance rates by entering your address on FEMA’s flood zone maps.
As of January 1, 2014, premium rates began to increase. However, the increases on new flood insurance rates don’t stop there. Rates will increase 25% each year until they reflect the full risk rate. This not only affects current home owners, but home buyers as well. For newly purchased property, FEMA will begin to apply full risk rates to the policies. These purchases will also not be eligible for any discounts or subsidies that the previous owner was receiving. See all Cincinnati homes currently listed for sale.
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