Coastal RI Flood Insurance Changes from FEMA
National Flood Insurance Program is making changes with the waterfront RI flood insurance program from FEMA (Federal Emergency Management Association).
Since January 2013 there have been major changes to the National Flood Insurance Program that impact all buyers and sellers
This flood insurance premium change starts as of January 2013 with non-primary residences.
According to FEMA, flood rates will increase by 25% a year until they are no longer at a subsidy level.
In addition, sometime late in 2013 (no month specified yet), flood rate increases will be levied
on business properties, repetitive flood loss properties and any properties that have had past repeated flood related claims that are more than market value of property. Now I ask who determines this fairly for the homeowner of coastal RI property? I am hoping this is not arbitrary and that FEMA will share more guidance on how this is being handled.