Texas homeowners who live in flood prone areas such as Houston, Galveston, Dallas and Austin get ready to have your flood insurance premiums skyrocket. Yes that’s right if you think your are paying too much now you will really be unhappy when you receive this next years renewal notice. Thousands of Texas residents could soon see a significant increase in their federal flood insurance bill because of new rules set into action by Congress. Congress has asked the Federal Emergency Management Agency (FEMA) to cover its own expenses, so that means you could be paying more. The Biggert-Waters Flood Insurance Reform Act of 2012 requires changes to many aspects of flood management. The changes are designed to make the National Flood Insurance Program more financially stable. If you have a policy that has been written at a subsidized rate you can expect to see a 25% annual increase in your premium starting this year. If your home was built prior to 1980 you probably have been paying a subsidized rate. Premiums for these properties will increase by 25% a year until they reach the full risk rate.
There is a way to beat these rate increases. Today you do have a choice. Private Flood insurance is here and the premiums are lower than those of the NFIP. If you are looking for lower premiums and a more comprehensive policy than what is offered through the NFIP look no further. Statewide Flood offers a more comprehensive flood insurance policy at a much reduced rate. In a PREFIRM property your savings can be as much as $600-$800 annually with a private flood insurance policy.
Call Statewide Flood today 855.225.3566 for a quote or click here