The National Flood Insurance Program typically sees minor changes every April and October. This April, the following policy changes will occur:
- Flood declaration pages will now have the following statement:
- Refer to https://www.fema.gov/cost-of-flood for more information about flood risk and policy rating.
- 2- to 4-family buildings can be considered a primary residence with the smaller surcharge of $25 rather than $250 per policy.
Premium increases are scheduled for April 1, 2019 and January 1, 2020.
If your policy renews after April 1, 2019, you will see an average increase of 7.3 percent.
If you have Preferred Risk Policy (not offered to condominiums), you will see an average increase of 5 percent after January 1, 2020.
For more detailed information please see the memo issued by FEMA.
Deeley Insurance Group continues to review the ongoing major overhaul of the National Flood Insurance Program as it moves through Congress for extended approval and funding. Simultaneously, we continue to monitor the private market in search of competitive and viable alternatives to the National Flood Insurance Program.
