The basics: the federal government passed legislation last year (before Sandy) to phase out subsidies for the National Flood Insurance Program.  Therefore, rate increases will take effect starting October for all secondary homeowners.

Unless the government decides to alter the current plan, flood insurance rates are scheduled to increase 25% each year over the next 4 years.

If your property does not comply with elevation requirements, ask your insurance agent if proper crawl space venting  will correct the problem.  An elevated structure with proper venting qualifies for the lowest flood insurance rates.

P.S. The revised FEMA flood maps are expected to be available for public view on Tuesday. Will post link when available.

Quote from article written by staff writer Sarah Watson for The Press of Atlantic City  8/24/13:  “These maps are the most recent updates in FEMA’s first major upgrades of the flood maps since the 1980’s. The maps also become the “best available data” for the purposes of those rebuilding their houses following Hurricane Sandy or starting new construction.”