New Federal Changes to Insurance PremiumsMonday April 01, 2013 12:03 pm
Please find below and attached information on the new insurance changes that started to take effect in January of this year. Other provisions will begin in August. In general, grandfathering for homes built after the National flood Insurance Program began providing flood maps will be phased out. While the Planning Department is working on tools to protect Terrebonne's access to insurance and public outreach will be provided by an number of sources, residents are likely to begin asking questions regarding these changes. The Department has been able to secure an insurance rating that earns a 20% discount for Terrebonne property owners. New efforts this year aim at retaining that discount or increasing it to 25%. The discount will not be able to offset the increases for many.