Is Your Home Ready for the National Flood Insurance Changes?

Superstorm Sandy made everyone more aware of the damage that can be caused by flooding –especially in areas close to the ocean. Because meteorologists are predicting an increase in extreme weather in the future, it’s smart to protect your home from damage caused by floodwaters.

In 2012, the US. Congress passed the Biggert Waters Flood Insurance Reform Act of 2012 which calls on the Federal Emergency Management Agency (FEMA) and other agencies to make a number of changes to the way the NFIP is run. Key provisions of the legislation will require the NFIP to raise rates to reflect true flood risk, make the program more financially stable, and change how Flood Insurance Rate Map updates impact policyholders. The changes will mean premium rate increases for some - but not all - policyholders over time.

- Owners of non-primary/secondary residences in a Special Flood Hazard Area will see 25% increase annually until rates reflect true risk - began January 1, 2013

-  Owners of property that has experienced severe or repeated flooding will see a 25% rate increase annually until rates reflect true risk - beginning October 1, 2013

- Owners of business properties in a Special Flood Hazard Area will see 25% rate increase annually until rates reflect true flood risk - beginning October 1, 2013.

Actions such as buying a property, allowing a policy to lapse, or purchasing a new policy can trigger rate changes. There are investments you can make to reduce the impact of rate changes.

Having SMART VENT Flood Vents installed can help to prevent your foundation from being severely damaged by floodwaters. Flood vent installation also has the potential to lower your flood insurance
premium significantly. Homeowners who had their premiums lowered after flood vent installation enjoyed an average savings of 83% on their flood insurance policies.

During a flood, it’s better to equalize water pressure than to fight it. Flood vents can help avoid severe foundation damage by allowing flood waters to pass through foundation walls rather than pounding against them.

Be certain, safe and smart about flood protection. Call today for a free foundation inspection and SMART VENT Flood Vent estimate. Call 1-800-638-7048.