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Coastal Homeowners Brace for Increase in Flood Insurance Rates

Over a million homeowners along U.S. coastlines and riverbanks could be affected by federal flood insurance rate hikes passed under the Biggert-Waters Flood Insurance Reform Act of July 2012 (BW-12)...
September 27, 2013

Over a million homeowners along U.S. coastlines and riverbanks could be affected by federal flood insurance rate hikes passed under the Biggert-Waters Flood Insurance Reform Act of July 2012 (BW-12). The hikes are intended to make property owners pay for the true risk of living in areas at high risk of flooding. Robert Hartwig, president of the Insurance Information Institute (I.I.I.), compared the impact of Biggert-Waters to the adoption of stronger building codes in Florida after Hurricane Andrew hit in 1992, saying, “That increased the cost of building homes in Florida, but it made them safer and more resilient to storms.”

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