Florida Flood Insurance Rates Set to Increase Again

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Insurance Rates Increase for Florida Homeowners

 

Thousands of Florida homeowners throughout the state may see another double digit premium increase in upcoming months as the National Flood Insurance Program continues to raise rates, based on FEMA flood maps, throughout the country. While many homeowners will see an increase of 18%, homeowners with a second home that they don’t live in or that they use as a rental property may see increases up to 25%.

Florida lawmakers approved plans for private flood insurance beginning on July 1st, 2014. The law states that companies can charge whatever they believe to be reasonable for the market without first getting state approval, but few companies are jumping in which leaves the market in the hands of the National Flood Insurance Program.

With hurricane season upon us, it’s more important than ever to think about flood insurance and how it can help you. Make sure you understand your coverage and what it applies to. Hurricanes can leave a lot of damage, much of which has to do with flooding, so ensure that you’re properly informed and prepared.

For more information, call the Avante experts at 305-648-7070 or visit us online.