FLOOD INSURANCE PREMIUMS INCREASING?
Do you have a mortgage and live in a flood zone, then listen up because your food insurance premiums just might be increasing!
Are you in flood zone or flood prone area AND have a mortgage.
If so then you should listen up. In particular FEMA (Federal Emergency Management Agency) is updating their price setting methodology called Risk Rating 2.0. What this will mean is potential increases for those in flood areas, higher valued homes or lower elevations. Now things are not all that bad since in certain cases folks will actually see a decrease in their policy premiums. These changes are scheduled to start taking place for new policies in October 1st, with existing policies by April 2022.
Some examples of the impact to our South Tampa Market based on Zip Codes is as follows
For residents in the 33606 94.9% of homes could see up to a $450 increase in their annual policy premium
For residents in the 33611 93.3% of homes could see up to a $350 increase in their annual policy premium
For residents in the 33629 92.2% of homes could also see up to a $350 increase in their annual policy premium
For more information on the Risk Rating 2.0 visit the website below.
https://www.fema.gov/flood-insurance/risk-rating#
Additionally reach out to your insurance advisor or contact us and we would be happy to get you in touch with one of our preferred advisors.
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