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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.

Terry C.
Terry C.
Claim was handled quickly and efficiently. Loss was greater I believe,yet am happy with cornerstone
Katie B.
Katie B.
James was fantastic as always. He's helped me save so much money on my home and auto insurance over the years and answers all of my questions with expertise and patience.
S P
S P
After having our home owners insurance nearly double, I requested several quotes from companies. Eric Bushey was quick to respond with a very reasonable rate! He is excellent at communications, very patient with all of my questions and walked me through several options we had. Eric always responds to my emails in a timely manner! I highly recommend him and Cornerstone Insurance Agency.
Kelli M.
Kelli M.
Prompt response. Courteous. Professional. Very highly recommend!
Kalene W.
Kalene W.
Great experience! James was responsive and informative and helped explain everything I needed to know to select the right coverage at a great price.
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