If you were hoping for a decrease in the cost of flood insurance, there is some disappointing news to report: As of the first of the month, premiums became more expensive, rising eight percent. The somewhat good news is most homeowners can expect to see their insurance increase by only five percent or less, according to a recent Sun Sentinel article.
Contrary to what readers may believe, the flood insurance increases are not related to last year’s storms like Hurricane Irma. Instead, the increases are congressional-related and are focused on making the National Flood Insurance Program (NFIP) more self-sufficient.
South Florida homeowners can find some degree of relief in knowing that the largest flood insurance increases of more than twenty percent are aimed at subsidized policies on buildings in high-risk zones built prior to communities’ first flood insurance rate maps went into effect in the 1970s. As for South Florida, most properties are found in the NFIP’s “low-risk” zones.
This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or a Miami insurance claims lawyer and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.