Flood insurance is available to homeowners, renters, condo owners/renters and commercial owners/renters. The annual premium varies from property to property based on the level of coverage and the location's predetermined flood risk.
Homes and businesses with mortgages from federally regulated or insured lenders in high-risk flood areas are required to purchase flood insurance.
The insurance provides coverage for flood damage to buildings and contents, with maximum limits of $250,000 for buildings and $100,000 for contents. Separate deductibles apply to buildings and contents with different amounts available for policyholders.
This coverage is not provided by a standard homeowner's insurance policy.
Flood insurance coverage is limited in basements, defined as areas where the floor is below the ground level on all sides. Basement damage is limited to portable air conditioners, washer and dryer, furnace, water heater, circuit breakers and freezer.
Information is available from local insurance agents or online at www.floodsmart.gov. A policy may be purchased only from an insurance agent, not online or otherwise, according to the Federal Emergency Management Agency. Rates are set by the federal government and do not vary from company to company. A policy must be purchased for an entire year and is not effective until paid in full.
วันศุกร์ที่ 29 มกราคม พ.ศ. 2553
Flood Area Homes Insurance Rates to Rise
Now 11-thousand properties in Broome County are in flood hazard areas.
Since FEMA added 65-hundred more properties to their flood maps.
FEMA made up new draft flood maps for the federal, billion-dollar "Map Modernization" program.
They encourage residents to review the latest data.
When the maps become final in 2011, many properties on the maps are required to get flood insurance, and the premiums for those who already have insurance will increase.
Since the old maps are still in effect, if you purchase insurance now, FEMA officials say you can a get substantially reduced rate.
Since FEMA added 65-hundred more properties to their flood maps.
FEMA made up new draft flood maps for the federal, billion-dollar "Map Modernization" program.
They encourage residents to review the latest data.
When the maps become final in 2011, many properties on the maps are required to get flood insurance, and the premiums for those who already have insurance will increase.
Since the old maps are still in effect, if you purchase insurance now, FEMA officials say you can a get substantially reduced rate.
Abbey enhances Additions home insurance range
Abbey for Intermediaries is alerting mortgage brokers to the fact that they could be losing out on a market potentially worth £30 million in sales commission this year, if they fail to exploit the general insurance market.
The lender suggests intermediaries can supplement their business revenues by cross selling insurance products to homeowners, and by way of encouragement has made some changes to its Additions home insurance range.
Premiums have been reduced by an average 17% by introducing a panel of three insurers to oversee the range: Aviva, Zurich and Groupama.
In addition, from this week, home insurance add-ons are available on Bedroom Plus and New Build policies
According to the bank, only one in five homeowners purchase buildings or contents insurance when they take out a mortgage with an intermediary, leaving 80% of borrowers as potential insurance customers.
Abbey for Intermediaries managing director, Ricky Okey, says: “It is no secret that insurance offers one of the most attractive income sources for intermediaries, and yet there are still so many who overlook it as a revenue stream.”
He adds: “Brokers are missing out if they do not take advantage of the opportunities available to them in this lucrative market.”
The lender suggests intermediaries can supplement their business revenues by cross selling insurance products to homeowners, and by way of encouragement has made some changes to its Additions home insurance range.
Premiums have been reduced by an average 17% by introducing a panel of three insurers to oversee the range: Aviva, Zurich and Groupama.
In addition, from this week, home insurance add-ons are available on Bedroom Plus and New Build policies
According to the bank, only one in five homeowners purchase buildings or contents insurance when they take out a mortgage with an intermediary, leaving 80% of borrowers as potential insurance customers.
Abbey for Intermediaries managing director, Ricky Okey, says: “It is no secret that insurance offers one of the most attractive income sources for intermediaries, and yet there are still so many who overlook it as a revenue stream.”
He adds: “Brokers are missing out if they do not take advantage of the opportunities available to them in this lucrative market.”
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