Flood insurance coverage increases

People with flood insurance underwritten by the National Flood Insurance Program can now get more help with the extra cost of rebuilding or altering flood-damaged structures to comply with local flood plain management ordinances, according to the Federal Emergency Management Agency.

As of May 1, flood insurance policyholders have $30,000 of “increased cost of compliance” coverage to help pay for elevating, flood proofing, demolishing or relocating a structure that has been substantially or repetitively damaged by flooding, an increase of 50% over the previous $20,000 of coverage.

FEMA Mitigation Division Director Anthony S. Lowe, who administers the insurance program, said new data have lowered the estimate of annual claims, enabling the program to raise policyholders’ coverage with no change in premiums.