Flood insurance rate hikes went into effect as scheduled Tuesday despite nationwide pleas to delay the increases, which could jack up some Florida policy prices by thousands of dollars per year.
The changes, part of the Biggert-Waters Flood Insurance Reform Act of 2012, phase out subsidies from the National Flood Insurance Program, eliminate grandfathering clauses, and call for a redrawing of flood maps that will put thousands of homes into high-risk zones.
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