Cape Cod property owners could see huge flood insurance price hike with Risk Rating 2.0
Cape Cod Times (Hyannis, MA)
Feb. 25 YARMOUTH Coastal property owners are accustomed to getting a jolt from nature. Nor easters, the occasional hurricane, even unexpectedly big tides can mean expensive repairs or replacement of an entire structure.
In recent years, changes to the insurance policies that cover those damages led to additional sticker shock with the threat of skyrocketing rate increases.
In 2013, it was the redrawing of
Federal Emergency Management Agency flood plain maps, used to calculate risk and determine premiums for the National Flood Insurance Program, that added thousands of Cape properties to flood zones. That meant the newly added property owners with federally backed mortgages were required to purchase flood insurance, with rate increases as high as
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