3 vital facts about flood insurance cost hike

April 3, 2015 5:32 AM

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ASBURY PARK, N.J. — The next storm hitting the Jersey Shore won't come with rain and wind, but with new surcharges and rate increases that will appear on homeowners' flood insurance bills.

The Homeowner Flood Insurance Affordability Act of 2014, which took effect Thursday, will include premium increases of up to 18% for primary homeowners and 25% for those who own vacation homes or rental properties. A new surcharge will also be assessed.

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