Lock Insurance – Lakeland, Florida

Flood Insurance Will The Changes Effect You?


flood1On July 16, 2012 changes were made to The National Flood Insurance Program (NFIP) that required the Federal Emergency Management Agency (FEMA) to remove subsidies on flood policies, which resulted in rate increases for thousands of homeowners who were required to carry flood insurance.


Luckily for those homeowners the rate increases were not implemented thanks to the bill, H.R. 3370, that was passed by Congress known as the Homeowner Flood Insurance Affordability Act of 2014. This bill delayed the implementation of the rate increases of flood premiums for four years.


If you are a homeowner who is fortunate enough to live in a “Preferred Flood Zone”, flood insurance is not required, so not to worry. However purchasing flood insurance is something you should still consider because every home has the potential of experiencing a flood and that flood resulting in damage.


Others however are not so fortunate and flood insurance is required. Flood premiums have to be paid in full at the renewal of each policy.


If you are required to carry flood insurance remember that in order to get the best rate, an Elevation Certificate is recommended. This certificate allows the NFIP to provide you with the most accurate rate. Failure to secure an elevation certificate could result in the highest premium as premiums typically have to be manually rated.


Flood insurance serves many purposes. What most don’t know is that flood insurance covers for more than just water damage due to a flood. Coverage goes beyond water damage but includes hurricanes, tornadoes, flooding, droughts, ice storms, earthquakes, wildfires, and tropical storms. Any of these perils could occur as Mother Nature is unpredictable.


If you are wondering whether or not you should purchase flood insurance, or if you have questions on your existing flood policy do not hesitate to give your agent a call.

About the Author Don

Don Westerfeld has been active in the field of Insurance and Financial Planning since 1997. Don grew up in Indiana later moving to Lakeland Florida where he continues to reside with his wife and children. When he’s not in the office you can find him enjoying the great outdoors. He has served on several charitable business and non-profit organizations and continues to provide guidance, advice and support to local charities.