Does the change in flood insurance affect me?
How does the new change in flood insurance affect me? Effective October 1, 2021, the Federal Emergency Management Agency (FEMA) updated the pricing methodology for the National Flood Insurance Program.
In this first phase, all policies that began on October 1 were subject to the new classification methodology. Therefore, policyholders who are eligible for renewal will have the option to take advantage of immediate reductions in their premiums.
In the second phase, which begins on April 2, 2022, all policies that are renewed as of that date will be subject to the new methodology.
The problem that the new methodology tries to solve is that today many policyholders with low-value properties pay more than they should and owners with high-value houses pay less than they should.
Keep in mind that the natural disaster that causes the most property damage in Florida is flooding. And somehow all the houses in the state are threatened by rising waters. According to statistics, 25% of flood claims occur in areas classified as low risk. How does the new change in flood insurance affect me?
If you need to renew your policy, call Univista Insurance and ask how the new methodology will affect the price of your flood insurance. Keep in mind that the cheapest Florida flood policy can be found at Univista Insurance.