Get Ready, Flood Insurance Premiums are Going Up
Posted by Mike Ciucci on
Chances are, if you're living anywhere near the coastline of Charleston, South Carolina, then you're paying for flood insurance due to the the fact that Charleston's elevation is just above sea level. If you're financing your home, then your lender would have required it at closing when you purchased. However, if you paid cash or if your house is in flood zone x, then it wouldn't be required. See more on Charleston flood zones.
But what is this about flood insurance rates going up, and will it affect me? Yes. The Biggert-Waters Flood Insurance Reform Act of 2012 was passed in June of 2012 which will increase flood insurance premiums over a 4 or 5-year period.
The National Flood Insurance Program states that premiums were off as much as 40% of…
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