Do you currently have Flood Insurance? Are you aware of the rate increases taking place on April 1st implemented by FEMA?

Non-Primary residences seem to be taking the biggest hit with the new surcharge. Those who own a secondary residence can expect to see a new $250 surcharge added to their flood premium as well as the rate increase. Preferred risk policies can expect to see a 10% increase and a 15% increase for all other policies.

If you own a pre-FIRM building you could see an increase as high as 25%. Increases for post-FIRM buildings in high-risk areas will continue at rates of 9-12% before the surcharge.

With all of the bad news, there is a little good news. The Homeowner Flood Insurance Affordability Act (HFIAA), is adding a $10,000 deductible option for all residential property owners, including single-family and two-to-four family dwellings. The higher deductible option could result in a 40% discount. However, if there is a lender involved, they may have to approve such a high deductible.

Please give us a call or send us a message to discuss further!
Share |


2 Comments

Jenn said...
This is good to know, thanks! My winter home in Florida has flood insurance currently, and I dont often bother to check on the rates there. I just assume everything is fine. Now I might need to spend some time making sure Im getting the best insurance deal possible. http://flstatewideinsurance.com/request-a-quote/homeowners-insurance/
FRIDAY, JUNE 05 2015 10:02 AM
Dave Thompson said...
I do not have flood insurance for my home currently. It is good to know that there is a rate increase for flood insurance for the whole country. A 10,000 dollar deductible is a lot of money, but if you are in a flood area you will be glad you have it when you need it. http://www.kurt-ins.ca/en/homeowners_insurance.html
THURSDAY, AUGUST 13 2015 1:56 PM

Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version

Contact Email Us Get A Quote Meet Our Staff

Insurance Companies
General Casualty
National General
Progressive
Safeco Insurance
Frontline
BlueCross BlueShield of North Carolina
Authorized Agent
Home     |     About     |     Contact     |     Service     |     Privacy     |     Disclaimer     |     Search

© Chalk & Gibbs Insurance and Real Estate

Chalk & Gibbs Insurance and Real Estate is an independent authorized producer/agency licensed to sell and promote products from Blue Cross and Blue Shield of North Carolina (BCBSNC). The content contained in this site is maintained by Chalk & Gibbs Insurance and Real Estate. Blue Cross and Blue Shield of North Carolina is an independent licensee of the Blue Cross and Blue Shield Association.

®, SM Registered marks of the Blue Cross and Blue Shield Association.