How to Avoid Flood Insurance Increase

flood insurance policy by walton insurance group. photo credit northeast news 10.Flood Insurance policies are increasing!!  Beat the 3/1/2016 Deadline.

If you don’t know if you are in a Flood Zone, let us check for you.

If it is determined that you ARE in a Flood Zone, we will discuss your Flood Insurance coverage options.

If you are considering purchasing Flood insurance, it needs to be purchased by 3/1/2016. (There is a 30 day wait period on new Flood policies). Rates are going sky high after 3/31/2016. For example, a current $400 premium will be increasing to over $3,000. This is HUGE. Those people who already have a Flood policy in effect on 2/29/2016 will be grandfathered in at the lower rate.

Keep in mind also that Flood policies are transferable. If you know you are in a Flood Zone, but you don’t have a mortgage so you are not required to purchase Flood, and you are considering selling your home, a potential new buyer might walk away from purchasing knowing they would have to purchase Flood. If you have a flood policy in place at the lower rate, it could be transferred to a new buyer.

Areas that have been remapped in Territory #24 include Ingham, Eaton, Branch, Calhoun, Hillsdale and Jackson Counties.

If it is determined that you ARE NOT in a Flood Zone, you’re golden!  But, let’s take it a step further and check the rest of your policy for septic and sewer backup and water damage coverage options.

Flood insurance is a complicated subject, but we have experts that can help!  Speak with an agent to make sure you have proper insurance coverage in place. Call us direct: 517.787.2600 or contact us online.