Those of us living in flood-prone areas have been given some relief from immediate increases in insurance premiums with the passage of the Homeowner Flood Insurance Affordability Act of 2013. But this law is not a permanent solution.
While “grandfathering” of homes built to code under previous maps has been reinstated, new maps will still be put in place. While the annual increase in subsidized rates will be slowed, those rates will still go up over time. And, ultimately, the National Flood Insurance Program must be financially sound in the long run.