As we experience more extreme weather and floods increase across the country, the National Flood Insurance Program is poised to make a shift in how it prices its policies that is expected to have a drastic effect on premiums for many homeowners. The NFIP’s new premium-setting system, called Risk Rating 2.0, will change how the…Read more
Do I Need Flood Insurance?
Almost everyone has a risk of being flooded, regardless of where they live. According to the U.S. Federal Emergency Management Agency, more than 20 percent of all flood insurance claims come from areas outside of high-risk flood zones. That still means the vast majority come from high-risk areas. How can a property owner find out…Read more
Flood Insurance to be Escrowed
Five federal financial agencies this week finalized a rule requiring lenders to escrow flood insurance premiums for homes in flood zones, and exempting homeowners from a requirement to buy flood insurance for detached structures. Highlights of the agencies’ action: Banks and mortgage servicers must escrow for flood insurance premiums on mortgages made, increased, extended or…Read more
Flood Insurance May Be More Important than You Think
Did you know that everyone lives in a flood zone? It’s just that every area has a different level of risk, low, moderate, or high. It’s common to think floods only happen on the coasts. However, millions of flood insurance claims have come from states with no coastal land. So, are you at risk? You…Read more
Three Ways to Save on Vacation Home Insurance
At last, you’ve arrived. Your dream vacation home is or will soon be yours! However, if it’s near the Atlantic Ocean, or not inhabited year round, it’s more at risk of damage, flooding, theft and fire. Shield your dream vacation home from potential nightmares, and gain peace of mind with vacation home insurance. We’ve compiled…Read more
Water Backup – What’s Covered, What’s Not?
Homeowners insurance is designed to cover a sudden and accidental loss but there are exclusions. One of the most common exclusions is water backing up from a sewer line and overflowing into the home. There are policies that provide coverage for water backing up through sewers or drains as long as it originates on premise.…Read more
Am I in a Flood Zone?
I get this question all the time and without evening speaking to you the answer is “YES”. Every home is located in a Flood zone it’s just some zones are at a higher risk than others. Flood damage is the number 1 catastrophe in the nation yet very few homeowners purchase Flood insurance. Why? I…Read more