- The National Flood Insurance Program has been authorized through Sept. 30, 2020. At that time, we expect another short-term extension.
- As of April 1, 2020, the National Flood Insurance Program will have the following changes:
- Rate increases on average of 9.9%
- The Reserve Fund Assessment will increase from 15% to 18% per policy
- Residency verification can now be waived when mailing and property address match for a primary residence
- On January 1, 2021, the preferred risk-rated policies will take an increase of 12.5%.
- Deeley Insurance Group can offer options in the private market that could be competitive and viable alternatives to the National Flood Insurance Program.
Flood Facts 2020
- Every property has the potential for flood loss.
- Everyone should buy flood insurance.
- You’re four times more likely to have flood damage than fire damage.
- Homeowners have a 25% chance of flooding during the life of a 30-year mortgage.
- Just one inch of water can cause $20,000 or more in damages to your property.
- Your homeowner’s or renter’s policy typically doesn’t cover flood damage.
- 25% of flood losses occur to homes in low-risk areas.