South Florida consumers need to pay close attention to Washington, DC as FEMA begins to increase rates to make the Federal Flood Program pay for itself and not require subsidies in the future. Click here for some brief information about the expected increases.All of South Florida is in a flood zone- it just depends on your exact location if you are in a high risk flood zone and therefore required by your mortgage company to purchase flood insurance. FEMA has adjusted the flood zone mapping in South Florida and therefore many consumers that were in high risk flood zones in the past are now in preferred flood zones. This means their mortgage company may not require flood insurance any longer and their rates should be adjusted to the new zone. Miami Dade counties flood zones were adjusted last year and Broward and Palm Beach are soon to follow.
Despite the increase in premiums it is extremely important that South Floridians have flood insurance. Homeowners insurance policies exclude flood damage. Most of the damage from Hurricane Sandy in the northeast was from flooding with the vast majority of homeowners not covered.
Flood insurance is still very inexpensive- a policy that covers $250,000 for the home and $100,000 for you contents can cost as little as $412.00. To purchase flood insurance call Boca Insurance Group at 954-596-0691 or e-mail us at pat@bocainsgroup.com.
