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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.

Amy H.
Amy H.
Kyle responded to my inquiry almost immediately and was very efficient. He saved me more than $1,000 on my homeowners policy. Thanks Kyle!
Michael L.
Michael L.
Eric Bushey over at Cornerstone does an outstanding job of taking care of all my Insurance needs. His customer service and responsiveness is second to none.
I highly recommend Eric and Cornerstone.
Tracy P.
Tracy P.
James is extremely helpful and knowledgeable in the insurance field. He diligently worked to understand my needs and match me with the best policy. I highly recommend working with James on all your insurance needs.
D F.
D F.
James Bonn has been a pleasure to work with! He responds promptly and is thorough in providing details. Great experience!
Elaine M.
Elaine M.
I had a very good experience working with Agent James Bonn.
He was able to answer any questions and always returned my call ASAP. It was a smooth transaction and also saved me money on my Homeowners Insurance . Nothing like my other agent.
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