Google Rating
5.0
Based on 359 reviews
js_loader

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.

Silvino G.
Silvino G.
I am very grateful and pleased with the level of service and care Mr. James Bonn took with finding a provider for me. He took time to explain the process and answered any questions I had. I will be sending referrals to him of my friends and family so they too can have an excellent experience.
Kelly W.
Kelly W.
I can’t say enough good things about the company, the response time and my agent, James Bonn. It was truly a grade A+ experience. The responsiveness, the attention to detail, as well as being thorough, went above and beyond my expectations. If you need an agent, absolutely reach out to James he was great. He made it so easy!
Linda P.
Linda P.
Josh Gleaton was very pleasant and helpful assisting me with all the steps needed to complete this insurance policy, overcoming a complication for me.
Zafer U.
Zafer U.
I recently had the pleasure of working with Kyle Wilson, a licensed agent at Cornerstone Insurance Inc., and I can't recommend him highly enough. From the moment we reached out, Kyle was incredibly responsive, answering our emails promptly and ensuring that all our queries were addressed efficiently.Not only did Kyle find us the best rates, but he also facilitated seamless communication between all parties involved. His expertise and guidance were instrumental in helping us navigate through the complexities of home, flood, and auto insurance, steering us in the right direction every step of the way.Kyle's thorough understanding of the insurance landscape and his commitment to his clients' needs were evident throughout our interactions. He went above and beyond to ensure we received comprehensive coverage that was perfectly tailored to our needs.For anyone in need of insurance assistance, Kyle Wilson at Cornerstone Insurance Inc. is your go-to professional. His exemplary service, coupled with his dedication to finding the best solutions for his clients, makes him an outstanding agent. We are immensely grateful for his help and would urge anyone looking for insurance to consider Kyle.Thank you, Kyle, for making what could have been a daunting process, smooth and straightforward. Your professionalism and kindness have not gone unnoticed.
Dee
Dee
James Bonn offered an excellent service!He went above and beyond to help us get a quality coverage after our original policy had expired and we had a lapse in coverage, but he managed to get us back insured!Thank you James, you are amazing!
×
js_loader