Flood Insurance Could Increase for Homeowners - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Flood Insurance Could Increase for Homeowners

Posted:
(Photo: WBOC) (Photo: WBOC)

DOVER, Del.- If you own a home or business, you could soon be paying more for flood insurance.

For those who don't live in a flood zone, and think you're high and dry, think again.
Remapping is under way, meaning more people will need to buy coverage.    
 
FEMA representative Dave Bollinger says an anticipated increase in flood insurance is something that won't bring joy to every homeowner.

"Due to a congressional act called the Bigger Waters Flood Insurance Act of 2012, that starts by taking away subsidies from secondary homes. So if you own a vacation home at the shore, starting January 1 of this year, you saw a 25 percent increase," said Bollinger, Mitigation Outreach Coordinator for FEMA.

According to FEMA, nationally, five percent of homes and businesses saw an immediate 25 percent increase in their flood insurance premiums.

The agency is about 25 billion dollars in debt. Bollinger says that's because the costs of recovery have skyrocketed for high risk flood zones.

Government leaders have devised a plan to remap all flood zones and to increase rates to reflect a homeowner's actual flood risk.  The increase in rates is to help sustain the program.

Some homeowners who were not in a flood zone could now be in one due to remapping.

"The map is saying here is a risk given a certain amount of rainfall in your area, it will bring the water to what we call a one percent chance flood level. We used to call that the 100 year flood, but everyone confused that with, 'Oh that really only happens every 100 years and that's not really what that is," said Bollinger.

Bryan Stockton with Nationwide insurance in Dover says 20 percent of homeowners don't know that flood insurance is not covered under their homeowners policy.

"They're surprised a lot of times. They assume that just because there's some terminology on their homeowners policy that may equal that they're covered for flood, when in fact it's two separate entities," said Stockton.

FEMA says Congress won't bail the agency out just yet. Leaders are hoping this rate increase will help lower the debt.  

For more information on the FIRA of 2012 or to find out about cost-saving options available to homeowners and business owners, log onto www.fema.gov/flood-insurance-reform-act-2012.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Dover Wastewater Pump Station Remains Shuttered

    Dover Wastewater Pump Station Remains Shuttered

    Feb 20, 2018 7:09 PM2018-02-21 00:09:00 GMT
    Tuesday, February 20 2018 8:00 PM EST2018-02-21 01:00:11 GMT
    DOVER, Del. --- Public Works crews on Tuesday removed faulty sewer pumps that failed the day prior, shuttering a pump station and prompting around-the-clock maintenance to contain the flow of sewage until repairs can be made.More
    DOVER, Del. --- Public Works crews on Tuesday removed faulty sewer pumps that failed the day prior, shuttering a pump station and prompting around-the-clock maintenance to contain the flow of sewage until repairs can be made.More
  • Man Arrested for Stealing From Cars in Seaford

    Man Arrested for Stealing From Cars in Seaford

    Feb 20, 2018 6:35 PM2018-02-20 23:35:00 GMT
    Tuesday, February 20 2018 6:36 PM EST2018-02-20 23:36:33 GMT
    Delaware State Police have arrested a man in connection with multiple thefts from cars in Seaford.More
    Delaware State Police have arrested a man in connection with multiple thefts from cars in Seaford.More
  • First Eight National Folk Festival Performers Announced

    First Eight National Folk Festival Performers Announced

    Feb 20, 2018 5:30 PM2018-02-20 22:30:00 GMT
    Tuesday, February 20 2018 5:30 PM EST2018-02-20 22:30:56 GMT
    SALISBURY, Md.- The National Folk Festival announced its first group of eight artists who will perform at the event taking place in Salisbury on September 7th-9th this year. The national festival will welcome nearly 350 artists to downtown, including dancMore
    SALISBURY, Md.- The National Folk Festival announced its first group of eight artists who will perform at the event taking place in Salisbury on September 7th-9th this year. The national festival will welcome nearly 350 artists to downtown, including dancMore
  • Most Popular VideosMost Popular VideosMore>>

  • New Waterfront Hotel Breaks Ground in O.C.

    New Waterfront Hotel Breaks Ground in O.C.

    The location of a new waterfront hotel that recently broke ground in Ocean City is raising some eyebrows with neighbors in the downtown area.

    The Cambria Hotel is being built in the vacant lot that sits just north of the Route 50 drawbridge, meaning it will be one of the first things drivers see headed into town.

    More

    The location of a new waterfront hotel that recently broke ground in Ocean City is raising some eyebrows with neighbors in the downtown area.

    The Cambria Hotel is being built in the vacant lot that sits just north of the Route 50 drawbridge, meaning it will be one of the first things drivers see headed into town.

    More
  • Police Search for Vandal Suspects Who Killed Fish

    Police Search for Vandal Suspects Who Killed Fish

    Police are investigating vandalism at Kitty's Flower Shop in Salisbury that occurred around 7:30 Thursday night. The store's outdoor pond was destroyed and several of the fish in that pond were killed.

    More

    Police are investigating vandalism at Kitty's Flower Shop in Salisbury that occurred around 7:30 Thursday night. The store's outdoor pond was destroyed and several of the fish in that pond were killed.

    More
  • Dover Police Announce Death of Officer

    Dover Police Announce Death of Officer

    The Dover Police Department says one of their own passed away yesterday. Corporal Thomas Hannon's death was a result of medical complications brought on after sustaining a leg injury in the line of duty in 2012.

    More

    The Dover Police Department says one of their own passed away yesterday. Corporal Thomas Hannon's death was a result of medical complications brought on after sustaining a leg injury in the line of duty in 2012.

    More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices