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FLOOD RATES ARE INCREASING APRIL 1, 2015

The National Flood Insurance Program (NFIP) is in the process of implementing Congressionally mandated reforms required by the Homeowner Flood Insurance Affordability Act of 2014  (HFIAA).  Flood insurance rates will be revised for new or existing policies beginning on April 1, 2015.  Other changes will also be implemented that will affect the total amount a policyholder pays for a flood insurance policy.  The April 1, 2015 changes will include an annual surcharge on all new and renewed policies, an additional deductible option, an increase in the Federal Policy fee and rate increases for most policies. (for additional information: NFIPiservice.com)

 The annual surcharge change will require an action by the Residential policyholderResidential flood insurance customers must now prove the insured dwelling is their primary home.  If it is their primary home, they will be assessed a $25 surcharge at renewal.  If it is not their primary home, the surcharge will be $250.  If they fail to respond to the request for proof that it is their primary home (i.e they ignore the request for information) they will automatically be hit with the $250 surcharge.

Commercial flood policies (especially higher values) will experience significant price increases.

These changes will also include the availability of higher deductible options.  The policyholder may choose a higher deductible to reduce the premium, thus reducing the affect of the rate increase.


As always, MDIA, INC./Mark Dalton Insurance Agency  (www.mdaltoninsurance.com)  is here to assist and guide you through these changes and requirements.  

MDIA is reachable via:  web:  www.mdaltoninsurance.com   Facebook:  https://www.facebook.com/pages/Mark-Dalton-Insurance-Agency/450702378374495  or 
    phone:   281 242 2333.  

Posted 2:12 PM  View Comments

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