I blogged last month about flood insurance rate increase changes and have since learned more that’s worth sharing. These changes have a huge impact for Pre-Firm homeowners (homes built before 1974) living in high risk flood zones! If you live in a high risk zone and have a Pre-Firm flood policy, your flood premium will increase as much as 25% annually until it reaches actuarially sound rates (aka full risk rate). For a buyer in these areas, there’s no adjustment period – you pay the new full-risk rate premium based on your home’s elevation. As an example, a property in a high hazard Flood Zone VE that currently has a $5,000 Pre-Firm flood insurance premium has been quoted on a new policy for $44,000-$55,000 depending on the chosen deductible. That’s a serious increase! If you own a residential investment property or 2nd home in a high risk area, you too are subject to the 25% annual increase until your investment property reaches actuarially sound rates. For detailed information about these changes, watch this video: http://youtu.be/O3eBf_Sqsw4 or contact me!
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