What is going on with the laws on Flood Insurance? I get asked this all the time. The truth of the matter is, I am a real estate agent, not an insurance agent. But...I do like to give at least a brief overview of what some of the changes are. I will always refer you for more accurate data to a licensed insurance agent though.
I was reminded of the nature of the worries about flooding while visiting the Museum of Science and Industry (MOSI) in Tampa. They had a big wheel that discussed the different flood planes. It was called the "Wheel of Misfortune" and you could spin it to see where the wheel stopped spinning (if it landed on a 50 or 100 year flood plane, you lose). It was very ominous.
So, how will the flood rate changes affect you? Well...luckily the government just made some changes to the law, and the bottom line is there may be an additional fee when you first get insurance (I have heard $50 and $250), they are bring back the subsidized rates, and they have a cap on how much the insurance can go up each year (I have heard 15-18%). That is good news!