Connie Perez
REALTOR®
Realty Executives Oceanside
With the up coming hurricane season upon us, I thought it fitting to see if there are any changes in flood insurance coverage. I discovered an article in Realtor Magazine that I found interesting. The following is a quick overview of what I read.
FEMA (Federal Emergency Mangement Agency), can only do so much without legislation by Congress. With that said, FEMA does oversee the National Flood Insurance Program, and has made a few changes that make it easier to switch to private coverage if it is a better deal.
The first change is that they no longer require the federal coverage be retained until the term is up even if you have changed to a private carrier. This would mean that you do not have to pay for two policy premiums at the same time.
The second change states that Insurance companies can now offer both Federal NFIP coverage and private coverage. Prior to this change if a company offered NFIP they could not offer private insurance.
FEMA has also made a couple of changes to make it easier for homeowners who appear to be in a flood zone area.
I hope you found this helpful. If you would like to read the original article please click here.