Upcoming Changes to Homeowner's Insurance: UPWARD!

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Real Estate

The price of living near the shore is already high. It’s about to go through the roof.

As FEMA prepares to remove subsidies from its flood insurance, a new assessment says 8 million homeowners in landlocked states are at risk of serious flooding because of climate change.

On Friday, the Federal Emergency Management Agency will incorporate climate risk into the cost of flood insurance for the first time, dramatically increasing the price for some new home buyers. Next April, most current policyholders will see their premiums go up and continue to rise by 18 percent per year for the next 20 years.

Adapted from an article in Washington Post Dated 10/1/2021 By Darryl Fears and Lori Rozsa