Get Ready for Flood Insurance Premiums To Go Up October 2013Posted: August 20, 2013
New Orleans, Florida and up the East Coast of the United States to New York, could see higher flood insurance rates starting in October.
For Florida this means approximately 260,000 property owners could be paying more and approximately 71,000 in South Florida. If you have a home, second home or business along a waterfront, low lying area or considered in a flood zone you are going to see a rate increase.
What brought on this increase? Hurricanes, Tropical Storms, Rain and more Rain causing natural disasters and a ton of money going out from the government. As of last year, Congress added a 25% premium increase to make the National Flood Insurance Program (For Florida this means Citizens Flood Insurance) financially responsible for disasters and reflect actual flood risk.
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If you own property that is in a flood zone according to the Federal Flood Plain Map, you will feel the crunch on your wallet. As of January 2013 this increase was implemented for second home property owners and in October, every property owner will feel the increase. This will continue every year until the actual risk rate considered appropriate is reached for Flood Zone properties.
Citizens Insurance is holding a meeting for their policy holders in Tampa, Fl today to discuss the increases and the spike in the cost of sinkholes in Florida. If you cannot make it you can email your questions and concerns. (click on link for Citizens for more information).
There are some things you can do to help decrease your premium. We also work with Citizens Insurance along with other flood insurance agencies to get you the best flood insurance rates. .
Contact us today and get your questions answered.863-453-3903
or visit our website budgetbirite.com and fill out the form and we will have an agent contact you within 24 hours.
Budget Bi Rite Insurance, Inc