As promised FEMA and the NFIP are increasing there rates on any policy effective 4/1/16 and later. This includes new business AND renewals. Nothing really changed to the policies except the price increases. When the pain gets too much, contact us and we’ll see if we can get your property rezoned!!
PREMIUM INCREASES AND FEE CHANGES:
Overall Premium Increases
The total average premium increase for all NFIP policies is 9%. The actual premium percentage increase however, will vary for individual policyholders due to variables such as the flood zone and other policy specific features (i.e.: coverage limits, elevation difference, CRS Credits, etc.). Thus, the 9% average percentage should not be utilized for calculating future premiums.
Non Residential Business Properties
Policies with an effective date of April 1, 2016, and later that are rated utilizing Pre-FIRM subsidized rates and identified as a Nonresidential Business will be subject to 25% annual premium rate increases. All other nonresidential business properties premiums are capped at the 18% annual premium rate increase. As a reminder, the 25% annual premium increase applies currently to Pre-FIRM subsidized rated, severe repetitive loss, non primary, and substantially improved properties.
Have a great day!
Brad