Finance

Higher Flooding Risk in Florida will Increase Flood Insurance Premium Soon

Just how important is a flood insurance policy for you? Pretty much, if you live in Florida or plan to buy a property in the area soon, most of the major lenders want you to have this insurance before they finance your house.

You may think, I already have a homeowner’s policy that covers everything, right? It sure does cover everything. But a natural disaster such as flooding is definitely not one of them. For that, you have to approach a flood insurance agency near you and ask them for the best plan that suits your needs.

The Best Time to Buy Insurance is Now!

According to an analysis done by First Street Foundation, a large part of Florida is at a higher risk of a flood than ever before. This means the future flood insurance policies are going to cost you a lot more than what they do today.

So, it’s going to be your call, spend a few hundred dollars today for a policy that saves you from damages running into tens of thousands of dollars, or risk paying thousands of dollars for the same policy in a couple of years.

How the Federal Policy is Stacked?

National Flood Insurance Program (NFIP), the benchmark of flood insurance, has already set plans in motion that implement a new way of determining the new flood insurance premium value. This premium is expected to be much higher in a flood-risk state like Florida.

Depending upon where you are located, the future flood insurance prices are expected to rise by as much as tenfold! The state’s annual average of $1,951 for home insurance premium is much higher than the flood insurance average premium of just about $562 a year. This value is expected to rise sooner than you can expect.

Does Private Insurance Offer Any Benefit?

You could be looking at buying a private flood insurance policy at the same premium that you paid a few years ago. This still comes with all of the benefits and coverage that isn’t there under NFIP. However, when all of the premiums shoot up, don’t expect private insurance to not follow the suit soon.

There are other benefits of buying a private insurance policy too, such as:

  • Option to customize your insurance policy in any way you like it
  • Pay only for the contents you keep in your insurance policy
  • No cap for insurance, as is the case with NFIP
  • Lower kick-in period to start the coverage, as compared to the 30-day cap for NFIP policyholders

Buy a Flood Insurance Policy Today

Buying a flood insurance policy today will fetch affordable coverage for everything that you hold dear to the heart. You could take the advice of a flood insurance agency based near you. Their experts can explain the benefits of comprehensive flood insurance coverage and how that helps you sleep easily at night.

Would you like to get a free quote before you get going? Or do you have more questions in mind that you need answers for first?  Whatever the case may be, call your nearest flood insurance agency and protect your home and family from the devastating damages of flooding for good.

Joe Maillet

Joe Maillet is an avid reader and a writer by heart. He is an author, freelance writer and a contributor writer, who write articles and blogs for various leading online media publications and for CEO and entrepreneurs from across the world. He keeps himself updated with the latest marketing trends and always recognized in the industry for providing solutions to B2B and B2C businesses.

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