Coastal RI Flood Insurance Changes from FEMA

 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

Flood insurance in RI real estate

Seawall protection

of waterfront RI real estate.  For many years, there have been flood insurance subsidies for homeowners who had property in waterfront and coastal areas that are deemed ‘flood zone‘ by the government.

 Due to changes in the National Flood Insurance Program, the subsidies will now be increased to reflect the full cost of flood insurance.  Basically, subsidies are stopping.

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.

Plus, in late 2013, FEMA will phase in full risk flood rates that are underwritten for all newly purchased coastal property within the special flood hazard areas deemed so by them.


As a coastal RI real estate agent, this is especially important for my waterfront and coastal RI real estate owners and clients.  I do not believe any of them have been notified by NFIP yet it is so new.  So take heed and know your costs.  I will work with all my clients affected by this flood subsidy change whether a buyer or seller.  Staying informed of these changes keeps me on the cutting edge of information for my customers.


Need a waterfront RI real estate agent that takes your business seriously?  If you are thinking of buying or selling RI real estate work with a Real Estate Agent who knows the ins and outs of the important points in buying coastal property. I would love the opportunity to help.  Phone me today at (401) 529-7849, or email me at to schedule an appointment.
 Coastal RI Flood Insurance Changes from FEMA.
Ginny Lacey Gorman is your go to waterfront Rhode Island agent for real estate in RI and beyond…knowing the geographic area, schools, happenings and important tidbits of local information.  Email me at to make an appointment to find or sell your piece of heaven in real estate!
Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard.   When you are in need of a real estate professional and specialist for your buying, selling or relocating needs and an internet savvy marketer who sells RI houses in this real estate market call Ginny at 401.529.7849.