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Flood Insurance to See Rate Hikes, Says FEMA Head

Source: Miami Herald


Posted on 27 Mar 2013 by Neilson

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FEMAThe head of the Federal Emergency Management Agency says people who buy federal flood insurance need to plan for big rate hikes. FEMA director Craig Fugate says some people now paying hundreds of dollars a year could wind up paying thousands because Congress says the program must at least pay for itself.

He said Tuesday that the increases will be phased in over three to four years.

His comments came at the National Hurricane Conference. The National Hurricane Center's Rick Knabb said the center will start providing three more days of notice about where tropical systems are likely to develop for the hurricane season that starts June 1. The tropical weather outlook has covered two days; now there will be a five-day forecast.

He says the center is working on storm surge watches and warnings, with plans to roll them out in 2015.

 


Comments

 
Charles Smith Apr 1 2013 4:25PM Report Abuse
Will flood insurance continue to be sold by Independedn Agents? If so, will rates and apps be on the internet? What will be commission percent?
Charles Smith Apr 1 2013 4:19PM Report Abuse
Will flood insurance continue to be sold through Independent Agents? Will the rates be on line?
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