Deal Reached to Delay Increases in Flood Insurance Premiums

Key House and Senate members have reached a bipartisan deal to delay changes to the federal flood insurance program that are raising premiums for many homeowners. The bill would require regulators to address affordability of the coverage before implementing rate hikes.

Here is a link to the entire article from the Insurance Journal

Hopefully, this signals a desire to reconsider the increases in flood insurance premiums that in some cases could increase flood insurance premiums as much as ten fold.  This article from today's Sarasota Herald-Tribune illustrates how the increases in flood premiums are hitting middle income families in the community.  Many lawmakers stated that these increases were only going to hit the rich, waterfront properties, but as you can see from the Sarasota Herald-Tribune article, the increases are hitting all income brackets.

There will be much more to some on this subject as this is only a four year delay of the proposed changes.  Part of the bipartisan deal calls for FEMA to do an affordability study which will hopefully point out the burden placed on homeowners. 

There are a number of groups in favor of the increased flood premiums as pointed out in this article  This promises to be a fight for many years. 

Please be aware that homeowners insurance policies do not cover flood damage.  Not having flood insurance in Florida is a serious gamble that could have disastrous consequences effecting your most valuable asset.  Protect your investment in your home by purchasing flood insurance.

Please call Boca Insurance Group with any questions about flood insurance or any of your insurance needs.  We are a full service insurance agency offering advise on all forms of insurance. 

Boca Insurance Group- 833 SE 9th Street, Deerfield Beach, FL 33441- 954-596-0691

www.bocainsgroup.com  pat@bocainsgroup.com