New flood insurance policy rates will take effect April 1, 2015. Primary residences will see a renewal increase of 18% of the current premium. If your home was substantially damaged in Superstorms Sandy or Irene, the policy renewal could increase by up to 25%. Second residences and businesses will see a policy renewal increase of up to 25%.
Residential and business owners will also pay a new surcharge called the "Homeowner Flood Insurance Affordability Act of 2014 (HFIAA)." The surcharge for primary residences is $25 and secondary residences and businesses will be charged $250. You will automatically be billed $250, the HFIAA second-home rate. If your residence is your primary home, your insurance agent will send you a notice to submit proof to verify your primary residence. You must submit verification of primary residence to your insurance agent within 30 days from the date of the notice. If you do not submit verification in this timeframe, you will have to pay the $250 rate.
To receive the $25 HFIAA surcharge rate, you must submit ONE of the following proofs of primary residence:
You can get more information and connect to housing counseling and legal services online or by calling (646)-786-0888.