“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.

 

 

Read the full story here

 

 

 

 

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