2009 FEMA Updates to National Flood Insurance Program
Posted by Jennifer Nausin on Mon, Aug 10, 2009 @ 01:40 PM
Premiums will increase an average of 8% for policies written or renewed on or after October 1, 2009. In addition to the impact of selected rate changes, there are two additional changes.
Regular Program basic insurance limits are increasing for all categories of building and contents coverage as follows:
- 1-4 Family Dwelling Building Coverage: Basic limit increases from $50,000 to $60,000.
- Other Residential and Non-Residential Building Coverage: Basic limit increases from $150,000 to $175,000
- Residential Contents Coverage: Basic limit increases from $20,000 to $25,000.
- Non-Residential Contents Coverage: Basic limit increases from $130,000 to $150,000
Standard Deductibles:
- The NFIP is discontinuing the $500 deductible for all properties.
- Post-FIRM Properties: The standard deductible increases from $500 to $1,000.
- Pre-FIRM Properties: The standard deductible increases from $1,000 to $2,000.
For more information on Floodplus and Seattle Specialty's Flood Insurance programs visit http://www.seattlespecialty.com/c_floodplus.php