The Associated Press reports that there are 3,319 Maine flood insurance policyholders facing premium cost increases as part of changes to the National Flood Insurance Program.
Other statistics of interest:
• Percent of flood insurance policyholders facing an increase: 36 percent
• Policies facing annual increases up to 18 percent: 1,679
• Policies facing mandatory annual 25 percent increases: 1,640
• Businesses affected: 540
• Annual premiums paid in 2013: $9.5 million
• Paid flood claims all-time: $41.7 million
The impact is important for those affected, but as Sue Baker, state coordinator for the national flood insurance program, points out, Maine claims are small compared with those in the Gulf Coast states.
Read the complete article as published in the Portland Press Herald.
And feel free to call your Allen insurance specialist with questions about flood insurance.
