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This homeowner is shocked when he finds out his flood insurance premium is $32,000 a year.
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Do you know what the Actuarial Rate is of your home?
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Flood Insurance was subsidized by the Federal government. The subsidies have been removed.
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Homeowners will be receiving 18% – 25% compounded yearly increases, until the home reaches its unsubsidized Actuarial Rate.
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This home’s Actuarial Rate is $32,000 a year.
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There are approximately 1 Million Flood Zone Homes that will see exorbitant increases in flood premiums in the near future.
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Please share this with your flood zone neighbors and elected officials.
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