Tuesday, March 19, 2019

What to expect with the recent changes for the National Flood Insurance Program


Florida, Alabama and Tennessee





By Wendy F Clark, Agent and owner of Priority-One Insurance

Looking at Flood

What to expect with the recent changes for the National Flood Insurance Program

The National Flood Insurance Program  (NFIP) just announced effective changes April 1, 2018 and January 9, 2019. Many of the changes  apply to new business and renewal that will come effective on or after April 1, 2018. The Preferred risk policies (PRPs) and newly mapped procedure  policies will become effective January 1, 2019.  




What......Surcharges and Premium Increases? 


 Look below for your zone.

Pre-Firm Subsized Policies ( a group of policies in SFHA zones A, AO, AH, A1-30, AE, A99, AR AR/A1-30, AR/AE, AR/AH, AR/A, V1-30, and VE, that receive rates insufficient to pay the anticipated losses and expenses for that group)   

Other Pre-FIRM Subsidized Policies Not Subject to 25% Annual Increases: These are primarily condominium policies and multifamily policies. Premiums will increase 5%, with a total increase of 5%.

V Zones (coastal high-velocity zones)
  •      Rate increases are going to be implemented again this year as a result of the Heinz Center’s Erosion Zone Study, which clearly indicates that current rates significantly underestimate the increasing hazard from steadily eroding coastlines.
  •          Post -Firm V Zones: Premiums will increase 11% with a total increase of 11%.



A Zones (non-velocity zones, which are primarily riverine zones)
  •     Post-Firm AE Zones: Premiums will increase 1%, with a total increase of 1%.
  •    AH, Zones (shallow flooding zones): Premiums will remain unchanged.
X Zones (zones outside the special flood hazard area)
  •   Standard-Rated Policies: Premiums will increase 2%, with a total increase of 1%.






Call Priority One Insurance today for a Flood quote.  850-244-1066 or email us now at Wendy@priorityoneins.com