"""""""""Proposed Flood Insurance Change"""""

Proposed changes to Flood Insurance law could go into effect October 1st, 2013 if passed.

 

According to FEMA: 

 

1) Owners of non-primary/secondary residences in a Special Flood Hazard Area (SFHA) will see 25 percent increase annually until rates reflect true risk.

2) Owners of property which has experienced severe or repeated flooding will see 25 percent rate increase annually until rates reflect true risk.

3) Owners of business properties in a Special Flood Hazard Area will see 25 percent rate increase annually until rates reflect true risk. 

 

4) Owners of primary residences in SFHAs will be able to keep their subsidized rates unless or until:

     * You sell your property; 

     * You allow your policy to lapse; 

     * You suffer severe, repeated, flood losses; or
     * You purchase a new policy.

 

5) If you live in a community that adopts a new, updated Flood Insurance Rate Map (FIRM), discounts - including grandfathered rates -- will be phased out. This will happen gradually, with new rates increasing by 20% per year for five years. Implementation is anticipated in 2014.

 

If you have any additional questions or concerns, please contact a local Insurance Agent.

 

Thank you,

 

Ainsley Daux

Florida Realty

(813)546-1954