26 Mar Flood Insurance Premiums
Recently, the state of Tennessee was shocked with significant increasing in flood insurance policies. Due to very costly damages due to floods around the state within the past few years, many residents will see an increase in premiums.
Up to 6,000 policies in Tennessee may see, or have seen an 18% increase in policies.
In efforts to reduce costs to policyholders, the US government signed in a law to help “dial back” costs to some residences. Most of the reductions will be seen to those who are in high risk flood areas that are in areas that flood often.
So, what does this mean to North Carolina residence? As of right now, nothing is to be changed due to the Tennessee floods. Your North Carolina Flood Insurance may see an increase if you are in a very high-risk area for flooding because overall overages are seeing inflation.
Check on your Flood Insurance today to make sure it’s the best fit for you and your family. Remember, Flood Insurance isn’t just for those people who live in a high-risk flood area. Two different types of policies we offer are as follows:
1) Standard Flood Insurance Policies –If you live in a community that participates in the National Flood Insurance Program (NFIP), your building and its contents can be covered by a standard flood insurance policy. These kind of policies are mostly for high-risk areas.
2) Preferred Risk Flood Insurance Policies – If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren’t required to purchase flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area