If you live on the water, or close by, your flood insurance cost is rising, rising.
Gail Owings, Kent’s director of planning, reported to the county commissioners today about “significant” rate hikes in the National Flood Insurance Program that became effective Oct. 1.
On riverine zones the rate surge is 8 to 10 percent. The bottom limit for a family dwelling increases from $50,000 to $60,000, with a top-end limit of $250,000. Contents coverage base goes from $20,000 to $25,000 with a total limit of $100,000.
The standard deductible of $500 is discontinued for all properties. From now on it’s $1,000.
Owings told the commissioners, “We will continue to work with property owners to identify ways to reduce these insurance rates, such as elevation and venting of structures.”
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