Water Damage

Darren Fishell

Source

Mainebiz

Date

6-10-2013

Pages

22-24

Abstract

“Focus York County” piece on the impact that elimination of federal flood insurance subsidies program and new flood maps will have on policyholders. In Maine, 36% of flood insurance policies are subsidized, because the state has some of the oldest housing stock in the country. Insurance premiums have already been creeping up in recent years as insurers try to recoup losses from hurricane damage over the past decade. How FEMA’s flood map revisions will affect insurance premiums, development restrictions, and property values remains to be seen. The agency uses historical weather data, but has no method yet to measure sea level rise.

Subjects

Insurnce, Flood

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