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!
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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.
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.
THURSDAY, AUGUST 13 2015 1:56 PM

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