Impacting Everyone Who Has Flood Insurance
Legislation that went into effect 4/1/16 has brought about changes to FEMA’s National Flood Insurance Program. Flood insurance rates are increasing substantially once again for property owners in flood zones, especially those on or near the waterfront. Congress hopes the higher premiums will help pay down some of the $24 billion of debt incurred by the National Flood Insurance Program due to catastrophic claims from Hurricane Katrina and Superstorm Sandy.
What Does It Mean?
Across the country, flood insurance premiums will increase 9 - 25%, depending on the characteristics of the property. However, your specific increase will not be determined until 30 days before your annual renewal date. Detailed Summary of the NFIP April 2016 Program.
We Can Help
We value your business and want you to feel confident that your insurance program is working for you. While we can’t stop flood insurance changes and premium increases from happening, we can help you make sense of it all. Please feel free to talk with your local advisor – we’ll be happy to explain.
For more information check out these links below:
Tompkins Insurance Agencies has been helping families and businesses with insurance strategies and solutions to protect their assets and manage their risks.
