Blue-Collar Communities Pay More For Flood Insurance

  Tuesday, June 9th, 2015 Source: Insurance Business America

Insurance agents and brokers assisting flood insurance policyholders may find a stark difference in premiums depending on income levels in the communities where they live. According to a report released this week from the University of Massachusetts Dartmouth, wealthier communities boasting higher-value properties along the coastline typically pay hundreds of dollars less in premiums than homeowners in low income communities. In fact, under the National Flood Insurance Program, blue-collar Fairhaven, Massachusetts pays an average $1,800 a year for a policy —nearly a third-more than Edgartown, Massachusetts homeowners, who pay about $1,400 for the same policy.

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