EP 31 – More Flood Insurance Changes

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When weighing projected costs for potential and current real estate investments, it is important to consider how to insure your investment as well as costs associated with that. In Florida, flood insurance for your property represents a significant facet to consider. Recently, Florida has undergone major changes in regards to insurance legislation which has had a dramatic effect on flood insurance requirements.

The Biggert-Waters Act, passed in 2012 ushered in major changes to flood insurance requirements and affordability. As a response to a budget deficit, Congress passed this law that took a drastic approach to the standing National Flood Insurance Program (NFIP) parameters, notably, introducing a substantial hike in policy rates to take place within a year. The bill, now amended as the Flood Insurance Affordability Act of 2014, has extended the previous deadline of one year to an incremental increase over four to five years.


Chris Coleman of Coleman Insurance Agency based in Dunedin,FL discusses provides expert insight on changes that are occurring in flood insurance affordability and how you can manage your real estate investments under these new                 conditions.




Chris can be reached at:

1255 Belcher Road

Dunedin, FL 34698

Phone: 727-239-4971

You can also find him on Facebook at https://www.facebook.com/coleman.insurance.agency.cia/timeline?ref=page_internal

  • Flood Insurance Affordability Act of 2014
    • Changes Implemented Apr. 1, 2015
    • Amended Prior Biggert-Waters Act of 2012
    • Flood-zones Remapped
  • Introduces incremental price-hikes on all new/renew policies over 4-5 yrs.
    • 18% cap on residential
    • 25% cap on commercial
  • Changes to Deductible Limits
    • Limit Increased from $5k to $10k
    • Separate deductibles for building and contents (possible deductible up to $20k)
  • Be informed, know how to save
    • Opting for premium deductible may offer rate discount (up to 30%)
    • “Flood-proofing” property may decrease rates up to 70%

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