Starting this month, flood insurance rates are going to go up by 10% for new policies. If you have an existing policy, my understanding is that while it probably will not go up, the deductible will go up from $500 to $1000.
The average flood insurance policy is approximately $583. This does not include personal property but does cover the maximum $250,000 of real property value.
Remember…flood insurance policies are assumable. For those property owners who presently don’t have flood insurance, but may be selling their house soon, they may want to purchase a policy to offer it to the prospective buyers for the lower rate.
The average flood insurance policy is approximately $583. This does not include personal property but does cover the maximum $250,000 of real property value.
Remember…flood insurance policies are assumable. For those property owners who presently don’t have flood insurance, but may be selling their house soon, they may want to purchase a policy to offer it to the prospective buyers for the lower rate.
0 Comments
Leave a comment