Flood Insurance Increases on the Way for Delmarva Homeowners - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Flood Insurance Increases on the Way for Delmarva Homeowners

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(Photo: WBOC) (Photo: WBOC)

KITTS HUMMOCK, Del. - We knew it was coming, but that doesn't make it any easier to take.

A law passed by Congress last year will soon have many on Delmarva digging a little deeper into your pocket for flood insurance.

The law calls on the Federal Emergency Management Agency and others to make a number of changes to the way the National Flood Insurance Program is run.

Michael Costello lives in the beach front community of Kitts Hummock. He says the decision by the federal government to remap homes and increase some homeowner's flood insurance doesn't sit well with everybody.

"When you realize that some storms cost FEMA billions and billions of dollars it's probably not unreasonable for them to raise their rates a little bit. The issue becomes what is a little bit?" asked Costello.

Some homeowners will see an automatic increase of 25 percent in their flood insurance plans this year.

FEMA representative Dave Bollinger said some of changes have already occurred, and others will be implemented in the coming months.

"The subsidies are going away 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 Jan. 1 of this year, you saw a 25 percent increase and you will see that 25 percent increase for the next four years," said Bollinger.

"There's almost no rhyme or reason to how rates are determined. They are supposed to be determined by the value of your home, the flood zone that you're in but yet you can have two people in the same zone, side by side, and one person will pay $500 and the other will pay $4000 for almost the exact same coverage,' said Costello.

That's exactly what's happening in parts of Kitts Hummock.

Costello says he pays nearly $500 while his neighbor across the street, who has a fairly newer home, will be paying thousands.

The good news is that remapping flood zones has actually helped some of the properties in the area.

"Some of the homes in Kitts Hummock are in a V zone. Now with the new mapping they are going to be in the A zone. The A zone creates less risk because of a lack of velocity from wave action," said Costello.

While some may be happy about the changes coming their way, other homeowners will be expected to pay a lot more in flood insurance.

 For more information, log onto www.floodsmart.gov.

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