“Each April 1, flood insurance premiums rise.
It’s no different for 2018.
The Federal Emergency Management Agency reports flood premiums will jump about 8 percent this year.
Here are some facts about the flood premium increase:
The average flood policy will cost $935 annually, up from $866 in 2017. That number does not include the surcharges homeowners are required to pay. When those are factored in, the average policy will cost $1,062 in 2018.
There were 231,956 flood insurance policies in effect in New Jersey, according to FEMA, which administers the National Flood Insurance Program. The average New Jersey policy holder pays about $1,000 a year, but that number has been steadily rising.
While the average flood policy will cost 8 percent more, some homeowners will see much larger rate increases — up to 25 percent for vacation homes, commercial properties and homes that have had repetitive flood losses.
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