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>>

  • Restaurants Prepare for Thanksgiving Holiday

    Restaurants Prepare for Thanksgiving Holiday

    11/22/2017 22:06:00 -05:002017-11-23 03:06:00 GMT
    Wednesday, November 22 2017 10:06 PM EST2017-11-23 03:06:27 GMT
    Thanksgiving PreparationsThanksgiving Preparations
    SALISBURY, Md.- Restaurants in Salisbury are gearing up for Turkey Day. While many are cooking at home on Thursday, some are choosing to go out to eat for Thanksgiving. Jennifer Stack says she isn't a good cook, so her family is going out forMore
    Restaurants in Salisbury are gearing up for Turkey Day. While many are cooking at home on Thursday, some are choosing to go out to eat for Thanksgiving.More
  • Police Searching for Two Suspects Related to a String of Burglaries in Delaware

    Police Searching for Two Suspects Related to a String of Burglaries in Delaware

    11/22/2017 21:16:00 -05:002017-11-23 02:16:00 GMT
    Wednesday, November 22 2017 9:16 PM EST2017-11-23 02:16:01 GMT
    Courtesy of Delaware State PoliceCourtesy of Delaware State Police
    Delaware State Police are asking for the public's help in identifying two suspects involved in several burglaries in Milford, Milton and Dover.More
    Delaware State Police are asking for the public's help in identifying two suspects involved in several burglaries in Milford, Milton and Dover.More
  • Delaware Uber Drivers, Passengers Unsettled by Data Breach News

    Delaware Uber Drivers, Passengers Unsettled by Data Breach News

    11/22/2017 18:27:00 -05:002017-11-22 23:27:00 GMT
    Wednesday, November 22 2017 6:27 PM EST2017-11-22 23:27:06 GMT
    KENT COUNTY, Del. --- News that some personal information for 57 million Uber passengers and drivers last year wasn't welcomed by Jacob Johnson of Camden.Johnson, a military veteran who recently started driving with Uber but has used the service as a pasMore
    KENT COUNTY, Del. --- News that some personal information for 57 million Uber passengers and drivers last year wasn't welcomed by Jacob Johnson of Camden.Johnson, a military veteran who recently started driving with Uber but has used the service as a pasMore
  • Most Popular VideosMost Popular VideosMore>>

  • "Hood Fight Salisbury" Cell Phone Videos

    "Hood Fight Salisbury" Cell Phone Videos

    27 cell phone videos depicting brutal streets fights among teenagers in Salisbury were posted online. Local leaders including the Mayor, State's Attorney and a Reverend react to the media.More
    27 cell phone videos depicting brutal streets fights among teenagers in Salisbury were posted online. Local leaders including the Mayor, State's Attorney and a Reverend react to the media.More
  • First Maryland Medical Marijuana Dispensary Set to Open on Delmarva

    First Maryland Medical Marijuana Dispensary Set to Open on Delmarva

    The first Maryland medical marijuana dispensary on Delmarva could open within weeks in Salisbury. Other dispensaries are preparing to open as well, possibly next year. They will all do so with a unique set of challenges.

    More

    The first Maryland medical marijuana dispensary on Delmarva could open within weeks in Salisbury. Other dispensaries are preparing to open as well, possibly next year. They will all do so with a unique set of challenges.

    More
  • SkyCam16: Church Creek Fire Tower

    SkyCam16: Church Creek Fire Tower

    According to Christ Robertson of the Maryland Department of Natural Resources, the Church Creek Fire Tower hasn't been used to spot fires for quite some time and is set to be taken down next year.

    More

    According to Christ Robertson of the Maryland Department of Natural Resources, the Church Creek Fire Tower hasn't been used to spot fires for quite some time and is set to be taken down next year.

    More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices