Flood insurance premiums just got more expensive — again.
Effective April 1, the average premium rose 8 percent, from $866 per policy to $935. But the vast majority of homeowners will see increases of 5 percent or less.
The increases aren’t tied to losses from any of the 2017 hurricanes, but required by two congressional fixes enacted in 2012 and 2014 that were intended to steer the debt-laden National Flood Insurance Program toward self-sufficiency.
The largest increases — 25 percent — will be for subsidized policies on buildings in high-risk zones constructed before communities’ first flood insurance rate maps went into effect in the 1970s. They include non-primary residential properties, business properties, properties that sustained substantial or repetitive damages.