April 3, 2015
540 Maine businesses face flood insurance hike
Some 540 businesses and more than 2,300 homeowners in Maine are expected to see a rate increase in their flood insurance because of changes in federal law that took effect this week.
The Bangor Daily News reported that the changes in federal law will increase rates for about 3,300 flood insurance policyholders in Maine. Primary homeowners face a 10% premium hike, while owners of secondary homes, condominiums and business properties face an 18% hike.
The newspaper noted that annual rate increases are expected to continue until they reflect the actual flood risk, as determined by the U.S. Federal Emergency Management Agency.
Source: Bangor Daily News
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