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Top Six Points Homebuyers Need To Know About Tampa Flood Insurance

The Biggert Waters Flood Insurance Reform Act is changing the way flood insurance premiums are calculated for many across the country. Below are the top six bullet points you need to know.

  • For flood policies issued prior to July 6, 2012 (with no lapse in coverage) that are secondary homes, non-residential buildings and severe repetitive loss and flood damaged buildings rebuilt (in this previously subsidized rate class)  will all see a 25% increase each year until they reach risk based levels, which won’t be known until they supply that elevation certificate.

 

  • After Oct. 1, 2013 no new subsidized policies will be quoted or issued using pre-FIRM rates. Instead, you will need to obtain an elevation certificate and the rates for your home will be the actuarial rates based on elevation figures.  

 

  • Policies written with pre-FIRM rates on or after July 6, 2012, when the BW12 was enacted, will be non-renewed and require a new elevation certificate and new application at their first renewal after Oct. 1, 2013.

 

  • On existing, primary homes–pre-FIRM, high risk homes–subsidies will remain, but  renewal premium rates will gradually increase each year (approx. 16-17% this year) until the owner purchases an elevation certificate and determines what the risk based rates might really be.

 

  • The existing premium cap on average annual premium increases for NFIP policies will now be up to 20% each year. 

 

  • A 5% surcharge of the premium amounts will be assessed on all NFIP policies (except Preferred Risk) to build a Reserve fund for payment of future claims.

Call our office today to make sure you understand the costs associated with insuring your next home. 1-877-277-2715.

stephen T.
stephen T.
My home insurance renewal was going to be double next month so I looked up best insurance agents near me and called Cornerstone. My agent James was very informative, friendly and responsive and within a couple of hours he was able to help me save hundreds off of a new policy with a different company. I was very pleased with my experience and look forward to continuing using Cornerstone and James as my agent
Diane P.
Diane P.
Outstanding service from James Bonn 3/12/24 with Cornerstone Ins. Inc. I started my home insurance policy search yesterday and was able to complete the process today. James provided excellent service from beginning to end. I highly recommend this company and agent and appreciate their level of care and expertise.Diane Patterson
Stephanie P.
Stephanie P.
I had the best personal experience with Cornerstone insurance. Mr. James Bonn was my agent. Mr. Bonn was referred by a family member that also had a wonderful experience. I felt at ease to ask questions and protected with a great coverage that best suited my home. Everything was easy and quick. He responded with emails and phone calls. I look forward to working with them as my insurance agents now and in the future as the landscape of insurance in Florida fluctuates.
Mitzie E.
Mitzie E.
I worked with Eric Bushey at Cornerstone Insurance and the service was exemplary. He was very professional and diligent and as a result, this process was simply yet thorough. In addition, they saved me money $$. I am glad I chose Cornerstone Insurance.
Gail T.
Gail T.
When I requested a quote from Cornerstone, James Bonn promptly returned my call. The quote was better than any other I received. He even found me a discount I did not know of. I don't have any history with claims because this is a brand new account, but if everyone there is like James, then I will keep them.
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