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.

Mark W.
They are my go-to insurance company! I've been with Cornerstone Insurance for several years now, and I can't say enough good things about them. James Bonn and the entire team are phenomenal—always professional, knowledgeable, and genuinely committed to helping their clients. Whether I’ve had questions about coverage or just wanted to review my policy options, they’ve always been quick to respond and incredibly thorough. It’s rare to find a company that makes you feel like more than just a policy number, but Cornerstone really delivers that personal touch. I have complete peace of mind knowing they have my back. Highly recommend!
Sue Z
What an excellent experience working with James Bonn here at Cornerstone. He gave me an excellent rate and was extremely knowledgeable and helpful! I highly recommend, thank you James!!!
Darin
James Bonn was amazing. Answered all my questions and was able to really help us lower our home owner's insurance. I really felt like I got an education on everything related to home owner's insurance.
Daniel B.
If you're in Florida, and your Citizens policy got sold to an overpriced company like mine did, guys like Eric make the process of getting back into a much more reasonably priced policy very easy. I have the same quality of coverage I had before. He did not pressure me or rush me, and was always very quick to respond and good at explaining things.

Very good first impressions.
Snow B.
Thank you Eric Bushey for taking this very long journey of home buying with me lol. Excellent work and time dedication.
10/10