Millions Face Higher Flood Insurance Premiums

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Millions of Americans including many whose homes were damaged by Tropical Storm Lee in 2011 are paying double-digit increases in flood insurance premiums. Those living with mortgages in high-risk flood regions are paying 18 percent increases under new legislation that went into effect this month.

bridgeThe Federal Emergency Management Agency says the legislation is intended to improve the long-term sustainability of the program, which is drowning in a $24 billion sea of red ink.

The new rates are actually a little lower than proposed under legislation passed in 2012. That law had some paying rate increases of 25 percent.

FEMA has 18 months to complete a study on flood insurance affordability and up to 36 months to find a way to help homeowners who can’t afford high premiums.

Flood Hazard Zones are typically found in low-lying, river or stream shore areas. FEMA has determined Base Flood Elevations for most Flood Hazard Zones per FEMA Mapping.. The Base Flood Elevation is an elevation above the mean sea level which indicates the predicted water surface elevation resulting from a flood that has a one percent chance of equaling or exceeding that elevation in any given year. You may use the FEMA Map Service Center address search feature to determine if your property is located in a Flood Hazard Zone or simply contact us at 570.752.4433 for assistance.

Peters Consultants, Inc.’s (PCI) Survey Department offers an Elevation Certificate Service for Northeastern Pennsylvania property owners with structures located in Federal Emergency Management Agency (FEMA) designated Flood Hazard Zones. Since FEMA established the National Flood Insurance Program, PCI has provided Elevation Certificates for countless homeowners along the rivers, streams and tributaries of Northeastern Pennsylvania. All surveys are conducted in strict compliance with established FEMA guidelines.



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