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Higher flood insurance rates

In 2014, Congress rewrote a major overhaul of the flood insurance program passed two years earlier. The 2014 law delays increases in some flood insurance premiums. Those increases had been mandated as part of flood insurance reform adopted by Congress in 2012.
The flood insurance information below is provided as a courtesy to residents of Charlotte-Mecklenburg. The best sources of information about any changes to flood insurance rates are:
  • your flood insurance agent
  • the Federal Emergency Management Agency (FEMA)
  • the National Flood Insurance Program (operated by FEMA)

Summary of 2014 Flood Insurance Affordability Act​ (FEMA document)
Explanation of 2014 Flood Insurance Affordability Act (FEMA document)

2014 law lowers the recent rate increases on some properties
The legislation approved in 2014 repeals certain rate increases that went into effect after 2012 and provides refunds for those policy holders. Not everyone with a flood insurance policy will get a refund.

  • ​The 2014 legislation requires gradual rate increases to properties now receiving artificially low or subsidized rates.
  • Under the 2014 law, FEMA is required to increase premiums for most subsidized properties by no less than five percent annually and, in most cases, no more than 18 percent annually. The increases continue until the class premium reaches its full-risk rate. There are some exceptions, meaning some properties will see up to a 25 percent annual increase until they reach their full-risk rate.
  • To help offset the subsidized polices, the 2014 law includes a $25 surcharge on a flood insurance policy for a primary residence and a $250 surcharge for a policy for a business or second home.

The main goal of the Biggert-Waters Flood Insurance Reform Act in 2012 was to phase out federal taxpayer subsidies for properties at high risk of flooding. Many homeowners who were upset about sharp increases in their flood insurance premiums contacted members of Congress. That led to the new legislation being passed in 2014 and signed into law by President Obama.

Each flood insurance policy is unique. We suggest you contact your flood insurance agent to learn if your premium will be affected by changes in federal laws.

Discounts still apply
Because of participation in the Community Rating System, flood insurance rates for property in the regulated floodplain will still be discounted by:
   • 25% in the City of Charlotte
   • 20% in the Town of Pineville and unincorporated Mecklenburg County.

More about local flood insurance rate discounts