Hello! If you currently own property or are considering purchasing property in Florida, I would like to provide you with this valuable information concerning the changes that are occurring in the Flood Insurance Industry. This is a very important topic. I am asked about flood insurance almost every day by my clients and I think it is important to provide up-to-date information so that you can make educated decisions, based on real facts while protecting your home from potential damage.
FEMA is revamping not only the requirements for obtaining insurance but also the structure for pricing policies. Rates are being recalculated effective October 1, 2021, for new policies and April 1, 2022, for renewal policies. You will have the option to remain in FEMA 1.0 until April 1, 2022, after which all policies will be renewed based on FEMA 2.0.
The new pricing structure will take into consideration many important factors and allow for appropriate pricing so that higher-risk properties are paying the correct rates, based on individual qualifications. Of course, private flood insurance is also available and can usually provide better coverage with more competitive rates. It might be a good time to review your policy and speak to your insurance agent to be sure that your coverage is adequate.
I have a great YouTube video where I interview a local insurance expert which is definitely worth watching! Erin explains all the changes that are happening and how they may affect you and your property. Hopefully, this video covers all the questions you might have, but if not, her contact info is included and she would be happy to speak to you.
Please click on the video provided, and let me know if you have any questions.
