New legislation that went into effect this month could allow for a National Flood Insurance Program (NFIP) rate increase of up to 18% for millions of Americans living in high-risk flood regions—and many of them may be taken by surprise.
The financial burden may be especially hard for the homeowners still struggling in the aftermath of Superstorm Sandy.
With the NFIP paying out more than it has taken in for decades, the new legislation is meant to maintain the long-term sustainability of the program.
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
