On April 1st flood insurance premiums for property owners will be going up an average of 19.8% as part of the Homeowners Flood Insurance Affordability Act . Properties with mortgages are required to have flood insurance, unless the property is located in Flood Zone X, B, or C. The flood insurance rate is applied to the insured value of the property per $100 of coverage. Homeowners who have purchased recently will have a survey and elevation certificate. If the property’s lowest floor elevation is the same or higher than the base flood level of the home, it is possible to save up to 50% annually on the cost of flood insurance. The closing agent will have the survey and elevation certificate in the file. Homeowners who do not have a recent elevation certificate may consider getting one.
