FEMA Announces Changes in Rates, Rules for NFIP
The Federal Emergency Management Agency (FEMA) has issued another memorandum, outlining changes in rates and rules for the National Flood Insurance Program (NFIP).
Among the changes: Premiums will increase an average of 5% for policies written or renewed on or after October 1, 2012. The average premium change by zone varies. The premium for a particular policy may change more or less than the average change. Other changes include revised building and contents rates, along with various technical changes. PIA members should be alert to these changes now, because while they are effective October 1, 2012, renewals typically begin 60-90 days out.
Read the FEMA Bulletin on rate changeS: WYO Program Bulletin W-12028