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Imminent Flood Insurance Changes and How To Capitalize On Them

Mike Chissell, Trusted Mortgage Advisor • Sep 22, 2021

In the State of Florida, we are no strangers to the water. Beaches as far as the eye can see, rivers and lakes, water parks, thunderstorms, and even hurricanes are par for the course in the Sunshine State. While this has major benefits, such as fishing, beautiful sunsets over the ocean, and water sports (it’s impossible to be sad on a jet ski), it also has major drawbacks. For homeowners, the main drawback is flood insurance.

Flood insurance is typically not covered in your homeowner’s insurance policy. Not all homes require a flood insurance policy, but that doesn’t necessarily mean it isn’t a good idea to carry one. Floods can happen anywhere, and they can be devastating. Even just one inch of floodwater can cause tens of thousands of dollars in property damages.

 

Typically, you have two main flood insurance providers. You can acquire a private flood insurance policy from an insurance company that covers your area. You can also get a flood insurance policy through the National Flood Insurance Program (NFIP) The NFIP is managed by the Federal Emergency Management Agency (FEMA) and is provided by upwards of 60 different insurance companies.

 

FEMA has stated that as of October 1st of this year, they are doing a complete overhaul to their flood insurance policies. Termed a Glide Path Rate Increase, this change is going to average about an 18% uptick in their current flood insurance rates. For new homeowners looking for coverage after October 1st, this change could easily double or triple the current premiums! That is a massive change that is going to make flood insurance policies drastically more expensive.

 

However, here at Chissell Mortgage Group, we have an excellent solution! We want to educate our buyers to make sure they know they may have the option to assume the seller’s current flood insurance policy. This way, they can be grandfathered into the rate increase of 18%, rather than having to pay the new flood insurance premiums that are double or triple the going rates. 



If you are interested in learning more about these changes, please contact Chissell Mortgage Group today at (727) 376-6900.


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