Federal Flood Insurance Rates Rise

If you possess Federal Flood Insurance, then you can soon expect an increase in your insurance rates.  The director of the FEMA said that people who are paying hundreds of dollars a year for flood insurance coverage will likely end up paying thousands.

Congress stated that the reason for the hike is so that the program ends up paying for itself.  These increases will be phased out throughout a three of four year time period.  These comments all came from the National Hurricane Conference where it was also mentioned that the National Hurricane Center will begin providing three additional days’ notice when a tropical storm is about to strike.

Often time’s insurance companies may violate the terms and conditions of their homeowner’s policy by not paying as much as they had promised.  Insurance agencies are infamous for finding the cheapest way out of paying the full amount for damages caused to homes.

If you believe that your home insurance provider has acted in bad faith in regards to your homeowners flood insurance coverage, you could be entitled to file a claim for breach of contract. For additional information, contact our office at 251-888-8888 and a member of our intake staff will take the details of your case and refer you to one of our home and property damage lawyers.