Starting on April 1st, 2015, FEMA will be implementing changes to the National Flood Insurance Program (NFIP). This will affect all flood insurance policies that are bound or renewed after that date. Below are the important facts that you need to know as it relates to your policy.
- 1) Each policy will be surcharged as stated by the Homeowners Flood Insurance Affordability Act (HFIAA)
- $25 for primary residences
- $250 for non-primary residences
- Reserve Fund Assessment will increase to 15% for all policies except for Preferred Risk Policies
- There will be a new deductible option of $10,000.
- If you choose this higher deductible it must apply to both building and contents coverage
- On average rates will increase by 9.9%
- This will lead to a premium increase of 19.8% on average
Flood insurance is important coverage for all homeowners in Florida. Here at Charles D. Talley Jr. Insurance we are committed to providing our customers with as much knowledge about their policies as possible. If you have any questions about your policy contact us today to schedule your free policy review.