Monday, April 28, 2014

Reform of the Flood Insurance Reform

We have the cure for the government run flood program: New half price private flood insurance with no elevation Certificate required. Call us for eligibility and options.

Reform of the flood insurance reform is coming. The bill allows for eighteen months for the implementation of the new plan. The 7/12 plan just got started 10/13, so expect the same results.
Possible highlights of the new plan:
  • Rebates for flood insurance customers who got big rate increases.
  • $1,000 elevation certificate requirement waived or delayed for some people.
  • Grandfathering allowed.
  • Buyer can assume seller’s cheaper policy.
  • A CAP on annual increases of fifteen to eighteen percent instead of twenty to twenty-five percent.
  • Delays or slowing of rate increases.
The rules are still written in pencil, but we will continue to keep up with the developments to help our clients.

From the gang that couldn’t shoot straight, in Washington, more confusion for our clients in a flood zone. The new 3/14 deal will reduce and/or delay the severe rate increases imposed by the 7/12 Biggert Waters Flood Reform Act for some flood insurance clients. The old deal took eighteen months to take effect and the new deal may take eighteen months as well. Some changes are promised by 5/1/2014, but the rules are like Obamacare, still written in pencil. I say the heck with the government flood policy!

GOOD NEWS!! We have a private flood insurance option that can save you up to fifty percent with better coverage and no $1,000 elevation certificate is required. Call Steve, Scott, or Carlos for a free review today. See our ad in the Daily Post!

Please call us 650-328-1000 for help with this or any other insurance matters, we are always here to help.

No comments:

Post a Comment