Hurricanes and Your Homeowners Insurance Policy

As a homeowner, it’s essential to understand what types of hurricane damage are covered by your homeowners insurance policy and what additional endorsements or policies you should consider to ensure that you’re adequately protected. Types of Hurricane Damage Covered by Homeowners Insurance Policies Most homeowners insurance policies provide some financial protection against damage caused by…

FEMA Unveils Changes to the National Flood Insurance Program

The Federal Emergency Management Agency (FEMA) announced that it will be updating the National Flood Insurance Program (NFIP) pricing methodology through a new risk rating system. This system—which is being referred to as “Risk Rating 2.0”—will leverage additional information and variables to help communicate policyholders’ flood risks more clearly, as well as deliver more accurate…

Flood Insurance Basics & The NFIP

No home or business is completely safe from potential flooding. Flood insurance can be the difference between recovering and being financially devastated. Whether you’re in an area that has a low or high risk of flooding, you should buy flood insurance if you own or rent property. The National Flood Insurance Program (NFIP) defines flooding…

2020 Flood Facts & NFIP Updates

Flood News 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…

National Flood Insurance Program Reauthorized through 9/30/2020

Congress must periodically renew the NFIP’s statutory authority to operate. On December 20, 2019, the President signed legislation passed by Congress that extends the National Flood Insurance Program’s (NFIP’s) authorization to September 30, 2020. Congress must now reauthorize the NFIP by no later than 11:59 pm on September 30, 2020. FEMA and Congress have never failed…

Understanding the Difference Between Flood Damage and Water Damage

Homeowners policies do not cover all types of water damage. While the terms of your policy will determine what types of water damage are covered and the amount of coverage available, typically homeowners policies do not cover flooding. The Standard Flood Insurance Policy, available for purchase from the National Flood Insurance Program (NFIP), defines “flood”…