U.S. flood insurance rates to increase April 1 for thousands

Categories: News
Published on: April 4, 2015

The Weather Channel / Sean Breslin / 31 March 2015

LongBeachIsland2Flood insurance rates are set to skyrocket when a new bill goes into effect on April 1. Known as the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), it’s going to drive the prices of flood insurance plans through the roof for residents of all U.S. coastlines.

How much could they increase? In some areas where flood maps show maximum risk, premiums that were previously $500 could be raised to as much as $20,000 a year or more, according to estimates released in 2013.