FLOOD INSURANCE CHANGES AS OF OCT 1, 2013

11/30/2015

BREAKING NEWS

•Flood premiums across the board will increase an average of 10% for policies written or renewed on or after October 1, 2013. Many policyholders could see an increase in premium of up to 25%.

•The federal policy fee for Preferred Risk Policies (PRP's) will increase from $20 to $22; and from $40 to $44 on Standard policies.

•New Business or lapsed pre-FIRM policies in Special Flood Hazard Areas and Zone D will no longer be extended premium rate subsidy and will be subject to full-risk rating. These properties will require an Elevation Certificate including photos in order to determine full-risk rating using the current FIRM.

•Introduction of Reserve Fund: A reserve fund fee of 5% of the premium will be applied to all policies with the exception of Preferred Risk Policies (PRP's).

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