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In July 2012, Congress passed the Biggert Waters Flood Insurance Reform Act of 2012.
In the coming months, some local property owners may see flood insurance premiums increase as the Federal Emergency Management Agency (FEMA) re-rates certain structures under the Act to reflect the true cost of flood risk. Older structures which were built before Moline's first floodplain maps and have subsidized insurance premiums ("pre-FIRM" rates) will likely be affected.
FEMA has reported that secondary or vacation homes will lose federal subsidies and begin to see higher rates in 2014 as policies are renewed. Business properties with a history of repetitive or expensive flood claims will also lose federal subsidies. Actuarial (non-subsidized) premiums will be used on all new policies and when properties are sold.
For more information on the flood insurance reform act visit the FEMA website below or the NFIP at www.floodsmart.gov. Questions regarding changes to flood insurance policies should be directed to an insurance agent.
Flood insurance policies for properties located in the City of Moline will continue to receive a 10% discount due to the city's flood hazard reduction efforts and participation in the Community Rating System.