Tag Archive: Flood Insurance

The debate over what to do about the rising cost of national flood insurance continues. At the end of January, the Senate passed a bill to delay Biggert-Waters implementation by four years in response to many homeowner complaints about dramatic increases in flood insurance premiums.

More recently, on February 21, House GOP leaders introduced legislation that would reinstate insurance rate subsidies for homes located in flood prone areas and keep these subsidies in place even when the house is sold. Instead, the bill will allow FEMA to slowly raise insurance premium rates over a longer period of time.

Whether these latest amendments to Biggert-Waters will actually pass through Congress remains to be seen. Nonetheless, it’s clear that the debate over Biggert-Waters, and climbing insurance costs generally, is far from over. And if you’re a homeowner who needs flood insurance, you can bet on your rates going up, either now or later.

Fortunately, you can take steps to reduce your flood insurance premiums regardless of how the legislation develops. The NFIP (National Flood Insurance Program) gives homeowners a break on insurance premiums when they implement improvements to mitigate flood damage, such as elevating homes and installing flood vents.

Flood Solutions flood vents are FEMA compliant and come in a variety of sizes and models. They’re made of heavy-duty aluminum and start at only $52.00. Learn more about FEMA/NFIP flood vent requirements or contact us with your questions.

In an earlier blog post, we discussed implementation of the Biggert-Waters Act and how it may increase flood insurance premiums. (As you’ll recall, the Biggert-Waters Flood Insurance Reform Act instructed FEMA to phase out subsidies and discounts so that premiums more accurately reflect a property’s true risk.)

As the Act takes effect, however, a growing number of politicians and homeowners are seeking to delay its implementation, especially as some insurance rate increases have been larger than expected.

Indeed, even Rep. Maxine Waters, who co-authored the bill, is seeking to have the premium increases delayed. In addition, some states have filed lawsuits against the federal government in an attempt to stall rate hikes. Other states are encouraging private insurers to offer alternatives to federal flood insurance coverage.

It remains to be seen how all this will shake out. But regardless of what happens with Biggert-Waters, it remains true that most insurers will offer a flood insurance premium discount for proper flood vent installation.

At Flood Solutions, our FEMA compliant flood vents come in a variety of models and sizes for both new construction and retrofits. For more information about our flood vents, contact us.

Damage to property and possessions from flooding can cost you thousands (and thousands) of dollars. For a rough estimate, check out FEMA’s Flood Smart cost of flooding tool.

Fortunately, you can help protect against financial loss from flooding with good insurance coverage. But not all insurance coverage is alike, so you’ll want to understand the fine print. Here are a few questions to ask your flood insurance provider:

What’s covered and what’s not?

Most policies cover building property and personal contents, but most don’t cover property outside of the insured building. These means you’ll need separate coverage for your deck, barbeque, swimming pool or car. In addition, most policies don’t cover living expenses should you evacuate.

How much coverage do I need?

People tend to underestimate the value of their possessions. You’ll want enough coverage to mitigate your losses. It’s worth taking a careful tally of what you own.

Also, some policies provide replacement cost value while others provide actual cash value for damage items. Make sure you (and your insurance agent) understand the difference.

Do I live in a flood zone? What’s the flood risk?

You can use FEMA’s Map Service Center for preliminary research on your flood risk. Keep in mind, however, flooding doesn’t just occur from tropical storms or heavy rain. Your basement can just as easily flood from snow melt or the construction site next door.

Who do I call?

Make sure you know who to call to make your insurance claim. It will be much harder to track down contacts or information in the midst of a disaster.

How can I lower my premiums?

Some insurance providers charge lower premiums to homeowners who take steps to mitigate flood damage. For example, by installing flood vents from Flood Solutions, you may be eligible for reduced insurance premiums.

Check out FEMA’s Flood Smart website for a complete list of questions to ask your insurance agent. Contact Flood Solutions for more information about how flood vents can lower your insurance costs.