Some Changes Coming to Flood Reforms
COLUMBUS, Miss. – Some changes are coming to flood reforms, that could impact people here in the Golden Triangle – especially those in flood zones.
Local insurance agents say these changes can be both good and bad for homeowners.
If you live where the water rises, your insurance rate may be about to change.
Local realtors, mortgage lenders and insurance agents are learning about how flood reform legislation impacts their clients.
“What we were here for today was to make everyone aware of the impact that that law’s going to have on us going forward with flood insurance,” said insurance agent Jimmy Galloway.
Galloway says the act impacts anyone who acquires or insures a home for the first time through the flood insurance program.
The most dramatic changes will impact homeowners who live in flood prone areas – in homes built before 1974.
Insurance rates will reflect the true risk of flooding. The more chance of flooding, the higher the premium. But if your home stays dry, your rate may drop.
You may expect to see changes in your policy in October.
If you would like more information on this act, and the changes taking place, go to www.floodsmart.gov.