FEMA Officials: Flood Insurance Premiums to Rise this Year

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NEW JERSEY -

Federal officials say flood insurance premiums will rise once again this year.

According to recent reports, the Federal Emergency Management Agency (FEMA) says flood premiums will go up by about eight-percent this year with the average flood policy costing $935 as opposed to last year's $866.

The increase, however, doesn't include surcharges homeowners must pay, which will raise the average policy to just over $1,000.

FEMA reports that there are currently more than 230,000 flood insurance policy in-effect throughout the whole state.

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