Thursday, September 5, 2013
From the BayouBuzz - FEMA releases specific numbers on new flood insurance rates....
Written by Media Sources
New Orleans, La. - FEMA has released specific numbers regarding new, higher flood insurance rates that will take effect Oct. 1.
The rate guidelines released Wednesday give home and business owners an idea of what they'll be paying based on their flood zone and base flood elevation.
For a house between 2,000 and 3,000 square feet that sits two feet below the required base flood elevation, $200,000 worth of flood insurance will cost about $6,300 a year.
For the same house nine feet below base flood elevation, the cost goes up to $20,000 a year.
Not everyone will be immediately affected. FEMA says policyholders should contact their insurance agent to get an exact premium amount.