Several changes to the previously government subsidized flood insurance program will affect you. If you are staying in your home:
- If your flood zone is in any A or V zone, including AE, AB, AH, your flood insurance premiums will be increasing 25% per year until the premiums come in line with the actual flood insurance rates
- If your flood zone is in B, C, or X, your premiums will increase 20% per year until the premiums match the actual flood insurance rates
If you are buying a home, the new flood rates will affect how much of a mortgage you qualify for.
If you are selling your home, have your flood elevation certificate on hand to provide it to the new buyers.