Here are some bullet points as to what is changing but I recommend that you click the link below to read about these changes more in detail and how they might affect you and your flood insurance policy.
- An increase in the Reserve Fund Assessment
- An increase in the Federal Policy Fee
- The implementation of an annual surcharge
- An additional deductible option
- Rate increases for most policies
- Click here for more details on the flood program changes for 2015
Lastly, I am sure you have heard about “re-mapping”. Last we checked, re-mapping has been slightly delayed. We are being told that local communities will receive tentative map results by the end of 2015. Each community will have a time period where they can verify and/or dispute the new maps. Once this process is complete, new maps should be issued an in effect in late 2016. Now we are dealing with the federal government here so more delays are bound to happen…
At Mappus Insurance Agency we are dedicated to helping the local community with their personal insurance needs. Our specialties are beach properties, historical properties, high-valued properties, and new construction. We write homeowners, flood, wind/hail, auto, umbrella policies, and more. Let us know how we can help!