Flood Insurance Rate Increase

Flood Insurance rates are going way up in Florida. The Biggert-Waters Flood Insurance Reform Act of 2012 which started on Oct. 1 2013 is the cause. The act removes federal subsidies from properties in flood zones along with other changes. If your in a flood zone and purchased your home before the act was signed on July 06 2012 then most of you will see an increase of 25% annually. I know that does not sound like a lot. However lets say you are paying $1200 for Flood Insurance then it goes up by at least 300 to 1500 a month. That is a big increase for a public that already is having a hard time with this economic recovery. How ever if you purchased your insurance after that date then your insurance could increase 10 times the amount. This is the crazy part of the law to me. If you had to pay 1200 a year then it would increase to maybe 12,000 a year. unfortunately that is correct I checked it twice myself.  The affected areas are not just on the coast of Florida but in low-lying inland areas also. This also will affect the sale of homes in Flood Zones. Please contact us so we can help guide you thru this important change to Flood Insurance.

HomeTown Village Insurance 352-751-5454