New Homeowners No Longer Face Automatic Flood Insurance Increases
New homeowners and business owners in Louisiana will now be able to assume the property’s existing flood insurance policy.
The Federal Emergency Management Agency has repealed a provision of the 2012 Biggert-Waters Flood Insurance Reform Act that made it impossible for new homeowners to receive subsidized insurance premiums for properties built before flood rate maps were established for their communities.
Senator Mary Landrieu told the Times-Picayune that FEMA officially stopped implementing the old provision on May 1.
In some cases, the rate increases for new home and business owners were two to ten times higher than previous rates.